Augmented Reality (AR) has been featured in the news as the best new feature and the future of the retail industry. It makes shopping fun again, allowing online consumers to have in-store like experiences that entertain, engage, educate and convert lookers into buyers.
Enabling shoppers to see a virtual product on themselves or in their environment, AR is incredibly useful to both consumers and retailers. The consumers enjoy the benefits of being able to see how the products of their interest will fit on them or in their house, while the retailers get better product exposure, an increase in both online and in-store sales and the benefit of reduced returns.
Increase Brand & Product Exposure
AR became known a couple of years ago when Pokemon Go took over the streets and is now in use by the innovators in the retail industry. Offering AR at this stage will put you in a pretty good company, right next to Amazon, Ikea, Target, Wayfair and other forward thinkers, making you stand out from the competition and more attractive to the millennial shoppers.
The ability to visualize a virtual representation of products in 3D, to scale and in their intended environment, enables shoppers to make better judgments, removing the need to measure and verify dimensions. Once they have made their determinations, they may either buy directly online or go to the store to complete their purchase.
Not only does this eliminate a point of friction between the consumer viewing and buying the product, but it also maximizes the probability of them being satisfied with their purchase once received, decreasing the number of returned products.
As shopping continues to make the shift from in-store only to online, the key to successful online experiences for consumers will be AR. Current projections indicate that augmented reality will generate $120 billion in revenue by 2020, according to Manatt Digital Media.
AR will become more widespread through not only the retail industry but our daily lives. Just as they expect to be able to purchase any item online today, consumers will become used to having the ability to virtually try items before they buy and retailers that don’t have that capability will be left behind.
Technology is going to keep advancing, and consumers are going to keep changing. If you would like to know more about the latest retail technologies and how they can be applied to increase your revenue and lower your costs, please contact us for a free consultation.