Retailers need to embrace emerging technologies like AR if they are to stay competitive.
In this VentureBeat article by Michael Park, I talk about how immersive technologies can reverse the implosion of retail and incentivise customers to physically visit shopping locations.Immersive technologies can reverse the implosion of retail and incentivise customers to physically visit shops Click To Tweet
The broader trend in retail, particularly among millennials, is a shift in focus from products toward experiences. For this reason, many customers still choose to visit a physical shop even if it may be more convenient to order the item online. People still, at large, value the interaction and experience that comes with physical location shopping. For retailers, this presents an opportunity to leverage technology to literally augment the value of their products for their customers.
AR allows customers to see an item in-store and then project it realistically back at home before finalizing the process by placing the order online Click To Tweet
Alice Bonasio is a journalist and consultant who covers the AR and VR industry. She expands on this point, “the ability for customers to ‘try before you buy’ will result in a reduction in churn, one of the major pain points for retailers. When it comes to larger items like furniture or household appliances, one of the biggest drawbacks for consumers is that they misjudge the amount of space they have available or dislike the way the item looks once it’s actually in their home. This buyer’s remorse is a huge drain on resources for retailers.”
Bonasio continues, “However, AR allows customers to see an item in-store and then project it realistically back at home before finalizing the process by placing the order online. Such omnichannel experiences will make in-person shopping a value add to the consumer and help retailers avoid churn.”
AR isn’t a gimmick — it’s a savior for local retail https://t.co/PE0QSW3kPu
— VentureBeat (@VentureBeat) December 12, 2017
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Alice Bonasio is a VR Consultant and Tech Trends’ Editor in Chief. She also regularly writes for Fast Company, Ars Technica, Quartz, Wired and others. Connect with her on LinkedIn and follow @alicebonasio on Twitter.
Also published on Medium.