Role of AR in the Retail Industry
Augmented Reality has created an impact in every field - healthcare, pharmaceuticals, digital marketing, entertainment, education, tourism, and many others. AR in the retail industry is booming rapidly. It is predicted that the value of the Augmented Reality market will reach nearly 62 billion USD by the year 2023.
Augmented Reality is the superimposition of digital content over the real-world environment. The retail industry is quick to adopt any new technology that comes into the market. Augmented Reality is one such technology. One of the main reasons why many businesses and brands in the retail industry have embraced AR is because it enhances the customer experience.
In today's world where online shopping is on the rise, some people are still sceptical about adopting online shopping. This is because they are unable to see and feel the product in real-time like they would get to do in physical stores. Augmented Reality in the retail industry helps overcome this challenge.
Here is a look at how Augmented Reality is transforming the retail industry:
1) Personalized content
AR in retail helps businesses and brands deliver personalized and filtered content to the customers. Augmented Reality helps retail stores filter out irrelevant products and display only those that are appropriate depending on the search results and previous purchases. AR enables customers to explore a wide range of choices before actually making a purchase.
2) Enhanced shopping experience
AR in retail offers a highly interactive and engaging shopping experience to the buyers. By using Augmented Reality technology, shoppers can try a product before they actually buy it. Augmented Reality empowers customers to view the products as 3D models and actually place them in a real-world environment. For example, if a customer wants to purchase a hat, he/she can actually try how the hat would look on the face. All this is possible comfortably by sitting on the couch at home. AR in retail offers a better look and feel of the products to customers.
3) Combines traditional retail with modern online retail
AR makes shopping fun and happening experience for customers. With a huge footfall experienced by brick and mortar stores, it becomes quite difficult to shop and get the desired products or your choice. The COVID-19 has further caused safety concerns in physical store shopping. Augmented Reality products like AR Studio have the potential to create an exact replica of traditional retail shopping while saving inventory and space for businesses.
4) Complete control in the hands of customers
AR in retail offers full control to customers. With Augmented Reality, customers can try out how a dress appears on them or place a new cupboard in their living room to see how it looks in reality. Customers can choose, try different combinations, and experiment with different things before making the actual purchase. Complete control in shopping enables customers to make informed decisions. This ultimately translates to higher conversions for businesses.
5) Understanding customer behaviour
Augmented Reality helps businesses and brands to understand customers better and also collect valuable information about them. This helps in delivering customized rewards and offers to customers.
Considering the benefits offered, AR-based shopping will be the new normal moving forward. If you want to experience how AR in retain works, book an appointment with us.