We already know giant business moguls like Apple and Google are competing to become the most advanced in Augmented Reality (AR) technology. With that in mind, as well as the hyper-speed in which technology itself is improving, the trends of AR are evolving faster than ever.
Now, our world has been entirely turned upside down into something we could never have imagined. However, we’ve proven that we can adapt to an even crazier reality and that perhaps the new normal is seeing the world through the lens of Augmented Reality.
Based on the data provided by Statista, over 100 million consumers used AR during their online shopping experience in 2020. It is forecasted that AR will be worth $72 billion of the market by 2024 – an increase of 54%. This means Augmented Reality will have a tremendous influence on various industries.
How has AR influenced the world of eCommerce?
Not too long ago, the online shopping experience could not come close to the one received when shopping-in-store; the lack of personalization and no ability to know how an item will fit or look like in real life have been one of the limitations of online retail. However, thanks to recent AR technology, online brands have been given the opportunity to provide a more interactive experience to their customers by showcasing their products in 3D and Augmented Reality.
AR has personalized the buyer experience. The ability to view the products through Augmented Reality, in a real-life setting, usually results in an increased buyer’s confidence in their purchase, enhances overall customer satisfaction, and most importantly – helps to reduce product return rates. One of the most successful examples is Macy’s. After adopting “try before you buy” AR and VR product visualization, online retail giant noted that their product return rates had decreased to <2 percent for these VR-assisted furniture purchases. The results are stunning since the average furniture industry return rates are 5% – 7 %.
Another positive asset that AR can bring to the retailers if implemented – skyrocketed conversion rates. It has been observed that the likelihood of customers to purchase an item has grown by 65% and conversion rates have increased by up to 250% on product pages when using AR and 3D Models. Today, implementing 3D models in your eCommerce store is easier than ever before, especially if you find the right partner, who can offer 3D modeling, digital asset management, 3D and Augmented Reality solutions within a single platform.
AR within the different eCommerce industries
Augmented Reality has changed eCommerce and will continue to improve the way people perceive and purchase furniture, retail products, or interact with the interior design/construction industry altogether.
Imagine designing from point-blank how your home will look and then using AR and 3D to furnish it completely from rugs to lighting. It’s no longer left in the minds of professionals and the final day to see the result of a project.
Let’s take the fashion industry as an example. One of the major drawbacks of purchasing clothes online has always been the inability to know how pieces will look and which size will be the best fit. This can either lead potential buyers to postpone their purchasing decision or result in a product return. With the latest AR/VR advancements, shoppers can virtually try-on the products. Virtual try-ons using AR have been named one of Springwise’s fashion and beauty trends for 2021.
AR allows customers to try on digital clothes, put furniture models directly in a digital representation of their home, and more. It’s expected that investments in AR marketing will increase by almost 30 times over the next several years. Businesses that specialize in developing quality 3D models for AR applications will become increasingly important to marketing companies looking for innovative ways to connect with consumers.
Some recent successful AR integrations include:
- YouCam app that allows for virtual makeup try-ons.
- Rollie Nation, an Australian fashion brand, has enriched their customer journey with 3D and Augmented Reality, enabling their customers to examine their sneakers the way they want.
- Khaite’s Catherine Holstein has changed runways and fashion shows during the pandemic by allowing shoppers to see products in the comfort of their homes and more!
The evolution of mobile AR + AR navigation
In physical stores, it can often be a nuisance, and now due to social distancing, it is a hazard to explore a large store searching for one item. By incorporating more technology into large retail brands, fewer store associates are available in the aisles to help navigate shoppers. Thankfully, mobile apps are tackling these issues through AR & AR navigation. Brands are developing AR-based tech that will automatically guide users to the precise location in a store where they can find what they’re looking for. We can only imagine how these functionalities will evolve over the next year while tech adapts to the permanent changes made by the current pandemic.
Thanks to industry-leading partners helping to mold the future of AR, the biggest changes and news in the AR field will boom in the upcoming years. Are you interested in having your brand join the future? Contact AR experts today.