As a digital innovative agency that specializes in creative work, MYN Group believes that it is important to stay up-to-date on changes in our industry, such as augmented reality (AR). We wanted to discuss new developments in the field and how AR can enhance the customer experience.
AR is a visual modifier, meaning that it adds images to an existing worldview. Visual reality (VR) is a technological system that creates an immersive visual experience, usually achieved through a headset or goggles. VR/AR technology can be used for anything from trying on a new product to showing off a company’s services, and as technology moves forward, these systems are gaining more traction.
Spurred with the onset of the COVID-19 pandemic, the virtual reality used within businesses market is expected to grow from US $829 million in 2018 to $4.26 billion in 2023. The market even has a 63.3% annual growth rate. With an estimated 1.96 billion mobile AR users worldwide in 2021, AR is the future for retailers.
More and more companies are investing in AR/VR systems because of their profound impact on the shopping experience. Already, 34% of consumers use AR when shopping, and 68% say they would spend more time at the shop if they could use AR. This novel way of shopping has the potential to raise profits, too: consumers who use virtual product try-on spend 2.7 times more money than customers who do not. Early analyses of AR makeup technology show that it could double website engagement and triple conversion.
AR is significant in the customer journey because it removes uncertainty from a purchase decision. Shopping online can be difficult. Customers can’t try on whatever they want to buy, but with AR, this issue is resolved. A company’s ability to use AR is a huge consideration for the customer journey and strategy.
Companies are not taking advantage of AR’s opportunities. 71% of consumers would shop more often at a retailer if it offered AR, yet an anemic 15% of retailers do. Only 32% plan to employ VR or AR in the next three years. AR also has the potential to earn brand loyalty: 70% of consumers are expected to be more loyal to brands that offer AR as part of the shopping experience.
In short, AR is one of the most lucrative up-and-coming pieces of technology for retailers to use. The MYN Group is looking forward to seeing new developments from AR as technology progresses. We always try to stay updated on industry news. To read more of our news articles, visit https://www.myngroup.com/newsroom.
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