How AR Is Redefining Retail in the Pandemic
What Is Augmented Reality
The interactive experience where the real world is enhanced by computer-generated perceptual information achieved through digital elements, sound, or other sensory stimuli delivered via technology is known as Augmented reality or AR. In a layman's language, it is a combination of real and virtual worlds where the sensory information can be constructive or destructive. This technology is usually used in industries involved in mobile computing and business applications but things are changing gradually. Post pandemic, many businesses have opted for AR to provide immersive shopping experiences for the consumers while maintaining social distancing and Covid norms.
How Retail Business Is Adopting AR
Customer acquisition has become very competitive these days. With augmented reality, retail businesses ( https://www.yourretailcoach.in/retail-business-plan/ ) have managed to set a new trend of providing an entirely new and amazing customer experience as well as higher sales. As of the current trend, many retailers and companies are taking advantage of AR in order to attract more customers using smartphones or tablets. The new "shop the look" offered in the market is being highly praised and chosen by the customers these days. Let us take a look at the trends and statistics related to the use of advanced AR/VR options in the retail market across the globe.
According to research by IDC, total spending around the world on AR/VR in 2020 was around $18.8 billion which is expected to increase exponentially with time.
As per Gartner, over 100 million consumers used AR to shop in 2020. The AR industry is expected to grow rapidly with an estimated market value of $50 billion by 2024.
The tech giant Facebook recently acquired Scape, an AR company involved in making a 3D map of the physical world.
The furniture giant IKEA has launched the IKEA Place app which allows customers to visualize furniture in their own space and customize it according to their own needs.
MG Motors has successfully launched one of the largest AR campaigns. It has delivered about 5 million AR impressions to consumers by offering real-life 3D experiences.
Augmented Reality in Retail in India has witnessed more use by companies to provide an amazing experience to the customers. Fashion e-tailer Myntra has recently launched an AR influence campaign in online shopping for its customers.
Benefits Of Augmented Reality In Retail
Augmented Reality has an immense potential to impact every industry or sector related to retail business, be it automobile, households, entertainment, etc. Let us look at some of the benefits AR provides to retail businesses.
Confident Buying Decisions
AR enables the customers to feel and look at the details about the products that the traditional photos cannot match. It provides the buyers with better buying confidence leading to increased satisfaction and a seamless experience for them.
More Conversion As Well As Convenience
According to retail customer experience, using AR and 3D technologies in online shopping can increase conversion rates by almost 40 percent. It also offers more convenience for the customers as well as the retailers. Using AR can help reduce return rates as well as provide post-purchase satisfaction.
AR offers better engagement for the customers and amplifies your reach at the same time. For instance, when a customer could choose the furniture while sitting at home by experiencing real-life experience through AR, he or she will be more inclined towards shopping for that furniture.
Unique Shopping Experience At Home
Unique 3D life-size experience, convenience, and safety along with the option to customize according to the needs provide a seamless and amazing experience for the customers is a major benefit. This technology has made the life of consumers quite simple and bridged the gap between offline and online shopping.
AR, Jack Of All Trades
AR has managed the cross funnel strategy for marketing and the results are promising for the future as this lucrative technology to assess products while sitting at your place is being praised by the masses. Using AR in retail can prove beneficial for your venture as well as become your USP along with giving you a competitive edge over others.
More Interactive Shopping
Augmented Reality helps improve the shopping experience by making the experience more interactive. In addition, the control over digital aspects related to the product gives a sense of more connection with the product as well as your brand.
Why Choose YRC
In today's competitive market it is necessary to provide customers with a seamless shopping experience and meet their expectations. It is high time that retailers use AR, the most suitable technology, to provide convenience and comfort to the customers along with driving growth and sales in this competitive era. However, for most retailers, technicalities related to AR and its implementation can be a serious undertaking and that's where we can offer help!
YRC, Your Retail Coach is a reputed consultancy firm committed to taking care of all the peculiarities of your retail business ( https://www.yourretailcoach.in/set-up-retail-store/ ). As an experienced player in the field of retail business, we have helped many businesses scale up their growth in their venture and evolve as a brand. YRC empowers your business with everything that is needed to maintain consistency. Our expert consultants can guide you a lot more about AR or anything else related to the retail business. We have experts for each and every aspect of your business. Hence, contact YRC today for a bright future for your retail business.
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