Virtual Reality (VR) in retail and marketing sectors is expected to generate $1.8 billion in 2022, according to ABI Research.
Retail and marketing companies have realized that virtual reality technology can be an effective tool to assist consumers with the purchase process and provide consumers with the ability to visualize and personalize the products more realistically, said Khin Sandi Lynn, industry analyst at ABI Research.
Swedish furniture company IKEA and North American home improvement company Lowe’s have deployed VR.
Chinese E-commerce company Alibaba has deployed its Buy+ mobile VR platform for better product visualizing. Alibaba integrates its Alipay payment platform to assist consumers making payment while browsing products using Buy+ VR.
Walmart’s recent acquisition of VR software company Spatialand is another indicator of VR deployment as a retail solution in the future. Consumers’ awareness together with investment by retailers and brands will drive the VR retail and marketing market.