Virtual Try-on in Retail Industry
Digital is the New Black in Fashion
The fashion industry has long been a hotbed of ingenuity and creativity, constantly pushing the boundaries of fashion from the streets to the runway. Technological advancements have played a significant role in shaping the industry, with Augmented Reality being one such advancement that has gained significant popularity (AR). The incorporation of AR technology has revolutionized how we perceive and interact with fashion. AR necklaces and VR accessories are the most recent iterations of this trend, providing a more immersive and engaging experience for fashion enthusiasts.
AR necklaces are a nascent innovation that is already sparking interest in the fashion realm. Leading brands like H&M and Gucci are among the few pioneering companies exploring AR necklaces and other augmented reality accessories to engross shoppers and heighten interactivity in the retail experience.
Why Should Brands Consider AR and VR Shopping?
As e-commerce has grown in popularity, brands have faced the challenge of providing their customers with a personalized shopping experience. Fortunately, advances in augmented reality (AR) and virtual reality (VR) technology offer a promising opportunity to improve online shopping by creating a more engaging and immersive environment. According to a recent Accenture report, 61% of consumers prefer shopping at stores that offer AR experiences, indicating the significant potential AR and VR technology holds for the fashion industry.
As per a recent report by Grand View Research Inc., the global fashion market incorporating AR and VR technologies was valued at USD 231.6 million in 2020 and is predicted to grow at an impressive CAGR of 48.2% from 2021 to 2028. The growing popularity of AR and VR technologies, which are being used by fashion stores to enhance customer engagement, promote new products, and provide personalized experiences, is considered a significant contributing factor to this increase.
According to a McKinsey & Company survey, the pandemic has accelerated the fashion industry's digitalization trend. The report found that during the pandemic, 75% of consumers experimented with new digital shopping experiences, and 60% intend to continue using digital shopping channels even after the pandemic subsides. These statistics demonstrate the mounting importance of digital fashion and the potential for virtual fashion to become a pervasive trend in the industry.
AR and VR Technology
AR and VR technology offers a wealth of benefits for both customers and retailers alike. With AR and VR, customers get a personalized shopping experience that's truly one-of-a-kind, something that can't be replicated on a traditional e-commerce platform. They can try on clothes virtually, mix and match items to create outfits that suit their taste and see how they look in different settings. All of this enhances the customer experience and makes them feel more connected to the brand like they're really part of the fashion family. As the saying goes, "seeing is believing," and with the advent of AR and VR technology, customers can now vividly imagine themselves in various styles and outfits.
Employing AR and VR technology is a mutually beneficial strategy for retailers. It not only creates an immersive and captivating shopping experience for customers but also yields valuable insights into customer preferences, which can be leveraged to customize their experience. Moreover, retailers can mitigate returns by offering customers a more precise representation of the products, which reduces the likelihood of customer discontent.
AR and VR in Retail
The fusion of AR and VR technology with the retail industry is well underway, with top brands such as Adidas, IKEA, and Sephora spearheading the development of immersive and interactive experiences that excite and captivate customers. For example, IKEA's AR app allows customers to visualize how furniture will look in their homes, while Sephora's Virtual Artist lets them experiment with different makeup looks right in the store. By integrating AR and VR technology into their shopping experience, these companies are creating a more personalized and unforgettable experience for customers that resonates with them and fosters deeper brand loyalty. Essentially, AR and VR technology elevates the shopping experience to a whole new level, enabling customers to explore and interact with products in ways that were once unimaginable.
What Benefits AR and VR Can Offer in the Fashion Industry?
The advantages of implementing AR/VR technology in the fashion industry are multifaceted. Firstly, it has the potential to augment sales figures by offering a more immersive shopping experience that enables customers to try on products virtually before committing to a purchase. Furthermore, it can pave the way for novel and inventive marketing campaigns that captivate consumers' attention. Lastly, it can help reduce expenses associated with conventional marketing approaches such as print and television commercials.
As Avihay aptly points out, "some of this commerce will stay in the digital world." As avatars become a commonplace representation of individuals, there will be a need for digital fashion designers and virtual boutiques. Other commerce transactions might be a blend of digital and physical, and yet others could be real-world products purchased and sold in a virtual realm.
Augmented Reality in shopping is a fantastic chance for businesses to improve conversion rates and make the customer journey more interesting. For your next business strategy include AR to remain competitive as customers demand more powerful engagement opportunities during their purchases.
What is the Future of Digital Shopping with AR and VR?
The horizon of digital shopping with AR and VR technology is both promising and transformative. As projected by Grand View Research, the global AR and VR market is expected to reach $125.32 billion by 2026, signifying a rapidly progressing and lucrative realm.
As technology continues to evolve, the fashion industry can anticipate the emergence of more inventive and creative applications of AR and VR. Customers will be able to immerse themselves in a virtual try-on experience, see how different clothing items look in a variety of environments, and even showcase their augmented outfits on social media. The amalgamation of AR and VR technology in fashion is merely scratching the surface, and future innovations will undoubtedly offer even more immersive and personalized experiences, ultimately resulting in higher customer engagement and satisfaction.
To sum up, the integration of AR and VR technology is transforming the way we purchase fashion, providing an immersive and tailored shopping experience that surpasses traditional online retail channels. To stay competitive in the industry, brands must adopt and incorporate this technology into their retail approach. With the continued advancement of AR and VR technology, the fashion industry can anticipate even more innovative and imaginative uses that will enhance the digital shopping experience. So, gear up to embrace the future of fashion with the help of AR and VR technology!