Retail companies are increasingly adopting advanced technologies such as augmented reality (AR), virtual reality (VR), and artificial intelligence (AI) to improve their offerings and expand their customer base. The integration of AR and VR in the retail sector allows retailers and consumers to have an enhanced shopping experience. The replacement and return of products on account of poor fit has become a key challenge for the e-commerce sector, as they lead to huge financial losses.
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The AR and VR technologies are now helping e-commerce service providers and customers overcome this challenge to a great extent. Virtual fitting room solutions are adopted by the retailers of footwear, eyewear, apparel, watches, jewelry, and beauty and cosmetic products. E-commerce platforms are also deploying such solutions to decrease the product return rate, especially in their apparel section. The return rate for clothing is agonizingly high due to the unavailability of product trials and size issues.
Therefore, apparel-centric virtual fitting room solutions enable customers to try outfits in lesser time in comparison to physical trials. Further, the component segment of the virtual fitting room market is classified into hardware, software, and service. Among these, the software category held the largest market share in 2019, and it will continue its domination throughout the forecast period. This is due to the amplifying demand for software from retailers who are aiming to curtail the product return rate owing to size issues, reduce inventory cost, and conserve time that is wasted in managing returns.
The APAC virtual fitting room market will exhibit the fastest growth in the forecast period, wherein China is expected to hold the largest share. The retail sector in the region is witnessing rapid digitization, and consumers are now opting for digital retailing options. Hence, the increasing penetration of e-commerce and soaring number of smartphone users will facilitate the market growth in APAC. China, being the earliest adopter of the latest technologies and home to the most smartphone and internet users in the region, will generate the highest revenue for the market.
