How XR technologies will transform the way we shop
Extended Reality (XR) is an umbrella term that encompasses augmented reality (AR), virtual reality (VR), mixed reality (MR), and everything in between which merges the physical and virtual worlds. According to PwC’s report, XR technologies have great potential to transform business and the economy. Let’s take a closer look at the key insights of the report and explore the global Extended Reality market, its growth opportunities and the benefits it brings to retail.
‘Seeing is believing’ report by PwC
VR and AR will have a huge impact on the global economy. According to an economic impact assessment conducted by PwC’s experts, XR technologies could potentially deliver a $1.5 trillion boost to the global economy by 2030. The value will include areas such as creating new customer experiences, speeding up product development and improving workplace safety.
Many industries are starting to recognise how XR creates opportunities for new revenue streams and helps grow existing ones. Retail, hospitality and automotive are just three sectors already exploring the potential to sell and showcase products via both VR and AR, while gaming and entertainment companies are using the technology to create new experiences and products. New revenue streams are also being created for businesses developing and designing VR and AR services and technologies. On top of that, PwC experts assume that the use of VR and AR may also help position a company as innovative and forward-thinking within its industry. In turn this should help attract business partners, investment and talent.
VR and AR offer new ways to engage, entertain and interact with consumers, creating new possibilities in retail. XR technologies allow retailers to create memorable customer experiences, from virtual fitting rooms for fashion stores, to AR applications that let shoppers envision how furniture would look in their home before they buy. Retailers are also using VR and AR for consumer research, generating new insights into shopper behaviors and reactions to product placements, aisle configurations and branding changes.
The XR market will continue to evolve and open up new opportunities for retailers. Sue Rissbrook, Head of Retail at PwC UK, commented on the future impact of the technology on retail, “We expect to see more and more retailers looking into the ways in which these technologies can create value. The retail industry has always been at the forefront of innovation and has often been the proving ground for many technologies that have transformed our lives, such as the rise of online shopping. VR and AR look set to drive further dramatic change for the sector and for society.”
Cappasity is one of the companies to change the way people shop online and in stores. As the company that provides solutions for immersive shopping experiences, Cappasity allows brands to create high-quality AR content within as little as 20 minutes, without manual 3D modeling. Cappasity AR holograms offer consumers an accurate and complete view of products, which improves overall product perception and customer experience. AR holograms provide animated looks, allowing shoppers to envision the materials in movement.
Click the “Cube” icon to examine the look in AR.
To make the customer journey more engaging, retailers can use AR holograms not only in online catalogs, but also in brick-and-mortar stores. To do so, the brand can place QR codes redirecting customers to AR holograms of items. Shoppers will only need to scan a QR code, and the outfit will come to life on the smartphone screen by turning into an interactive AR hologram of a model posing in the desired items. On top of that, retailers can use AR holograms to demonstrate ‘coming soon’ products or items that are temporarily out of stock. Please watch the video to see how it works:
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