AR and VR in the Retail Industry have Multiple Benefits.
1. Elevated customer experience
In the retail sector, AR and VR improve the whole consumer/shopper experience. Utilizing engaging and dynamic product demonstrations and manuals, buyers can make educated decisions that were previously unattainable.
Additionally, clients can place the product before purchasing thanks to the virtual tours. They may explore many options and try on clothing or accessories without having to put in the physical effort of trying them on thanks to the augmented reality features.
Indeed, according to a Forbes article, in a survey of 1,000 American individuals, nearly two-thirds (61%) stated that AR has affected where they purchase.
2. Increased brand awareness
In retail settings, AR and VR improve brand recognition and image.
For instance, to promote their fall/winter 2021 collection, the international luxury fashion company Balenciaga developed and published the VR video game Afterworld: The Age of Tomorrow. The official website of the game was made accessible.
Players might travel a futuristic terrain and complete various basic objectives by just creating an avatar dressed in Balenciaga's most recent apparel. Following the game, some participants expressed their thoughts on social media, increasing Balenciaga's brand recognition.
While these technologies raise brand exposure, they also develop a devoted following of customers. When customers feel better knowledgeable about their purchases, their trust grows, as do their trips to the store.
AR and VR in the retail business have improved buyers' overall shopping experience by providing more information and nuance.
3. Enhanced product visualization
AR and VR services have enabled product visualization in the retail industry. Customers can view things digitally, try on clothes/accessories, picture furniture in their homes, and see how different beauty products would appear on them before making a large purchase.
4. Increased personalization and engagement
AR and VR enable merchants to deploy individualized and targeted marketing, as well as experience. Retailers provide their customers with a more immersive and engaging experience by using 3D graphically rich information.
Furthermore, AR tools enable clients to customize their products and shop more. This provides consumers with a one-of-a-kind and personalized shopping experience, increasing their likelihood of purchasing from the retailer. This makes your consumers feel special and offers them a compelling reason to return.
For example, BMW's AR experiences let customers to visit actual showrooms and modify cars with different colors or styles using smart devices such as tablets or phones. Alternatively, consumers can put on VR goggles and experience what it's like to drive the cars, allowing them to make a better informed selection.
Furthermore, with in-store navigation via augmented reality and virtual tours from the comfort of their own homes, customers interact, immerse, and engage more with retail businesses.
In fact, 40% of individuals are willing to pay more for a product if they can first experience it via augmented reality. All of this increases current sales as well as prospective business.
5. Fewer returns
With increasing consumer satisfaction, the rate of returns is sure to decrease.
AR and VR in the retail industry ensure that purchases are well-thought-out and understood. Furthermore, personalization of the buying trip increases client satisfaction with whatever they have chosen for themselves, and the overall experience is more likely to be favorable.
For example, during the pandemic, Apple opened real retail outlets to customers. Using augmented reality technology, the stores were brought home to demonstrate their items.
Customers could use AR Quick Look to find new iPhone and iMac models. This gave customers a concept of how the things will appear in their hands, space, or actual environment.
This increased the purchasers' confidence in the goods and their decisions, allowing them to proceed with their purchase. This resulted in fewer dissatisfactions and, hence, higher returns.
As a result, employing AR and VR in stores increases product awareness, reduces buy disappointments, and hence reduces return rates. As a result, retailers save money by lowering the cost of returns.
Furthermore, the experience provided by shops via AR and VR becomes distinctive and distinguishable from the competition. This increases revenue and begins a nice journey.
Also Read: AR And VR In Advertising – Benefits
