Global Virtual Reality in Retail Market Insights, Forecast to 2028

Virtual Reality in Retail Market

The global Virtual Reality in Retail market size is projected to reach USD 5455 Million by 2028, from USD 2007 Million in 2021, at a CAGR of 13.82% during 2022-2028. Virtual reality allows retailers to reach a wider audience by removing time and space constraints. Virtual stores allow shoppers in more remote areas to access their favorite brands and products. Virtual Reality in the Retail market is expected to be fueled by this factor. 

Furthermore, Virtual Reality enables large-scale retail training at a fraction of the cost of traditional methods. This, in turn, is expected to fuel the growth of Virtual Reality in Retail market.

Trends Influencing the Growth of Virtual Reality in Retail Market 

The demand for a more personalized shopping experience is expected to fuel the adoption of virtual reality in the retail sector. Instead of holding an item, they can get a 360-degree view of it and customize it to their exact wants and needs. This experience could never be replicated in a physical store. Because customers can personalize their products, they are happier and three times more likely to purchase (and spend about 10 percent more). Virtual reality shopping is akin to getting a free trial of hair colors, makeup, clothing, and more! If you personalize and deliver a virtual reality shopping experience to customers wherever they are, they are less likely to return items. This helps retailers stay competitive and earn more money. This factor is expected to fuel the growth of Virtual Reality in Retail market. 

The heart of marketing is customer engagement. Retailers can create 3D content using virtual reality. These ads attract more attention than a standard banner, potentially resulting in increased sales. In retail, companies that combine virtual reality and social media can strike gold. As a result, customers are more willing to share their experiences. Virtual reality headsets also collect data from users to help with social media targeting marketing. This factor is expected to contribute to the continued growth of Virtual Reality in Retail market.

Working in retail necessitates a significant amount of new hire training. This process can lead to costly mistakes while the employee is learning the ropes. Virtual reality can be used to simulate real-world scenarios, which can help with onboarding. VR training does everything faster and on a larger scale, from packaging to using new software at the counter. Virtual reality is as real as a coach explaining the material in retail learning. Nonetheless, it lowers the cost of trainers traveling across the country or around the world to conduct large-scale store training. This is expected to fuel the growth of virtual reality in the retail market.

Virtual Reality in Retail Market Share Analysis

Based on application, The most profitable segment is expected to be consumer electronics. This is due to the population's increased use of consumer electronics for gaming and entertainment.

Based on region, The most profitable region is expected to be North America.

By Type

• Software
• Hardware
• Service

By Application

• Food and Beverage
• Home Products
• Clothing
• Consumer Electronics
• Other

By Company

• Zappar
• Trax
• inVRsion
• Symphony RetailAI
• Whisbi
• Jaunt

By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA

Scope of Virtual Reality in Retail Market Report