Highlights of the Retail Trends Vol 2 of Deloitte
Augmented Reality (AR) and Virtual Reality (VR) have proved their ability to enhance processes across industry verticals. They’ve proven to reduce errors, prevent mistakes and increase productivity. However, perception of these technologies in the retail space has always been a marketing tool.
Let’s look at the multiple use-case(s) that they have:
Pre-plan shopping trips
AR-VR can provide complete fore-hand information on a product – which will motivate people pressed for time to complete the long-due shopping. Often, shoppers race against time and retailers are against inverse staff to consumer ratio. AR-VR can solve this issue, two-in-one. This increases the buyer conversion rate.
Target the right customer with right information. AR-VR helps retailers send personalised and targeted ads, product and offer information while shopping. This will ensure filtering unnecessary spam ads and enable customer to take notice of quintessential information.
In a multi-product store or a mall, AR and VR can be used to assist customer navigation; collect information on customer preference (through a poll/game). These apps take self-help counter help to the next level.
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Customers will be able to try multiple colours, shapes without having to physically try each product. Also, the visuals offer options to mix and match styles.
True potent of what a retailer is trying to sell is often seen only when the actual product is delivered. AR-VR helps bridge this gap is visualisation and actual product by giving a realistic experience of the product before delivery.
Low-cost visualisation of high-cost assets
High-cost assets often carry a high cost sales cycle because of customers’ hesitation in purchasing something they can’t properly visualise. Using VR, models of high-cost assets can be developed at a much lower cost, increasing accessibility.
Lo-fi testing: Testing multiple scenarios in virtual spaces to iterate on solutions and identify the best customer solution to mitigate implementation risk.
These use-cases bust the myth that AR/VR is not just a gaming tool.
Deloitte says: the most successful adopters of VR and AR will be retailers which use the technology to enhance their relationship with customers, rather than replace it.
Excerpt from the Deloitte Vol 2 Virtual and augmented reality – a guide for Australian retailers