The intelligent virtual store design solution market is set to thrive at a healthy CAGR of 13.62% during 2022-2032. The market holds a market value of US$ 2.28 billion in 2022 while it is anticipated to cross a market value of US$ 8.15 billion by 2032.
| Attributes | Details |
|---|---|
| Intelligent Virtual Store Design Solution Market Size (2022E) | US$ 2.28 Billion |
| Intelligent Virtual Store Design Solution Projected Size (2032F) | US$ 8.15 Billion |
| Value CAGR (2022 to 2032) | 13.62% |
With multichannel retail companies entering, the intelligent virtual store design solution helps the e-commerce platform to create a virtual store design that delivers an experience like one of the real outlets. A higher understanding of the customer's intent has pushed the e-commerce platform vendors to create an experience fueled by the extended reality tools bridging the gap between digital and real-life shopping.
The higher shopping engagement with the e-commerce platforms that provide a vast range of products with discounts and online payment. The enhanced intelligent virtual store design solution helps marketers interact with the products and in-store branding. The intelligent virtual store design solution vendors provide the best designs and customized payment methods for the e-commerce platform, expanding the market size for an intelligent virtual store design solution.
During the Covid –19 pandemic, the shift to digital shopping has accelerated while enhancing the VR/AR capabilities connected to real-time networks, bringing changes and enhancing the shopping experience. With the advent of artificial intelligence and the metaverse, virtual reality has become a center point for the shopping experience. The NFT and digital product designs are the future of the intelligent virtual store design solution market.
The virtual store test is cost-effective and has product integration that enhances the end user's buying experience. The virtual store provides live tracking of the product shipment along with suggestions of similar products to enhance the shopping experience, flourishing the demand for intelligent virtual store design solutions.
Virtual stores are online retail stores which display merchandise. Virtual stores are available for smartphone users wherein the customers scan barcodes of products displayed from a display screen on their smartphones. Virtual stores offer live text chats in order to interact in real time with customers.
For example, Homeplus, the second largest virtual store of South Korea offers 500 products including food, electronics, toiletries and so on at its Seolleung virtual store. Virtual store tests are cost-efficient alternatives to in-store field tests.
While minimizing the initial capital costs, virtual storesimulations deliver several value-added benefits such as virtual store research, determine customer behaviour in virtual store simulations, understanding in-store behaviour, designing stores and merchandising programs that actually meet the needs of consumers. Virtual stores are 80% experience and 20% commerce.
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The significant factors that affect the sales of intelligent virtual store design solutions are more engagement, higher conversion, and enhanced personalized experience fueling sales of these virtual stores. Therefore, companies focus on creating a virtual store for a better showcase of their products along with more customers engaging with the small details of their favorite product, ending up in higher sales and more online to the in-store conversion of the customer. This simply explains that the better design of a virtual store affects engagement and sales later while also building the bridge between the end user and the product.
The major factor driving growth of the global intelligent virtual store design solutions is the reduction in costs of infrastructure, labour and saves travel time which ultimately boosts the bottom line. In virtual simulations, costs associated with development of technology differ from those in traditional forms of consumer research.
The production of a full-store environment for more advanced projects are exorbitant. Several other factors such as project management issues, lack of benchmarks and validity evidences could potentially hamper the growth of global intelligent virtual store design solutions market.
Principal Consultant
The use of computer-driven store simulation technologies to achieve business objectives is rapidly gaining momentum among consumers, manufacturers and retailers. Intelligent virtual store design solutions offer omnipresence of e-commerce in all channels of trade and aid in overcoming competitive challenges of companies.
Intelligent virtual store design solutions developers need to transform its technologies quickly and efficiently for sustaining in the currently dynamic retail marketplace. Intelligent virtual store design solutions are used for store planning, category management, merchandising and more.
Retailers segment is expected to account for a major share in the global market due to highly reliable intelligent virtual store design solutions which help in enhancing customer service, differentiating stores in the competitive environment, streamlining operations while maximizing revenues.
Geographically, global Intelligent Virtual Store Design Solution market is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan, Middle East and Africa (MEA).Intelligent virtual store design solutions market is relatively a new market and it is in its nascent stages.
Intelligent virtual store design solution providers are accumulated in the U.S., U.K., Canada, South Korea and few other European countries. As a result, North America and Western Europe regions are expected to account for half the share in the global intelligent virtual store design solutions market.
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The key research institutes in global intelligent virtual store design solutions market are InContext Solutions, DECISION INSIGHT, FIFTH DIMENSION, RED DOT SQUARE SOLUTIONS, VISION CRITICAL GROUP, Processia, St Ives plc, Cisco Systems, Inc., Dassault Systèmes, Mindtree Ltd., Zetes to name a few. The technologies such as kiosks and interactive handheld devices should be focused on as they provide more information to sales associates and customers, further enabling better decision making and increasing customer satisfaction.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, accessories and applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global intelligent virtual store design solutions market is classified on the basis of product type, ignition system component and region.
The market is likely to register a CAGR of 13.62% through 2032.
The market is currently valued at US$ 2.28 Bn in 2022.
The market is likely to grow to a valuation of US$ 8.15 Bn by 2032.
North America is likely to be a leading market during the forecast period.
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Intelligent Virtual Store Design Solution Market
