The retail industry is undergoing drastic changes as the competition among companies gears up. One notable innovation captivating retailers is smart mirrors.
Smart mirrors or virtual mirrors are gradually making their way into the retail industry owing to their multiple benefits. These intelligent devices are significantly enhancing shopping experience. They offer a blend of technology and personalized shopping experiences.
Will adoption of smart mirrors in the retail industry impact their sales? The latest stats suggest they will. According to Coherent Market Insights, global sales of smart mirrors are set to increase at 15.3% CAGR during the forecast period.
The global smart mirror industry valuation will likely total US$ 2684.9 million by 2030. Increasing popularity and adoption of smart mirrors in automotive, residential, healthcare, and retail industries will play a key role in this future growth.
What Are Smart Mirrors in Retail Industry?
Smart mirrors are devices that display a user’s image with augmented reality enhancements. They are becoming ideal tools for improving in-store shopping experiences. These magic mirrors allow customers to virtually try on clothing, makeup, or accessories, without any physical contact.
Key Features of Smart Mirrors
- Virtual Try-Ons with Smart Mirrors
The primary feature of smart mirrors that encourages their adoption in retail industry is virtual-try on. They allow customers to try on clothing, accessories, and makeup virtually. This is especially beneficial for products that are difficult to try on, including intricate jewelry.
- Interactive Content
Retailers can employ smart mirrors to display product information, promotions, and even video. By doing so, they can make the shopping experience more informative and engaging.
Many virtual mirrors also use touchless technology. They empower customers to interact with the mirror using voice commands, gestures, or mobile apps.
- Personalized Recommendations
Smart mirrors can analyze customer preferences which enables them to offer personalized recommendations. They can create a more tailored shopping experience.
- Real-time Inventory
Smart mirrors can also help in real-time inventory management. Customers can use them to check if an item is available in the store.
Benefits of Smart Mirrors in Retail
- Enhanced Customer Experience
Smart mirrors make shopping more engaging, interactive, and convenient. This is due to their ability to offer virtual try-ons and personalized recommendations.
- Optimized Store Operations
Smart mirrors can significantly improve efficiency in retail stores by reducing dependence on staff. They allow customers to search for specific products using simple gestures or touches. Adoption of more smart mirrors for fashion stores means that staff can focus on other important tasks.
- Increased Sales
Through AI-driven suggestions and personalized recommendations, smart mirrors can encourage additional purchases. They can prove effective tools for retailers to boost their revenues.
- Reduced Return Rates
Another significant benefit of smart mirrors is reduced return rates. Virtual try-on technology helps customers to make informed decisions. It allows them to visualize products, thereby reducing chances of post-purchase dissatisfaction and returns.
- Increased Foot Traffic and Time Saving
Modern customers are likely to visit stores that offer a great shopping experience. As a result, adoption of advanced technologies like smart mirrors becomes essential for retail stores.
Smart mirrors can also save time of customers. This is because they do not have to browse through various products or try on clothes physically.
