The retail industry is continuously evolving, and so are customer tastes and preferences. According to a recent market study, over 50 percent of shoppers are not satisfied with their current brand. This urges traditional brick and mortar retailers to step up their game. Emerging technologies such as Artificial Intelligence, Virtual and Augmented Reality and Data Analytics will all play a significant role in enhancing store operations and improving conversion rates.
Virtual Reality allows businesses to fully immerse their customers in a computer-generated environment, where they can interact with products and store personnel. Augmented Reality, on the other hand, allows firms to generate unique shopping experiences where elements in the real world are enhanced through computer-generated information. Virtual and Augmented Reality will enable retailers to provide unique and one-of-a-kind services and promote customer satisfaction and retention. As a result, more than 60 percent of the business executives expect Virtual and Augmented Reality to go mainstream within the next few years.
Benefits of Virtual and Augmented Reality
The Virtual reality market is expected to reach $98.4 million by the year 2023. Major companies are opting to incorporate Virtual Reality to promote operational efficiency and better train store personnel. According to a recent study, over 70 percent of the employees have improved their skills due to this technological advancement. Virtual Reality enables employees to better tackle customer complaints and demands, and it also provides insight on trends to stay relevant in the industry.
Over 65 percent of the customers prefer brands that have a strong online and offline presence in the market. Virtual and Augmented Reality enables firms to evolve and enhance in-store infrastructure digitally. As a result, retailers can successfully grow and develop in the highly dynamic and competitive industry.
Impact of 5G
According to industry experts, 5G will open new possibilities for the Virtual and Augmented Reality market. It will enable firms to further strengthen the AR & VR presence in the retail industry. 5G will promote the quick transfer of data generated through the advancements and assist firms to access this data conveniently. As a result, companies are able to provide more accessible and reliable shopping experiences.
Presence of Online Threats
Despite the various benefits of Virtual and Augmented Reality, firms are skeptical about implementing this advancement. A key reason for this choice is due to the ever-growing presence of online threats. From data security to privacy, firms are concerned with the impact of these threats to customer and store data. However, investing cyber-security solutions will enable companies to prevent these challenges and improve overall data management.
Virtual and Augmented Reality technology has significantly changed the way businesses used to operate initially. It has helped retailers to generate high revenue and advance their competitive standing in the market. Moreover, it has also improved in-store footfalls and enhanced the store infrastructure. As a result, businesses can promote brand loyalty and advocacy and gain a larger market share.
Written By: Binoy Matthew
Lead Code Architect