The market for [FURL=https://www.industryarc.com/Report/16346/augmented-reality-virtual-reality-market-for-commerce-industry.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]AR and VR in Commerce[/FURL] is forecast to reach $3.2 billion by 2026, growing at a CAGR of 28.4% from 2021 to 2026. The market is driven by increasing popularity of Augmented & Virtual Reality Devices due to better user engagement with high recall rate. The commerce industry saw a huge change when e-commerce concept gained mass adoption. Prominent companies such as Walmart, Blockbuster suffered when people began purchasing products online, and players such as Amazon, eBay and Netflix gathered the majority of market share. Augmented reality and virtual reality could become an extension to e-commerce. For example, recently, IKEA launched an application called “IKEA Place” which allows users to view the furniture products as if they were placed in the user’s home. This would help speed up the purchase decision process. Although this technology is not expected to reach the heights of success as that of e-commerce, it will still be vital going forward.Key Takeaways
Augmented Reality and Virtual Reality has opened up new avenues for Commerce Industry. V-Commerce (Virtual Commerce, which is Augmented and Virtual Reality integrated Commerce) has brought in quite a remarkable change in the online retail world, as Augmented Reality doesn't require or requires less hardware and requires devices that most people are familiar with such as tablets and smartphones.
Both Augmented Reality and Virtual Reality technically elaborates the scope of E-Commerce and took the interaction to a whole new level altogether.
As per IndustryARC research, more than 60% of online shoppers prefer to purchase items that offer Augmented Reality on websites in one way or the other. It’s inarguable fact that both Augmented Reality and Virtual Reality has increased user interaction for many companies and helped them to upsurge their user base.
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AR and VR in Commerce Market Drivers
Rising Investment from Market Leaders
The market for AR and VR is rising due to increased investment from market leading players. Facebook integrating augmented reality ads into its application: Facebook will be providing users an augmented reality experience via advertisements in the application. Users of the application may view fashion goods such as eye glasses and shoes, and try them on virtually.
Rising Focus on Improving Customer Experience
Augmented Reality & Virtual Reality is a perfect mix of technologies to engage a customer. A memorable happy experience often leads to a satisfied customer.
AR and VR market in Commerce. Key Companies operating in the market include Amazon, Ikea, Facebook, Sephora, BMW, Harley Davidson, Sotheby
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