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.
Image: Ralph Lauren 888 Virtual Store, courtesy of Obsess