By Meghna Saraogi
Augmented reality is increasingly making its way into the product and service businesses and changing the dynamics of the industry.
Augmented Reality, or AR, is a new concept in the market of business and retail. The pandemic brought a drastic change in the shopping pattern of consumers, which further brought a change in the way businesses are to be carried out, and that became so efficient it stayed with the world. Augmented reality is an enhanced version of physical reality which uses a digitized method of elements, sounds or other things delivered by technology.
When we talk about changes in the market stats or market values through business, we definitely want to include the impact of the pandemic in it. During the pandemic, all businesses were impacted, be it fashion, tourism, beauty, gaming, tech etc. Despite that, the world was still moving, and to give consumers the experience of physical shopping, augmented reality came into play. Consumers were able to try on products virtually from the comfort of their homes, and it was not just about jewellery or beauty products, but furniture, specs etc., were also playing a vital role in showcasing technological improvement in the shopping experience.
The boost in augmented reality during and after the pandemic has enhanced every industry, including healthcare, gaming, and retail, and the market for augmented reality has become so enormous that forecasts indicate it will be worth $61.4 billion by 2023. When we focus on augmented reality in retail, Wikitude estimates that 32% of customers regularly utilize the technology and that 73% of smartphone augmented reality users are very satisfied with their experiences. These retail data points for augmented reality show how the market has embraced the technology and is expanding rapidly.
It solves age-old problems of inventory and customer management in the jewellery industry via digitized versions of SKUs that can be carried and tried on anywhere and everywhere across the globe. The technology aims at curating online and offline (in-store) virtual experiences to set brands apart from their competitors and increase their conversion rates. The integration has helped brands increase their sales by up to 30%, elevate customer engagement by up to 160% and reduce return rates by up to 37%, over & above, creating an impeccable world-class experience for their customers!
Several well-known brands like Tanishq, Kalyan Jewellers, Hazoorilal Legacy, Bhima Jewellers and Forevermark have adopted the AR technology by integrating the solution into their websites, branded apps, social media profiles, and offline retail stores. Augmented reality reduces compartmentalization, and it spares you time by offering a contactless method to purchase products. It has eliminated the health-related risks of having to navigate through multiple compartments by offering online trials of products. The ability to overcome the recurring problem of products not being in stock in traditional retail is another big advantage of integrating with augmented reality technology.
This state of business allows retailers to expand their market without any further cost or storage space and gives consumers a wide variety without causing them a strain of tryouts. In 2022, omnichannel innovation has cleared the market and augmented reality will, without a doubt, prevail upon you with its consistent sans-hands insight. The intelligent learning model tracks consumers’ appearances and hands to find and place things precisely where they ought to be. As additional information is taken care of into the AI model, it becomes more astute and more liquid, working on the proficiency of activities.
(Meghna Saraogi is the CEO and co-founder of mirrAR.)
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