Introduction to Augmented Reality in Retail
Augmented reality (AR) has been making waves within the retail industry for years, and its impact is barely growing stronger. The success of progressive technology depends heavily on its contribution to business value, and AR has been demonstrating its value across various retail verticals, including fashion, grocery, and wonder. Retailers who have not jumped on the AR bandwagon are falling behind, and it’s essential for them to take a position in AR features to remain competitive.
Key Drivers Making AR a Retail Priority
There are 4 key drivers that make AR a retail priority:
- Consumer behavior shifts: Consumers are demanding contactless, digital, and self-checkout shopping experiences.
- Mobile-first journeys: Smartphones are the preferred platform for top-of-funnel shopping, and mobile is one of the best platform to implement AR features.
- High return rates: AR may also help reduce return rates by allowing customers to virtually try on products, as seen with Boohoo’s virtual try-on technology, which led to a 20% reduction in return rates.
- Demand for personalization: AR and smart recommendations empower shoppers to search out items in the suitable size and fit.
What Retailers and Retail SaaS Platforms Gain by Investing in AR Now
Investing in AR may also help retailers create seamless and personalized experiences for patrons who shop each in-store and online. For example, a customer can virtually try on clothes at home and receive a push notification once they enter a physical store, informing them that the items they tried on can be found in-store. This can result in increased conversions, customer satisfaction, and retention.
Why AR is Critical for Retailers
AR is critical for retailers since it bridges the gap between in-store and online experiences, personalizing messages to customers and increasing conversions. Implementing AR features like geofencing and in-store navigation may also make businesses more efficient and reduce the necessity for employees to help customers. Additionally, the info generated from AR solutions has strategic value, informing planning and product development.
Why It Matters for Retail SaaS Providers
Retail SaaS providers can differentiate themselves from competitors and future-proof their value proposition by offering immersive and hybrid funnels for patrons. White-labeling AR features, APIs, and platform integrations may also increase opportunities for business growth.
What Happens if You Wait with AR Implementation
Businesses that wait to take a position in AR risk falling behind and losing customers to more advanced brands. Meeting customer demands can take time, and starting late may end up in lost customers and revenue.
Charting a Course for AR in Retail
While it’s comprehensible to withstand jumping onto innovation hype cycles, incorporating AR into retail businesses might be difficult. However, there are methods to attain a return on investment. To start, retailers have to discover where AR may have the largest impact, depending on their business model.
Where Would AR Make the Biggest Impact?
AR might be effective in various retail applications, akin to virtual try-on, product visualization, interactive in-store experiences, and custom packaging experiences. In B2B settings, AR might be used for sales presentations, shop floor planning, and training.
Who Are You Trying to Reach?
Understanding the target market is crucial in deciding which features to implement and on which platforms. Mobile-savvy audiences could also be more receptive to virtual try-on applications, while others may prefer in-store experiences.
Choose Technologies Wisely
There are three predominant options for implementing AR technologies: WebAR, Native Mobile, and Cross-Platform Mobile. Each has its benefits and limitations, and the selection is determined by the brand’s unique needs and resources.
Developing AR Features
Retail brands can decide to develop AR features in-house or outsource to retail software development corporations. Outsourcing could be a popular option, as consultants have experience helping similar businesses achieve their goals.
Crossing the Bridge
AR in retail has evolved from a novel technology to an expectation from consumers. Businesses that fail to implement AR risk falling behind and losing loyal customers. The time to take a position in AR is now, before it’s too late.
Conclusion
In conclusion, augmented reality isn’t any longer a novelty within the retail industry, but a needed investment for businesses to remain competitive. By understanding the important thing drivers, advantages, and challenges of AR, retailers can create seamless and personalized experiences for his or her customers, increasing conversions, satisfaction, and retention. With the suitable approach and technology, retailers can cross the bridge to AR and stay ahead of the competition.
