Coresight has conducted research that has been recently published by Retail Dive. According to the research, it has been observed that due to the coronavirus pandemic, there is an increasing trend in the role of Augmented and Virtual Reality technologies, especially in the retail industries of the world.
This report outlines different AR and VR applications, which encompass the approaches of visualization of the product, virtual trials, and virtual access to product information, and malls.
Apple has already taken a step forward in this direction by updating its Quick Look AR tool, which was launched in 2018 and incorporates a direct checkout feature.
This research points out that Home Depot is a major retailer that has incorporated the AR/VR technology so far.
This is quite interesting and a major step forward in the field of e-commerce. Due to the coronavirus pandemic, the entire world has faced serious repercussions. According to recent reports, the profits of the entire world from the past four years have gone down to zero due to this pandemic. This is how adversely it has affected the world economy.
Due to the closure of retail shops and malls amid the pandemic, the trend of online shopping and e-commerce has seen exponential growth. People who are staying at home have no other choice but to resort to online shopping experiences if they need something from outside.
Keeping this in mind, retailers and different brands have started incorporating AR and VR technologies which can then help the customers to take different actions from their homes before buying a product. These technologies can let the consumers preview a product virtually, or to get other valuable information about the product and brand through various virtual tools.
According to a report from the International Data Corporation in 2019, it was expected from the retailers to spend around $1.5 billion on the development of AR and VR technologies in the year 2020. And interestingly, this was predicted slightly before the pandemic hit the world. So, it also means that the world was already moving in the direction of increased reliance on these technologies to improve the user experience for online shopping and e-commerce.
However, with the pandemic in full force now, the aid from these technologies has become mandatory. Many international brands like L'Oréal, Suitsupply, and Kendra Scott have recently introduced virtual reality tools for their online customers.
Unfortunately, there is a downside too. Now that the need for the AR and VR headsets has increased, a recent report from the IDC suggested that due to the pandemic, it is expected that there is going to be a decline in shipments of these gears.
Now, this is going to be a problem, considering that the demand has increased, but the supply will be affected. There is another possibility that even if the shipments will resume after a while, the prices of these gears will skyrocket too.
Let us wait and see how everything unfolds in the future as it is all blurry at the moment. No one can say with surety about what lies ahead of all of us.
Photo: Starkvisuals / Pixabay
Read next: Buyers Demand Strict Penalties Against Brands Relying on Fake Reviews! (infographic)
This report outlines different AR and VR applications, which encompass the approaches of visualization of the product, virtual trials, and virtual access to product information, and malls.
Apple has already taken a step forward in this direction by updating its Quick Look AR tool, which was launched in 2018 and incorporates a direct checkout feature.
This research points out that Home Depot is a major retailer that has incorporated the AR/VR technology so far.
This is quite interesting and a major step forward in the field of e-commerce. Due to the coronavirus pandemic, the entire world has faced serious repercussions. According to recent reports, the profits of the entire world from the past four years have gone down to zero due to this pandemic. This is how adversely it has affected the world economy.
Due to the closure of retail shops and malls amid the pandemic, the trend of online shopping and e-commerce has seen exponential growth. People who are staying at home have no other choice but to resort to online shopping experiences if they need something from outside.
Keeping this in mind, retailers and different brands have started incorporating AR and VR technologies which can then help the customers to take different actions from their homes before buying a product. These technologies can let the consumers preview a product virtually, or to get other valuable information about the product and brand through various virtual tools.
According to a report from the International Data Corporation in 2019, it was expected from the retailers to spend around $1.5 billion on the development of AR and VR technologies in the year 2020. And interestingly, this was predicted slightly before the pandemic hit the world. So, it also means that the world was already moving in the direction of increased reliance on these technologies to improve the user experience for online shopping and e-commerce.
However, with the pandemic in full force now, the aid from these technologies has become mandatory. Many international brands like L'Oréal, Suitsupply, and Kendra Scott have recently introduced virtual reality tools for their online customers.
Unfortunately, there is a downside too. Now that the need for the AR and VR headsets has increased, a recent report from the IDC suggested that due to the pandemic, it is expected that there is going to be a decline in shipments of these gears.
Now, this is going to be a problem, considering that the demand has increased, but the supply will be affected. There is another possibility that even if the shipments will resume after a while, the prices of these gears will skyrocket too.
Let us wait and see how everything unfolds in the future as it is all blurry at the moment. No one can say with surety about what lies ahead of all of us.
Photo: Starkvisuals / Pixabay
Read next: Buyers Demand Strict Penalties Against Brands Relying on Fake Reviews! (infographic)
