Introduction to Etsy’s Innovative Approach
Etsy, an e-commerce site known for its unique and handmade products, has taken a major leap in enhancing the shopping experience for its users. After introducing augmented reality (AR) via their app, where buyers could test products virtually in their very own homes, Etsy debuted AR homes within the latter a part of last yr. These digital houses allow shoppers to virtually enter the doors and explore each of the peerlessly designed rooms, that are impressively decorated with curated Etsy products available for purchase on the location.
The Rise of Etsy
Founded in 2005, Etsy has experienced remarkable growth, from $75 million in annual revenue in 2012 with $3 million profit, to $1.72 billion in annual revenue and $349 million profit in 2020 — a 110% year-over-year increase. Within that timeframe, users soared from 9.3 million to 81.8 million, and sellers went from slightly below 1 million to 4.1 million. This significant growth might be attributed to Etsy’s unique approach to e-commerce, featuring primarily independent artists and small businesses selling handmade crafts, vintage items, and printable art.
Step Into The Etsy House
The Etsy House, created in collaboration with world-leading architectural visualization studio The Boundary, uses state-of-the-art, true-to-scale photorealistic renderings. This allows users to navigate across the rooms, providing 360° visuals for buyers to get a true-to-life, close-up have a look at the products they want to buy. Aimed mainly at marketing the location’s home products, this technology is the subsequent smartest thing to a buyer actually being inside a store. Products inside each room include decor items like ornaments, frames, artwork, seasonal decorations, furniture, textiles, and lighting. Hovering over each item will provide a pop-up with information on the product and a link so as to add it to your online cart.
Brands are Flocking to AR and VR
Although this progressive use of AR using a fake house and welcoming users in is exclusive, it is not the primary time an e-commerce brand has used this technology to boost the customer’s shopping experience. Many other brands have also jumped on the AR and VR bandwagon. Before introducing The Etsy House, Etsy designed a VR app where buyers could see art on the market virtually displayed on their very own partitions. Thanks to this app, Etsy reported a 94% jump in wall decor and art searches, a 63% increase in painting searches, and a 54% spike in print and illustration searches.
Other Brands Using AR and VR
Many retailers have used AR and VR to their advantage, either via their very own VR apps or using progressive AR in-store. These brands include corporations like IKEA, Target, L’Oreal, WatchBox, The Home Depot, Sephora, Amazon, BMW, Nike, Apple, Toms, Warby Parker, Anthropologie, and more. For instance, Nike uses AR and VR in-store, where customers can scan products to view details about them, including how they’re made and the varied stages of the provision chain. Similarly, the shoe company Toms uses VR in its stores to take customers to Peru to see where the shoes are made.
The Future of Retail
In addition to AR shopping apps, retailers can use such a technology to their advantage in various other ways. Magic mirrors (also often known as smart displays or digital mirrors) might be placed in stores, and customers can stand in front of them and virtually change their clothing, hair, accessories, shoes, and just about the rest. Stores like Topshop and Timberland are already on this trend. Hardware retail store Lowe’s offers AR navigation, helping customers navigate a big store, quickly find what they’re in search of, and save time and energy.
Conclusion
The possibilities for AR and VR on the planet of retail are countless. As technology continues to evolve, we will expect to see much more progressive uses of AR and VR within the shopping experience. With the rise of e-commerce and the necessity for unique and interesting experiences, retailers are turning to AR and VR to remain ahead of the curve. Whether it’s trying on virtual clothes, exploring digital homes, or navigating stores with ease, AR and VR are changing the way in which we shop and interact with products. As Etsy’s success has shown, incorporating AR and VR into the shopping experience can result in significant growth and increased customer engagement, making it an exciting time for each retailers and shoppers alike.
