The global “AR in Retail” market size is projected to reach US$4.6 million by 2026, up from $15.4 million in 2020, at a compound annual growth rate of 20%, according to Valuates Reports.
The growing adoption of smart AR mirrors in the clothing industry is expected to increase the AR In Retail market size, adds the research group. Smart mirrors are increasingly being used as an alternative to try-before-you-buy on virtual clothing fitting. The use of try-on solutions has also seen wider adoption in the form of jewelry stores, wherein customers can virtually try on the jewelry before they buy.
It’s expected that the growing adoption of AR software solutions and their compatibility with existing hardware devices will support the growth of AR in retail market size during the forecast period. Companies will focus on developing various mobile AR applications that retailers can use to attract consumers using smartphones or tablets, according to Valuates Reports.
Planning and designing in the retail industry is yet another application where AR has seen widespread adoption, adds the research group. This is due to its use in applications related to furniture and decoration, and automotive interior design. By digitally putting various items to get a sense of the real world, consumers can plan and design their home decor or vehicle interior.
Another major application of AR in Retail is advertisement and marketing, which increases customer engagement. AR allows ads more engaging, allowing advertisers and marketers to reach out in new and better ways to their consumers, according to Valuates Reports.
AR in Retail enables the development of immersive catalogs of goods and services with features of a preview. AR in Retail also helps retailers in the e-commerce field to reduce the drawbacks of not having a showroom with the help of catalogs and applications focused on virtual reality. AR in Retail allows businesses to dramatically increase the rate of sale online and reduce the cost of return on goods. AR offers personal customization that offers a glimpse of the product and lets consumers ensure they like it, according to Valuates Reports.