Augmented Reality in Retail and Apparel: Over Half of Businesses See Potential Despite Inflation Barrier
The use of augmented reality (AR) in various industries is gaining traction, despite challenges posed by inflation. A recent report by GlobalData highlights that while economic factors have led to a focus on cost control rather than technology investment, over half of businesses still see the potential of AR in their industry.
According to the report, 52% of respondents believe that AR can be beneficial for their industry, with 55% viewing it as a disruptive technology. The projected $100bn AR market by 2030 indicates the significant growth potential of this technology.
In the retail sector, where inflation is impacting consumer spending habits, AR can offer a competitive advantage. By investing in AR technologies, retailers can enhance the shopping experience for consumers, both in-store and online. This personalized approach can help consumers make quicker purchasing decisions and differentiate brands in a crowded market.
One example cited in the report is Benefit Cosmetics, which used AR in a marketing campaign for its new mascara. By offering virtual tokens through AR-enabled devices, the brand engaged consumers and saw impressive conversion and click-through rates.
Overall, AR presents a fresh way of delivering product information and creating memorable experiences for consumers. By leveraging AR technology, retailers can strengthen customer relationships, increase engagement, and maintain loyalty in a challenging economic environment.
