New trends are constantly emerging in online retail as technology, social media, and digital marketing techniques advance. Keeping up with the most recent e-commerce strategy trends can take time and effort for businesses. But fortunately, it is very simple to find information on a variety of marketing-related topics in today’s world, including which technologies and tactics you should use for your company to increase its success in the online market.
Augmented Reality (AR) vs Virtual Reality (VR)
Within the broader rubric of extended reality (XR) technology, AR and VR have many similarities, but their applicability to the shopping experience is very dissimilar. Whereas virtual reality creates a fake world for the user to navigate and experience via a headset, augmented reality layers filters and content on top of the shopper’s environment. In conclusion, whereas AR experiences strive to improve what is currently present, VR is intended to transport users away from the “real world.”
Because it doesn’t require the same amount of hardware or safety precautions as virtual reality (VR), augmented reality is a lot more accessible form of technology for the vast majority of brands. The majority of the time, all that is needed to participate in an AR experience is a smartphone and access to certain software, which makes its implementation much simpler for marketers.
Benefits of Augmented Reality in E-commerce :
The future of internet buying is undoubtedly augmented reality (AR) purchasing. This ground-breaking technology has a lot to offer e-tailers. These amazing advantages of augmented reality in e-commerce in 2023 :
1. Personalized Online Shopping :
Customers’ buying experiences can be made more unique with augmented reality in e-commerce. Consumers will discover features that would address the issues with online shopping, such as tools that let them see how the garments fit them, display the sizes that would work for them, or display the actual size of a product in their area. Customers could even view themselves in all the outfits to determine which ones would look best on them, as opposed to an online store showing mannequins wearing the clothing. As a result, the degree of personalization is likely to boost both sales and the online store’s conversion rates.
2. Improves conversion rates :
Improved conversion rates are one of the most notable advantages of augmented reality in e-commerce. If users have a clearer understanding of the product they are going to purchase, they are more likely to convert. The use of augmented reality in e-commerce allows business owners to provide customers with a more immersive and interesting product experience, which boosts conversion rates.
3. Reduces return rates :
According to the study, many customers had returned the items they had purchased because they were faulty or damaged. Another group of customers returned the items because they did not match the website’s description. Therefore, by letting customers select the ideal product for their needs, the use of augmented reality in e-commerce can significantly lower return rates.
Benefits of Augmented Reality Shopping:
The world of online shopping can benefit greatly from the use of augmented reality technology in several ways, both for customers and retailers.
Retailers benefit from AR shopping’s increased customer engagement and sales:
Consumers are more likely to make a purchase when they can immediately view what they’re purchasing online. Because shoppers may try on things before purchasing them, AR in e-commerce also aids in lowering returns.
The customer experience offered by AR e-commerce is superior and more engaging:
They can try on products before making a purchase, and they are fully aware of the features of the goods. The outcome? enhanced customer satisfaction and better customer experience.
Augmented Reality in E-commerce Statistics:
Retail and other advertising are starting to notice the growth of augmented reality technologies. Let’s examine some statistics to demonstrate this:
The total revenue from AR advertising, which peaked at $500 million in 2019, increased to $1.41 billion in 2020. By the end of 2024, according to one AR research company, advertising income may reach $8 billion. In 2020, more than 43 million Americans, according to eMarketer’s prediction, will use social network AR at least once per month. Around 21% of people utilize social networks. In total, over 83 million Americans will use augmented reality (AR) on a device at least once per month, and eMarketer predicts that number will increase to 95.1 million by 2022. 35% of American respondents said they had used augmented reality (AR) to visualize furniture or vehicle customizations as of June 2020. According to a poll of US merchants conducted in June 2020, 20% planned to spend money on AR or VR for their company’s online store, up from just 8% in the previous six months. Because of the boost in bandwidth brought about by 5G availability, retailers are anticipated to become more interested in experimenting with AR and VR.
Conclusion:
Customers benefit from an enhanced and more engaging experience thanks to augmented reality. Because of the many advantages modern technology offers, businesses don’t have to ignore it. Yet, the increased levels of interaction will surely increase business sales as a whole, which will encourage more businesses to provide these services.
Similar to other technologies, it will take some time for customers to embrace augmented reality and support its global expansion. Yet with the current covid epidemic, we might soon witness it taking off significantly. E-commerce is already expanding quickly and will do so in the years to come.
