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How Augmented & Virtual Reality Technologies Are Redefining the Retail Business?

How Augmented & Virtual Reality Technologies Are Redefining the Retail Business?


Augmented Reality (AR) & Virtual Reality (VR) In Retail Industry

Augmented reality (AR) and Virtual reality (VR) will reach USD 1.6 billion in the Retail industry of the global market by 2025. By considering such a huge potential market, retail businesses must expectantly anticipate adopting these emerging technologies. The demand will significantly rise in the future as the implementation of these technologies developing advanced customer experiences let businesses grow and enhance financial prospects. Bringing AR and VR into retail favorable for retailers and consumers alike to have a better buying experience while decreasing operational cost for retailers, and giving an immersive, engaging experience to customers.

COVID-19 is proof that every industry must look forward to transforming its business into digital is the only way to keep up the global presence. In the Retail industry, Digital transformation with AR-VR technology conveniently fulfills consumer’s demand by offering services and products they want. For example, the majority of consumers want virtual interactions while shopping to avoid in-store gatherings. Thanks to virtual reality to make this possible. We will cover all the AR-VR aspects that retailers can take advantage of from this blog post. Let’s begin!

“ Augmented and Virtual Reality market will reach $170 billion by 2022, as per the research.”

Augmented Reality in Retail

Retailers utilizing Augmented Reality in various ways. This technology signifies the overlaying of digital entities onto the surrounding reality and is performed with the help of various devices like smartphones or tablets.

Here are some of the use cases in the retail industry.

Try Before Buy

How wonderful that one can experience the product just sitting in front of the digital device before making a purchase? Sounds cool! It is the most interesting and involved form of using AR in retail trying on the products before buying. It is a highly engaging functionality that e-commerce businesses should consider and execute at a dynamic scale which leads to higher customer engagements for a constant hike in sales.

  • Lenskart provides try-on features to let customers try on glasses by creating a 3D face model of the head and Digitizing the glasses photo-realistically. Customers can take several glasses on a 3D model and choose from which glasses will look better on the face. It reduces the confusion of how it will look and encourages customers to purchase.
  • Gucci launched a mobile app in which users can try any pair of sneakers virtually. Here you have to point the device’s camera on the foot and it will create a 3D model of the sneaker.
  • Just like the Snapchat or Instagram filters, cosmetics retailers can launch an application to allow their customers to try lipsticks, eye-shadows, and other products on their faces before ordering.
  • Ikea offered its customers to virtually place sofas, tables, and other furniture in their homes.

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Better understands product

Brands can provide additional information about the product by implementing AR technology in their business.

  • Toyota utilized an AR app to let their customers know how their new car with a Hybrid drivetrain works. The app involves visuals of inner mechanisms and processes so that users can better understand how it works. Also, adding text or images on a product that the camera points to for better understanding.

Easy navigation in stores

It will be challenging to find goods in big brick-and-mortar stores as it is a time-consuming process. Augmented Reality application makes this easier to navigate in stores. When you enter the store with the list of goods you want to purchase, based on it the app recognizes good’s shelves and creates the optimum route involving all the items. Also, it would help to guide with digital arrows. It will help customers to easily navigate goods and not misplace in other departments without spending a couple of hours in-store.

  • Find My Way is a mobile app that helps customers to navigate in stores. Also, it helps to find your seats if you have scheduled a movie or event. It is pointed towards reducing as much contact with others as possible and staying up with social distancing amongst the COVID-19 pandemic.

Gamification and Loyalty

Gamification is a great way to engaging people with your brand at a deeper level. Users spend a longer time in gamification not only drives better loyalty programs but also providing insights into customer preferences which can help retailers target prospects with better personalization.

  • Walmart launched an app to entertain and engage customers while shopping. Users can simply scan the QR code on different products and get the chance to play branded games, interacting with animated cartoons, clicking selfies with specially created filters and masks.

Virtual Reality in Retail

Virtual Reality can be a transformational tool as it can design, plan, and boosting customer experience in the retail sector. What’s more, if there’s any confusion to adopt virtual reality into your business, the following might clear any pessimist.

“The utilization of Virtual reality in the retail and marketing industry to build USD 1.8 billion by 2022, as per ABI Research.”

Here are few areas of retail stores that can take advantage of Virtual Reality.

Users Can Explore Virtual Stores

Retailers can look for creating a virtual store to give a better virtual experience while shopping. Customers can virtually explore every shelf in 360-degree rotations. These immersive experience gives an attraction to your customers for return back and keeping loyalty.

Designing Stores and Displaying Goods

Utilizing the potential of virtual reality retailers can make a digital model of a store which they want to build. By creating this digital copy they can be able to analyze multiple designs, make changes to them, and arranging in an optimum way. Similarly, they can arrange products on shelves. It is an effortless way to try and change store goods in the digital model with Virtual Reality before doing in the real world. The adoption of VR can save time and money for retailers.

Designing and Presenting Products

A similar way VR assists with planning stores it can help to design products. before building a real automobile, ford utilizes VR technology to observe a virtual model of it. With VR technology, retailers can also build a simulation of the product to give their customers an advanced level of experience. Audi offers the driving experience with the support of a VR headset to its customers.

If every automotive brand adopting these advancements, then dealerships might be smaller and cost-effective, since there would be no requirement for placing cars in high quantity at a single spot.

Stay On Top Of The Retail Industry By Harnessing AR-VR Technology Into Your Business

Keep analyzing what your customers are looking to experience with AR-VR and stay connected with tech companies who made it possible like us. It is, for the present time, safe to accept that AR and VR mobile applications are basic assets for sustenance and progress in the retail sector.We, X-Byte Enterprise Solution have proven tech experts who have the knowledge, experience, and resources to build customized AR-VR solutions for your business. Reach out to us in order to give your tech ideas a platform.

Stay tuned with us for more tech trends.

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How Augmented & Virtual Reality Technologies Are Redefining the Retail Business? was originally published in AR/VR Journey: Augmented & Virtual Reality Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.

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Author: X-Byte Enterprise Solutions

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