As technology continues to shape the e-commerce industry, retail businesses are searching for creative and effective solutions to improve customer satisfaction, enhance brand awareness, and optimize their sales process – all while staying competitive. By plugging in existing e-commerce stores with ground breaking immersive technologies such as Augmented Reality and Virtual Reality (AR/VR), retailers aim to take shopping experiences to the next level. These cutting-edge technologies have revolutionized the e-commerce industry, completely transforming businesses’ operations.
E-commerce Market Overview
The e-commerce sector is a competitive yet promising niche that will revolutionize consumers’ shopping habits. The opportunity to try on clothes and check product quality were brick-and-mortar retailers’ key competitive advantages ten years ago. Still, today’s e-commerce technology lets buyers do it online. Digital experience is crucial for all segment participants. To improve customer experience, more worldwide brands are moving online.
If you’re still deciding about entering e-commerce, we’ll look at the numbers to determine your odds of success. Amazon leads US online sales by 44%, according to statistics. In addition, more than 54% of Millennials and Gen Z prefer Amazon over other online stores, according to McKinsey.
Despite the stiff competition, worldwide sales show a distinct and positive trend. Over the past few years, purchases have grown by an astounding magnitude of 5-6 times! This has resulted in increased revenues for both mega-corporations as well as small and medium enterprises alike.
The demand for innovative solutions is exceptionally high in a highly congested market. Therefore, startups and established corporations must be aware of the latest technologies to remain competitive. Virtual reality tools can allow businesses to set themselves apart from their competitors by delivering new features that captivate their target audience. Let’s delve deeper into how VR technology can help ensure an exceptional customer experience in your business projects.
Benefits of Using AR & VR in Your E-commerce Business
It’s astonishing to discover that 78.65% of customers leave their carts before finishing the payment process; it is obvious retailers must take more decisive steps to urge shoppers to make a purchase. Fortunately, state-of-the-art technologies such as augmented and virtual reality offer an opportunity to revolutionize the retail industry and persuade buyers completely! This dramatic spike can be attributed to how beneficial VR is for businesses, which can be summed up with these points:
Best-in-Class Customer Service
To build a profitable and thriving business, ensuring customer satisfaction is essential. Unfortunately, many online stores need help connecting to their customers and understanding their purchasing habits due to the digital platform they use. By leveraging virtual reality software, companies can gain valuable insight into the decision-making process of their target audience and how they select products. This allows business owners to make educated decisions regarding whether or not their product will be successful in the market.
Besides this, virtual assistants can easily replace real-life employees by offering suggestions and qualified counsel to customers. An AI-powered virtual employee talks with the user to pinpoint their preferences and selects the item that suits a client most appropriately.
Improved User Engagement
Today’s retail customers are tech-savvy and expect high-quality experiences from the brands they interact with. By offering an immersive experience, businesses can meet their customer’s expectations and keep them engaged for longer periods. VR technology can create “in-store” experiences on your website or mobile app, allowing users to try on clothes, accessories, and makeup virtually. Furthermore, augmented reality can be utilized to place objects in a simulated environment where shoppers can measure sizes of items, try them out and view them from all angles.
Increased Awareness & Reach
Implementing virtual reality on your e-commerce platform can help you gain attention from potential customers and the media. Such technologies offer businesses an effective way of demonstrating their unique product offerings while boosting brand awareness. VR technology can be used to create videos and tutorials that visually explain a product or service that is eye-catching and engaging. This can help businesses capture the attention of a larger audience and eventually drive more sales.
Convenience & Cost Efficiency
The convenience of VR technology is unrivalled. Virtual reality tools allow customers to choose, try on, and buy items without ever leaving their homes! This comfort level and convenience has enabled businesses to save significantly in logistics, warehouse management, advertising, and workforce costs. The cost efficiency can also be seen with the implementation of AR. AR software can help businesses reduce costs associated with creating physical prototypes and the cost associated with producing demonstration materials and printing catalogues.
Real Life Simulation
AR and VR allow the e-commerce industry to simulate real life for customers. This is especially impactful since these technologies have been used for gaming purposes. With virtual stores, we can now offer shoppers an incredible opportunity to explore their desired products through an interactive environment that will leave them wanting more. This allows companies to create virtual stores where customers can shop easily as they would when walking into a physical store. Additionally, through such simulations, businesses can present their products from unique perspectives, giving customers an experience comparable to shopping in a physical store.
In conclusion, VR and AR technologies transform how customers interact with e-commerce platforms. These tools enable businesses to save costs, increase engagement and reach a larger target audience. As technology advances, more companies will start leveraging it to create a unique shopping experience for their customers. Thus, these improvements can help businesses stand out from their competition and strengthen customer loyalty.