The global virtual shopping assistant market size is expected to reach USD 6,879.48 million by 2032, according to a new study by Polaris Market Research. The report “Virtual Shopping Assistant Market Share, Size, Trends, Industry Analysis Report, By Channel (Mobile Apps, Websites, Chatbots, Messenger, Voice Assistant, Others); By Platform; By Technology; By End-Use Industry; By Region; Segment Forecast, 2023- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Virtual shopping assistants powered by AI offer tailored guidance to shoppers on products and services. They interact via chat, voice, and avatar interfaces on platforms, including websites, mobile apps, messaging services, and IoT devices. These assistants aid in product selection, give personalized recommendations, address queries, facilitate payments, and provide post-purchase support.
Their benefits include round-the-clock availability, capacity to manage large volumes of inquiries, and provision of personalized shopping experiences. The surge in conversational commerce propels the market's expansion, heightened desire for personalized shopping experiences, and increased adoption of AI and NLP technologies.
Consumers increasingly favor self-service options for swift issue resolution and immediate assistance. Virtual shopping assistants empower shoppers to independently navigate product searches, compare choices, complete transactions, and access support without the need for live agent intervention. Younger demographics, particularly millennials and Gen Z, exhibit a greater comfort level with transactions conducted through conversational interfaces. The 24/7 availability and capacity to offer highly personalized recommendations are solidifying the popularity of virtual shopping assistants for self-service shopping.
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Omnichannel customer engagement is becoming paramount for retailers, aiming to interact with consumers seamlessly across various touchpoints such as websites, apps, smart speakers, and messaging platforms. Virtual shopping assistants facilitate the delivery of cohesive shopping experiences across these digital channels. Companies leverage these AI-driven assistants to furnish tailored suggestions and consistent customer support, drawing on user data and profiles. The presence of multiple channels and smooth transitions between them are propelling the widespread adoption of virtual shopping assistants.
Virtual Shopping Assistant Market Report Highlights
The chatbot segment is expected to grow at the highest CAGR during the projected period on account of increasing customer satisfaction and higher conversion rates
The smartphones segment accounted for the largest market share in 2022, which is mainly driven by the ease of accessibility and flexibility
The machine learning segment held a significant market revenue share in 2022, mainly due to enhanced user satisfaction and technological innovation
The retail e-commerce segment accounted for the largest market share in 2022 due to a surge in online shopping activities
Asia Pacific region dominated the market with a majority share in 2022, owing to exponential growth in the technology and tech-savvy consumers
The global key market players include Facebook, Inc. (Meta), Google LLC (Google Assistant), IBM Corporation (Watson Assistant), Microsoft Corporation (Cortana), and Nuance Communications, Inc.
Polaris Market Research has segmented the virtual shopping assistant market report based on channel, platform, technology, end-use industry, and region:
Virtual Shopping Assistant, Channel Outlook (Revenue - USD Million, 2019 - 2032)
Mobile Apps
Websites
Chatbot
Messenger
Voice Assistant
Others
Virtual Shopping Assistant, Platform Outlook (Revenue - USD Million, 2019 - 2032)
Smartphones
Smart TVs
Speakers
Kiosk
Others
Virtual Shopping Assistant, Technology Outlook (Revenue - USD Million, 2019 - 2032)
Machine Learning
Computer Vision
Predictive Analytics
NLP
Others
Virtual Shopping Assistant, End-Use Industry Outlook (Revenue - USD Million, 2019 - 2032)
Retail E-commerce
Travel Hospitality
BFSI
Media Entertainment
Automotive
Others
Virtual Shopping Assistant, Regional Outlook (Revenue - USD Million, 2019 - 2032)
North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Latin America
Argentina
Brazil
Mexico
Middle East Africa
UAE
Saudi Arabia
Israel
South Africa
