Augmented reality is a digital version of physical reality that processes objects, sounds and appearance through technology. When we talk about augmented reality, we definitely think of our old school, offline stores or experiences. Omnichannel is a multi-channel approach to sales that provides a seamless shopping experience for customers, whether they’re shopping online through mobile, desktop or in-store. AR integrations are now a part of all major omnichannel strategies in the retail industry nowadays.
Before the pandemic, retail stores and experiences were offline, but when the pandemic hit, stores had to be closed but business continued, and thus, augmented reality started. All businesses have been affected whether it is fashion, tourism, beauty, gaming, technology etc., and in order to make profits and give consumers an enhanced online experience from the comfort of their homes, augmented reality has become accustomed. With this, customers can choose their products from the given design and try them out virtually through the same augmented reality technology to see which products are best for them.
The boost in AR during and after the pandemic has expanded to every industry, including healthcare, gaming, and retail, and the augmented reality market has become so enormous that forecasts say it will reach $61.4 billion by 2023. When we focus on AR in retail, Wikitude estimates That 32% of customers use technology regularly and 73% of smartphone users are very satisfied with their experiences. These AR retail data points show how the market has embraced technology and is rapidly expanding.
After the pandemic, many retail stores have adopted a multi-channel approach with augmented reality favoring consumers and retailers. With the in-store extension of augmented reality, retailers have been able to save inventory space and save on their spending as well. This helped consumers to choose from a variety of options that were previously not visible due to the limited options in store.
Augmented reality-enabled virtual experiences are also longstanding issues of inventory and customer management in the jewelry industry via digital versions of Identification Storage that can be carried and experienced anywhere and everywhere around the world. Technology aims to orchestrate end-to-end channels: virtual experiences online and offline (in-store) To differentiate brands from their competitors and increase conversion rates. Integration has helped brands increase their sales by up to 30%, increase customer engagement by up to 160% and reduce return rates by up to 37%, as well as create an impeccable global experience for their customers!
Many well-known brands such as Tanishq, Kalyan Jewelers, Hazoorilal Legacy, Bhima Jewelers and Forevermark have adopted augmented reality technology by integrating the solution into their websites, branded apps, social media profiles and offline retail stores. By reducing computing and providing a variety of options to choose from, the method not only became convenient, but the contactless method eliminated the health-related risks of having to navigate through multiple departments by offering online product trials. The ability to overcome the recurring problem of not having products in stock at traditional retail stores is another big advantage of integrating with AR technology..
This machine learning model learns from the consumer’s appearance and tracks details that help in deciding to precisely monitor items according to the model. Every day new data is entered into the system, so the AI becomes more compact and improves efficiency in activities.
The opinions above are those of the author.
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