The Augmented Reality market has grown so colossal that predictions estimate its value to reach $61.4 billion by 2023. AR has permeated into every field including Retail. A study approximates that 32% of shoppers are regular users of Augmented Reality and 73% of smartphone AR users are highly satisfied with the experience. Such Augmented Reality retail statistics prove how the market has accepted the technology and is exponentially growing with its help.
What is AR Retail for customers?
If stats are to be believed then, 75% of customers expect new technologies for better experiences. That very research states that 84% of customers believe the experience is just as important as the product itself.
(Source: SaleForce Research)
According to the AR Retail survey:
1) 72% of customers purchased items they didn’t plan to buy because of augmented reality.
2) 71% of customers shopped more when they used AR.
3) 61% preferred stores with AR experiences.
4) 55% say AR makes shopping more fun!
6) 40% are ready to pay more if they test products with AR.
The Conventional Retail Marketing Vs The Contemporary AR Retail Marketing
Here are the few problems that conventional retail marketing has to face due to an increase in technological developments in Retail.
1) The number one issue comes from travelling. The problem even got worse due to the coronavirus pandemic & travelling restrictions in many parts of the world. Also, contacting an infected person has made people reluctant to step out of their homes & they are finding an alternative to fulfil their shopping needs.
2) The second recurring limitation of traditional retail business that you constantly face is items not in stock and you don’t find that out unless you visit it. In times like these with limited resources and mass hoarding, the problem has become fourfold.
3) Costly Affair: A brick and mortar retail store is always a costly investment. Therefore, no consumer means a loss in businesses which results in the winding up of the business.
4) Limited hours for customers: Unlike online shopping, shops have fixed business hours. And during stressful times like Covid-19, policies have become stricter.
This is where Contemporary AR Retail comes into the picture. Here is how it helps :
1) Personalization of user content
Retailers often customize content to meet the best expectations of the customer. It is easy for retail stores to filter out content for you so that you look for relatable items without wasting time. This has been done in numerous ways through AR.
2) Contactless Tryons
Waiting for your turn outside the trial rooms can be highly time-consuming. Therefore, there are virtual mirrors where you can simply find out the size of the dresses you like and on a digital screen in front of you, you can see how that apparel is looking and fitting your body. This is an amazing role of augmented reality in retail. You can also do this in online shopping too. Suppose while shopping for the jewellery you can augment different jewellery pieces on yourself & make an informed decision before making a purchase. We highly recommend JewelTRY for your improved experience of jewellery shopping online as well as in offline stores.
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3) Increased Brand awareness & visibility
AR is an amazing tool to enhance a company’s brand awareness to wider audiences. Mobile AR will help a brand provide unique experiences to users. The use of AR for retailer marketing strategies gives a lot of leverage to brands to find ingenious ways for interactions creating a tunnel for instant feedback.
4) Earn better ROI
AR is modern-day technology that undergoes changes frequently, therefore an e-commerce retailer which provides such facilities will definitely earn much higher than the ones who aren’t using it. Integration of AR in the retail sector has become a mandatory trend these days.
5) Improve the shopping experience
This is like the summation of all advantages. Whether you’re shopping online or offline, a retailer should provide the most interactive means so that you have a worthy experience of shopping and would prefer to visit the shop/store/portal/app again and again. Advanced In-Store Experience with digital advancement is an important addition that is improving with the passage of time.
Brands that are innovating with AR
Augmented Reality benefits for shopping online and offline have been devised quite convincingly by brands to suit the fancies of a user. Let us know in detail about the brands that are creating an interactive experience for customers through augmented reality.
1) Ikea: Ikea’s AR technology in retail is really helpful for users as it allows them to take their phones and scan a particular furniture piece and then superimpose that into your room’s image. You can do it for your bedroom, kitchen, lavatory, hall, foyer, lawn, etc. This helps you save a lot of time & also gives you an idea of how a particular piece of furniture will look in real life when you place it anywhere in your house.
2) Vespa: In 2014, Vespa created an Augmented Reality experience for its customers that works in conjunction with a magazine ad, allowing prospective Vespa owners the ability to customize a scooter using real-world options and specifications. The app is built around convenience and customization to educate scooter enthusiasts on the full breadth of options available at Vespa. GPS capabilities direct you to the nearest Vespa dealership to purchase your customized model, and social media integration allows you to share your dream scooter with friends on Facebook and Twitter.
3) Adidas: In 2019, Adidas launched an augmented reality footwear try-on in its iOS app to let customers virtually try on its most iconic models and the app to let customers virtually try on its most iconic models and the recently launched Alphaedge 4D running shoes
4) Sephora: Sephora’s virtual artist tool is a great example of AR in beauty. Using facial recognition, Sephora allows you to try on hundreds of makeup products instantly. The app scans your face, detects your facial features for product placement, and lets you try on products to see what they would look like on you.
(Source: Perch Interactive)
5) Dulux Paint: With its Visualizer App, paint company Dulux lets shoppers see how more than 1,200 paint colours would look on their walls. This solves the age-old problem of trying to visualize a tiny square colour sample expanded to cover a room.
Future of AR in retail
Augmented reality has made its way in all sectors of the retail market. In times of social distancing, AR will be a powerful tool for retailers. It will make it possible for customers to engage with products almost as they would in physical stores, and that higher engagement will translate into higher sales. AR is only going to grow from here as new technologies like 5G connectivity are made accessible. The best thing any retailer can do is continue learning about AR retail experiences and begin applying them to their marketplace.
How can we help you?
We, at Plushvie, are an emerging AR company that has helped jewellery brands develop cutting edge AR solutions. Our vision is to provide top-notch Augmented reality technology to jewellers so that they can take advantage of the same & increase customer interaction as well as engagement with the end-users.
Also, read our latest blog on Mobile AR: Apple ARKit, Google ARCore