Consumers increasingly seek more meaningful and personalized shopping experiences, and virtual stores are meeting this demand with substantial growth projected. According to a recent study conducted by Coresight Research in collaboration with Obsess, the ecommerce market is anticipated to reach $5.4 trillion, with virtual stores contributing $1 billion alone. This trend has positioned immersive experiences as a pivotal focus for retail companies in the current year, reshaping both the retail landscape and consumer expectations.
The lucrative potential of the virtual store market, expected to achieve a robust CAGR of 27.0% and reach $7.1 billion by 2030, presents a significant opportunity for venture capitalists and strategic partners. Notably, brands and retailers are embracing immersive strategies, including virtual stores, gamified shopping, social shopping, and AI-driven personalization, exemplifying a shift towards authentic one-to-one engagement. Neha Singh, the founder and CEO of the experiential ecommerce platform Obsess, emphasizes the growing prominence of these practices and underscores the underlying reasons behind their adoption.
Read more at https://venturebeat.com/ai/new-report-reveals-why-immersive-ecommerce-is-an-urgent-priority-for-brands/
Image: Ralph Lauren 888 Virtual Store, courtesy of Obsess
