The global virtual fitting room (VFR) market size is projected to reach USD 10.00 billion by 2027, exhibiting a CAGR of 20.1% during the forecast period. Concerns surrounding catching COVID-19 in trial rooms are expected to augur well for the market in the near future, finds Fortune Business Insights™ in its report, titled “Virtual Fitting Room Market Size, Share and COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By Services (Integration, Support and Maintenance, and Consulting), By Application (Apparel, Eyewear, Jewelry and Watches, and Others), By End User (Physical Stores and Virtual Store) and Regional Forecast, 2020-2027”. Trial rooms in retail outlets are usually located in distant corners to ensure privacy. However, these spaces are poorly ventilated and with the coronavirus pandemic spreading wildly across the globe, shoppers are being wary of entering stores which can get crowded rapidly. Complying with social distancing rules, fashion brands have also been forced to seal off their trial rooms. For example, Kohl’s, the American retail chain announced the closure of its trial rooms indefinitely in March. This presents a unique opportunity for companies to promote their VFR platforms as they can ensure that customers are able to enjoy the full trial-room experience virtually and make an informed purchase decision.
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Entry of Augmented Reality Technology in Fashion Industry to Broaden Sales Horizons
Augmented Reality (AR) technology is revolutionizing the fashion industry as it is enhancing customer shopping experience, without requiring shoppers to move from the comfort of their homes. The entry of AR and the expansion of e-commerce platforms have brought virtual fitting rooms to the fore and clothing giants around the world are heartily embracing this technological turnaround. For example, Gap launched an AR app called “DressingRoom”, which allows customers to try on clothes remotely through any Google Tango-enabled device. In California, the designer hat brand, Tenth Street Hats, created an AR-enabled “Virtual Try-On” button on its page, which, the company claimed, significantly boosted customer satisfaction levels. Amazon, too, announced in January 2019 that it was developing a VFR platform to allow customers to try out clothes of their choice before buying them. Thus, AR-powered virtual fitting rooms are empowering retail brands to engage potential customers and widen their sales horizons.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Extensive Adoption of AR and VR Technologies to Fuel the Market in North America
North America is expected to dominate the virtual fitting room market share during the forecast period owing to active adoption of AR and Virtual Reality (VR) technologies among retail organizations in the region. Moreover, with the coronavirus gripping the region, clothing brands are aggressively implementing VFR platforms to maintain their customer base and expand revenue streams. In 2019, the region’s market size stood at USD 813.3 million.
In Europe, the VFR market growth will be primarily driven by quick uptake of virtual fitting room solutions in the UK, France, Italy, Spain, and Germany. On the other hand, the market in Asia Pacific is being characterized by the emergence of AR and VR start-ups, particularly in Japan and South Korea. Additionally, proliferation of e-commerce portals in India and China will further feed the market growth in the region.
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