June 10, 2020
By Tejaswini Kolli, Senior Analyst & Market Data Associate
The retail industry is highly competitive and driven by shopper’s expectations and requirements. In today’s technology era consumers can shop anywhere, anytime and across any channels and they expect retailers to deliver convenience and differentiated experiences. For the retailers, the best strategies to attract, retain customers and achieve greater productivity is through digitalization, innovation and omni-channel approach.
Virtual retailing will be the next big thing as consumer behavior is shifting with the current pandemic and changing climatic conditions. Most of the consumers prefer to shop from home but will miss moving through aisles and selecting their choice of product. Isn’t it exciting to sit at home and move through aisles of a hypermarket, a jewelry shop or a favorite clothing store? There comes augmented reality and virtual reality (AR/VR) into picture to give customers seamless experience of shopping with comfort from home. AR/ VR technology can be implemented both in physical and online store enhancing shopping experience. The technology gives customers access to visualization of product, virtual trials and virtual access to product and store. The tool helps customers to try a bracelet, glasses or an outfit on themselves sitting at home through virtual reality. Shopping experience is slowly moving towards AR/VR technology which is an amazing tool to create sensation and attract customers and there are retailers who already adopted the technology.
In order to survive current changing environment, innovation is must and why can’t it be AR/VR technology with a blend of consumer behavior insights into it. Hope retailers would grab market share and consumers with this technology.