Augmenting the Retail Industry with Augmented Reality

Augmenting the Retail Industry with Augmented Reality

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FoxERP
Oct 2022

The world is changing, and so are the ways of doing business.

Since the emergence of the COVID-19 pandemic, organizations have adopted the “work from home” model, companies have switched to online mode, and the virtual mode of businesses has become the new normal.

Augmented Reality (AR) is an emerging technology that has gained much traction in recent years.

Call it the repercussions of the pandemic or the opportunity it has created for business leaders. Still, it won’t be a hyperbole to say that AR is changing the face of businesses at a much more rapid pace.

AR has been on the mark in achieving great insights, leading to an unparalleled customer experience, and delivering what the customers want and precision.

With the pandemic, many businesses got impacted negatively. A few incurred losses, some underwent change in their BCP’s (business continuity plans),while a significant chunk of businesses saw a complete shutdown causing a halt in the supply chain and logistics; it is Retail that has achieved growth with unique applications of AR.

What is AR, and how is it changing the Retail Business?

Augmented Reality (AR) superimposes the digital content and information to a real-life situation to enhance the virtual experience of the existing physical environment by using the improved physical world version.

It leverages the computer-generated display, visuals, sound, text, graphics, and other computer-aided processes to augment the user’s real-world experience.

Simply put, real-world situations get just in front of your eyes with this unique application of AR, and that’s where the users get benefitted without even visiting the actual retail store.

For instance, it allows the users to search for things, items, and inventory in the retail stores, without even visiting the store, by simply pointing out mobile cameras toward objects in real-life surroundings visually, easing the entire shopping experience at the users’ ease and convenience.

AR’s other valuable applications are seen in Google Maps, where it provides the users with the LIVE view feature and tells us how users can visualize their destinations in the real world.

In the retail industry, AR also eases the online shopping experiences, enabling the customers to virtually try out items, customize and interact with the products better to make quick and smart purchase decisions, leading to complete customer satisfaction with online shopping and boosting sales.

According to recent research, 40% of the customers preferring online retail shopping reported that they are willing to pay more for a product that could customize in AR.

This has resulted in retail players investing more in virtual Retail businesses, leading to an overall digital customer experience pushing users to gain the maximum with minimum investments providing a perfect example of getting more with less.

The below-discussed benefits allow retail organizations to maximize the potential of AR.

1.Improved In-store Experience

Using AR apps on mobile devices allows the customers to quickly access the product details, try out varied colors, and make purchase decisions faster without actually trying each one out, leading to an improved in-store experience.

Another recent research suggests that nearly 75% of the global population and almost all users who use social or communication apps will be frequent AR users by 2025.

2.Embedding Smart Phones

Almost every pocket holds a smartphone these days.
The AR-integrated eCommerce websites and applications run on a smartphone allow customers to contextually experience every product at scale leading to better discovery experiences and conversions as retailers can capture shoppers’ attention at the decision-making stage.

3.Unlimited options at users’ fingertips

With AR, the users and shoppers get benefitted in innumerable ways with several interacting options with consumer products in a more personalized way.

It allows customers to not be limited to a limited number of product images and videos, turning the user experience into a powerful sales channel.

Conclusion

Digital is the new normal now. Emerging technologies is the future, and that’s where AR technology comes in handy, providing the much-needed boost for the Retail players.

With the real-time virtual experience of retail stores at the users’ fingertips, AR has a wide array of applications, which will only increase in the days to come, revolutionizing the retail space.

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