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| Retail AR will become the norm faster than you think |
Many retailers traditionally devote some of their funds and resources each year to testing new in-store experiences, especially in pop-up stores. However, 2023 is beginning to change as more and more top retailers choose to experiment with virtual stores and AR.
As with video games, shoppers young and old can explore an immersive world and explore the products just like in a physical store. An added bonus is the e-commerce transaction and delivery system.
And while some reviewers dislike the perceived complexity of virtual shopping, retailers are still looking for innovative and effective ways to enhance the shopping experience, according to PYMNTS. Augmented Reality (AR) is exactly that.
According to Research and Markets, “Augmented reality is a technology that takes advantage of a user's existing environment and overlays it with virtual or digital content material or information to create an immersive virtual revel in a real-time surroundings to offer. The AR also can include 3-D computer-generated environments, in order that end-customers input an synthetic global with out seeing the actual global anymore.
As noted by Adweek, the technology is more than just a video game in a mobile App as there are "brands that have implemented AR". have seen a significant impact on their bottom line.Research indicates that purchasers are inclined to pay as much as 40% greater for a product that may be skilled through AR.The use of AR strengthens customers' confidence in their purchase, increases post-purchase satisfaction and reduces return rates.Additionally, Research and Markets said that “Augmented truth in retail changed into valued at $2 billion in 2021 and is projected to reach $61.three billion with the aid of using 2031, a CAGR of 41.4% in 2022 to 2031.”
Bloomingdale's is one of the well-known brands that used the AR 8th Wall online to celebrate their 150th anniversary. Shoppers received augmented reality-enabled catalogs and could scan augmented-reality-enabled products to see real models wearing select clothing that looked real. The risk paid off because "this initiative resulted in a 22% increase in in-store conversion rate and a 38% increase in engagement rate," according to Adweek.
Another success story is online art gallery Saatchi Art, which has created an AR experience called View in My Room that allows over a million artworks to be displayed in a user's home. With a smartphone or tablet, the end user can select an artwork from Saatchi Art and see it hanging on any wall in their home without having to use an app.
Saatchi Art decided to go down this route after its survey found that 87% of art buyers were reluctant to make a purchase without seeing the work at home first.According to the company, its AR strategy has "successfully helped art buyers make purchasing decisions online , resulting in an average 17% increase in spending.
In the retail world, AR also enables personalization of products, personalized shopping experiences, optimized storage spaces, “try before you buy” interaction and more detailed information about the products sold. And since AR is still in a development and transition phase in retail, brands can take advantage of the technology's wow factor while pushing new boundaries.
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