The Future of E-Commerce with AR & VR

Have you ever mused about the future of eCommerce? Concerns regarding brand awareness, customer satisfaction, and sales process effectiveness are on the rise! With cutting-edge technologies emerging into the eCommerce space, eCommerce businesses seek new solutions to maximize these aspects.

By combining existing eCommerce businesses with prevalent technologies, such as virtual reality (VR) and Augmented Reality (AR), retail business owners have facilitated the shopping experiences.

Simply put, the future of E-Commerce with AR & VR maximizes the user experience significantly. It lets customers feel the product in real-time and make the right purchase decision. So irrespective of whether it's an outfit or an electronic appliance, you can envision the products if they suit you.

In 2023, global online retail revenues will grow by $5.4 trillion. Also, according to Nasdaq Research, by 2040, 95% of all business transactions will take place online. With this, if you used to wonder how augmented reality in eCommerce can benefit businesses, it will hold significant potential to drive business and sales.

Introduction to AR & VR: The Basics

Are you wondering what AR & VR is in eCommerce? Augmented Reality and Virtual Reality maximize how you virtually feel space and objects. While these two technologies aren't interlinked, the working principles are identical.

AR helps you explore a virtual product on your device. But VR is highly digital, needing a headset to explore the virtual world. Therefore, with virtual reality, you can find yourself in a new place as the surroundings transform wholly.

With its features, AR/VR enables online shoppers to comprehend what they are considering purchasing entirely. This fundamental capability encourages consumers to make wise decisions.

Explore here the Top 5 VR and AR Trends 2023

AR & VR In eCommerce: Some Vital Statistics

Let's comprehend the growing role of AR/VR in the retail industry with a few real-time AR & VR in eCommerce statistics:

The AR/VR market's revenue in eCommerce was $3.79 billion in 2021. But by 2028, the revenue is projected to rise to $17.86 billion.
In the anticipated time, the projection for growth has predicted a CAGR of 24.8%.
More than 66% of users said they would prefer to adopt augmented reality technology for an improved shopping experience, according to a consumer poll by Google.

How Do Ecommerce Businesses Offer a Seamless Experience to Customers With AR?

Are you an eCommerce business owner? Are you pondering how to use AR technology to boost your customer engagement? Find below the top ways and examples of a few companies that have employed AR technology to create a robust customer base.

Virtual try-on methods

Before AR technology kicks in, you may explore several products in a physical shop and buy one. It's because you weren't confident about how it will look on you. But AR in eCommerce fixes this problem by rolling out a virtual try-on feature.

One of the best examples of AR are Instagram and Snapchat filters. Its creative filters allow you to click photos with sunglasses, makeup, etc.

Another example of how augmented reality in eCommerce can benefit businesses is MAC. This renowned cosmetic brand has brought VR & AR to its eCommerce store, enabling customers to apply its products virtually. Such a unique feature makes the brand famous and stands out.

Preview placement

AR in eCommerce works seamlessly for the home decor and furniture businesses to check how the furniture and wall paintings will look once installed. With augmented reality (AR), you can allow customers to see which of your products best suits them.

For instance, IKEA uses augmented reality in its iOS and Android apps to let buyers place furniture in their houses so they can view it before they decide to buy.

What Are the Best Ways for Brands to Incorporate AR/VR in Online Shopping?

The importance of AR/VR in eCommerce can't be overlooked. These cutting-edge technologies can create brand-new perspectives for users of every platform. Therefore, AR/VR-implemented companies can boost customer comfort and optimize the company's sales growth.

These are the ways of real-time implementation of AR/VR in eCommerce:

Creating buzz

According to the co-founder of talent management and consultancy New Waves, Tom Sharman, "There is no requirement for AR and VR to be closely linked to the sales activity." Instead, these two technologies can boost brand awareness and industry buzz.

A top-notch fictional example of AR/VR creating a buzz is Ford building a VR racing game. The game might give players a taste of what it's like to operate a Mustang without immediately enticing them to purchase a new automobile.

Rebuilding the in-store experience

The future of eCommerce with AR & VR is it helps recreate the exclusive in-store experience. These technologies help minimize the gap between conventional stores and online shopping. When buyers buy a product, brands may use AR/VR to create an idealistic world they can explore.

Specifically, Amazon offers their customers complete AR/VR support for an enhanced buying experience. For example, users can envision the furniture in their home dining space to check if it fits the interior. Moreover, this platform also offers a virtual try-on.

How Does AR/VR Integration Support the Expansion of Your Company?

The incorporation of AR and VR is aiding brands in creating relationships with their customers. However, the idea is not exclusive to big-name corporations; you can also use it to grow your company.

You can expect the following advantages of integrating AR/VR into your company:

Helps target new customers

Giving customers an AR/VR experience will lead to word-of-mouth advertising for your company. Therefore, there is a reasonable likelihood that the customer will not pass by the shop.

Competitive advantages

There are several competitors in your business. Therefore, implementing AR/VR in your operations will help your customers get a unique customer experience. This is how the integration will help deliver a competitive advantage.

More carts to the payment counter

The clients are interested in a variety of products. However, choosing is difficult if the customer can just view product images. Therefore, AR/VR facilitates improved customer decision-making by offering real-time product visualization.

Despite AR and VR's benefits to e-commerce, few businesses have embraced these emerging technologies. Although technological advancement is still in its early stages, it makes sense for merchants to capitalize on this game-changing innovation and provide consumers with unparalleled shopping experiences while aiming to surpass the competition.

eCommerce business owners can develop virtual replicas of their real stores and elevate their virtual shops to new levels by creating a precise copy of their physical stores or artificial environments that they can fully manage.

Read our previous blog, Benefits of AR and VR in Healthcare