New York City, NY -- (SBWIRE) -- 08/31/2020 -- The coronavirus pandemic has caused a massive revenue loss of the virtual fitting room market, on account of the lockdown implemented in many countries to contain the spread of the disease. The shutting down of retail stores and shopping malls have halted the progress of the market in 2020. However, despite these setbacks, the growth rate of the market is predicted to pick up in the near future. The rising requirement of safe and secure solutions, especially at the time of the pandemic, is one of the biggest factors driving the advancement of the market.
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This is due to the fact that these solutions provide the option of trying the products virtually, without visiting the outlets. Additionally, these solutions provide accurate size recommendations so that the customer can get the perfect fit. Due to the rising integration of advanced technologies, increasing usage of smartphones, and the growing popularity of online shopping, the global virtual fitting room market is expected to generate a revenue of $19,250.4 million in 2030, demonstrating a CAGR of 18.5% between 2020 and 2030.
Based on end user, the global virtual fitting room market is bifurcated into e-commerce platforms and physical stores. Between them, the e-commerce platforms bifurcation is predicted to record a higher growth rate in the market during the next few years. Many companies have already shifted to e-commerce platforms over the last few years and many more will follow this trend in the forthcoming years. As a result, it is rapidly becoming very important for these companies to take measures that will help them to distinguish themselves from their rivals.
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The players operating in the virtual fitting room market are increasingly focusing on client acquisitions for increasing their revenue and gaining a foothold in the market. For example, Fit Analytics GmbH announced in April 2019 that it has started offering its Fit Finder size advisor product to AMARO, a womenswear brand based in Brazil. The latter has started integrating the former's product in its footwear and lower- and upper-body clothing products.
The research includes detailed analysis of;
Based on Component
- Software
- Hardware
Pre-fabricated
Customized
- Service
Consulting
Integration
Support
Based on Application
- Apparel
- Beauty and Cosmetics
- Eyewear
- Footwear
- Jewelry and Watches
Based on End User
- Physical Stores
- E-Commerce Platforms
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