Augmented Reality in Retail industry

According to Statista, the number of mobile AR users is forecasted to grow to 1.73 billion by 2024. The rise of e-commerce has paved the way for many retail businesses to reach new and larger segments. Augmented reality has come a long way since first being introduced in 1968 at Harvard.

Today, Augmented reality is used in numerous industries, such as retail, real estate, tourism, and more. This technology has enhanced the complete online shopping experience of shoppers and buyers. 

Along with accelerating online retail industry, augmented reality is also adapting to offline retail as well. Augmented reality in the offline space improves consumer engagement by providing immersive experiences.

Why Augmented Reality?

With the increase in mobile AR users, the number of online retail users has also increased. Online retail accounts for 11% of all retail sales. On average, at least 30% of all products ordered online are returned, as compared to 8.89% in brick-and-mortar stores.  These returns can be reduced when customers are given the chance to try the products virtually. 

Do you like trying products from the comfort of your own home and at your convenience?

How is AR revolutionizing the retail industry?

There are numerous options for every single retail product available on the market today that differ in sizes, colors, brands, prices, quality, etc. Do you ever feel anxious or indecisive while making a purchase decision? Trying on a product through AR can give customers a sense of confidence before initiating the purchase.

61% of consumers say they prefer retailers with AR experiences. It assists them in making the right decisions. For example, buying frames for specs online can be extremely challenging as it needs to be perfectly suitable for each individual based on the shape of their faces. Top optical brands has adapted AR technologies that help customers make the right choices. 

For businesses, Augmented Reality increases conversion rates by giving customers the chance to try on outfits, shoes, specs, makeup, and even see what furniture, paint, or home decor would look good their homes. At least 32% of consumers use AR while shopping. 

Users of web applications and online shoppers find it beneficial to try on makeup through augmented reality as it allows them to buy the right shade for their skin tone and avoid making unnecessary purchases of products that cannot be returned once used or even opened. 

This reduces the returns made by customers as the products have been seen in a complete 360° view. Using AR can increase the brand’s presence in the minds of consumers and provide an upper hand over its competitors.  

Augray provides leading Augmented Reality Solutions for the Retail Industry and Brands that want to build brand loyalty and trust with their target audience by giving them an unforgettable shopping experience and allowing them to view, analyze, customize, and compare a wide range of products. We believe that providing personalized service keeps customers satisfied and engaged with the brand. If you want to stay ahead of the curve and create your own AR content. 

Source:

https://www.statista.com/topics/3286/augmented-reality-ar/#dossierKeyfigures

https://www.census.gov/retail/mrts/www/data/pdf/ec_current.pdf

https://www.invespcro.com/blog/ecommerce-product-return-rate-statistics/

https://www.threekit.com/20-augmented-reality-statistics-you-should-know-in-2020

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