Give Your Retail Business A Boost: Explore AR And VR Applications
With the advent of technology there has been remarkable change in shopping habits as well as shopping experience of consumers – brick-nmortar to e-commerce to m-commerce – they have seen it all. Now, they are slowly gearing up for v-commerce(virtual commerce) as retailers want to provide their customers in-store shopping experience from the comforts of their home. Sounds bizarre! Get ready for pleasant surprises. Not only in retail but augmented reality (AR) and virtual reality (VR) are creeping into most of the enterprise and public sector and they are growing equally important for businesses as well as consumers.
ďƒź The AR and VR industry is estimated to reach a value of $80 billion a year ($45 billion in hardware and $35 billion in software) by 2025, as reported by Goldman Sachs Investment Research. As shown in the above figure, Goldman Sachs predicts that video entertainment, live events and video games would continue to drive this technology in the consumer-centric segment. However, the enterprise-focused segment might surpass the Goldman Sachs predictions if enterprises get innovative and leverage the technology to gain a competitive edge for their businesses.
ďƒź AR and VR are often perceived as similar technologies by the layman and they tend to use both the terms interchangeably. Before we move further in the article it is better to dispel this wrong notion from the mind of general readers. AR enhances or augments our real world experience by means of certain virtual elements integrated in the physical or real world, contrary to the usual belief that it creates new experiences. VR, on the other hand, immerses the users in an imaginary or virtual world and creates new experiences. Both the technologies have gained maturity and are getting implemented in many businesses across various sectors. Let us put a glance on the below graph to understand shoppers’ expectations for introduction of VR into commerce.
ďƒź Presently the app works with Lenovo PHAB2 Pro. However, retailers with Brick and Mortar Stores want to utilize the technology for enhancing in-store shopping experience of shoppers. For example, Tommy Hilfiger took their shoppers on a virtual trip to the company’s runaway show via the Samsung Gear VR headset. Meanwhile, the omni-channel retailers can use AR and VR for enriching customer experience on shopping fronts.
ďƒź It is very clear that US consumers are all set for AR and VR experience and they look forward to retailers’ adoption of these technologies to improve their online shopping experience. For instance, Wayfair - the American online home store for furniture and home improvement goods has recently launched an AR app known as Wayfair View. This app makes it possible for shoppers to select furniture from their store and then allow them to place it virtually inside their home to see whether it fits the room decor or not
ďƒź Nevertheless, AR and VR technology is yet to achieve the ubiquitous status in retail as many players are striving to find feasible ways to offer real value to customers via these technologies. The perception of these technologies as marketing gimmick is expected to disappear very soon.
Originally published at: http://bit.ly/2cPJ7ml
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