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.
Intelligent Virtual Store Design Solution Market: Drivers & Restraints
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.
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Intelligent Virtual Store Design Solution Market: Segmentation
The global intelligent virtual store design solutions market is classified on the basis of product type, ignition system component and region.
Based on end users, the global intelligent virtual store design solutions market is segmented into the following:
- Consumer Packaged Goods
- Consumer Electronics
- Specialty Stores
Intelligent Virtual Store Design Solution Market: Overview
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.
Intelligent Virtual Store Design Solution Market: Region wise Overview
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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Intelligent Virtual Store Design Solution Market: Key Players
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.