Increasingly more companies leverage AR technology to enhance the liveliness of their services and products. Using augmented reality to promote your brand is no longer a marketing trend. It’s a full-blown strategy that removes the fantasy barrier, bringing customers closer to their favorite product without being in a brick-and-mortar store.
AR could easily dominate the world of e-commerce. It’s an innovative selling approach that uses psychology to change the way people make purchases. In fact, by 2025, the augmented reality market is anticipated to reach $198 billion in value.
What is AR & How it can Revolutionize E-commerce?
Augmented reality (AR) is a pioneering technology that bridges the gap between the virtual and the physical. We’re already used to AR screens capable of mirroring real-life environments via computer-generated graphics. Unlike VR, augmented reality uses applications that help mimic how certain goods can fit in a physical space; such as a painting that you like but is a element of whether it would match with your living room decor.
In practical terms, improves existing AR environments by adding computer-generated effects and images. On mobile, the potential of augmented reality goes even further as it can snap a real-life video and tell you what lipstick color fits best on your skin. Sephora already uses AR to help women all over the world test their products without being in a physical store.
The Potential of AR in the Retail Industry
Less emphasis on brick-and-mortar stores and more people engaged in online shopping have helped AR increase in popularity even more. Consumers have realized that there’s no need to go outside to search for the perfect sofa or carpet. With augmented reality, they can see how a retail product would match by simply taking a video with their smartphone.
Apart from saving time and resources, it enables consumers to make more informed decisions without second-guessing their choices. Popular brands such as Ikea, Houzz, and Wayfair have already made use of AR to bring people closer to their products without forcing them to get out of the comfort of their homes.
AR in Social Media & Entertainment
AR technology has even greater potential in the social media and entertainment industries. The US-based startup, Magic Leap, mentioned spending over $2.6 billion on building its AR tech platform and AR goggles. Despite the massive investment, the AR company continues to attract additional resources to expand the business.
The social video platform, TikTok, recently made AR effects available to its users. According to an announcement made by the company, the effects will be made available to all creators, including developers and designers, and it will also feature various learning resources and tools.
Benefits of AR for Companies and Brands
Every modern business today has an associated website. To make yours stand out, AR has the potential to increase consumer engagement by nearly 70%. The more people stay engaged when clicking on a website, the better chances it has to secure prospects as customers. AR can also help attract new clients, generate awareness, and spread the word in the digital realm.
Engaging AR campaigns are in trend, with 65% of consumers mentioning that AR has transformed the way they shop online. Status must not be ignored either as reputation matters more now than ever. Augmented reality boosts confidence because it enables prospects to buy exactly what they see without any chance of being disappointed.
There’s no doubt that AR technology is on the verge of disrupting e-commerce. It’s only a matter of time until all brands will acknowledge the impact it has on ROI, engagement, and customer satisfaction. According to recent media research, AR boosts conversions on mobile from 3% to 11%. Also, nearly 40% of people would pay more to buy a product if that product could be experienced in AR. All things considered, businesses that refuse to embrace technology will most likely be left behind as digitalization is all about welcoming the new and looking for the old.
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