Augmented Reality (AR) and Virtual Reality (VR) are the two sides of the same coin & it is an integral part of digital transformation strategies. As an impact of the ongoing pandemic crisis COVID-19, people still prefer the social distancing norms, but emerging technologies like AR, and VR will bring them to a close virtually and allow the businesses to expand & innovate their offerings. Further, AR/VR enables customers to feel a real immersive experience in shopping. By leveraging these technologies, retailers can able to gain control of industry disruption.
If you see the data "AR/VR retail market had reached $10 Billion & it is forecasted to grow at CAGR of 46.6% until 2027 ". Further, you can witness that companies like Google & Apple have worked on AR technology to bring their own in-house frameworks such as ARKit by Apple and ARCore by Google. Consequently, it will inspire many enterprises & developers to make applications that leverage AR/VR capabilities.
Let's look at the major advantages of AR/ VR in the eCommerce & Retail Businesses:
- Improve Customer Shopping Experience
- Enhanced Engagement & Personalized Shopping
- Fewer Product Returns
- Improved Customer Loyalty
- Boosts Sales
Improve Customer Shopping Experience
In this modern digital world, people want something innovative and unique. By offering a technological innovation experience that can benefit the way of shopping and searching for products. AR/VR enables customers to enjoy shopping conveniently by sitting at home and delivers a remarkable shopping experience.
Many enterprises often failed to deliver the contemporary experience to their customers, that's where Digital Transformation Consulting Firms' roles come into play by providing tailored digital strategies to embrace industry disruption.
Enhanced Engagement & Personalized Shopping
AR/VR Technology helps to visualize an item by playing around with shapes, colours, size, and all other additional product details that ignite the customer's interest in products. Recent research indicates that "77% of customers would like to use AR/VR to see any available product colour or style options". Further, these technologies will analyze & give more personalized recommendations that ultimately end in boosted engagement & satisfaction.
Fewer Product Returns
In the eCommerce business, product returns are common. If you see the data on Ecommerce product return statistics state that "22% of the product received looks different"
AR/VR and 3D technology can certainly address these types of mistakes. It helps online shoppers to choose the products that suit them perfect with respect to colour, and size comparison, and get adequate information about the product they might buy.
Improved Customer Loyalty
A better customer experience makes an end to higher customer loyalty and helps the brand to maintain a strong relationship with customers. Once the customer experiences the positive & satisfaction with the product, there are more chances of getting a return to the same outlet for the subsequent purchase.
Boosts Sales
AR/ VR Technology enables the customer to interact with the products based on their specific needs, thereby improving customer satisfaction and boosting sales.
Here are the reasons AR/VR Technology increased sales:
- It creates an emotional experience
- It can convince the potential customer by eliminating doubts regarding the products.
Bottom Line
AR/VR technology has transformed the customer journey and the way of shopping! As well, it has the capability of creating a unique brand experience that drives higher conversions & revenue. Getting helping with Bespoke software development companies to build custom augmented reality app solutions for your retail & eCommerce business will uphold your enterprise ahead of curve!
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