The augmented (AR) and virtual reality (VR) space is starting to gain significant momentum. By 2020 the AR /VR market is projected to reach $150 Billion. The advances in this technology are enabling an explosion in new applications, especially in the retail industry.
Clothing, home furnishings, and other fashion retailers are experimenting with augmented reality to enhance the in-store experience, connect physical and digital environments, and increase conversion rates with customer. According to Accenture’s 2014 AG survey (performed with 400 respondents, USA), customers agreed that an AR app would increase the likelihood of buying a product (88% – clothes, 86% – furniture and home accessories, 61% – games).
Watch how IKEA is connecting their catalog to your home with augmented reality.
Even more exciting is how virtual reality technology is coming together to further enhance the in store augmented reality experience. Lowe’s Home Improvement is pushing forward in this space aggressively with their Holoroom.
For product categories where there is a higher perceived risk of making a bad decision, such as home remodeling, AR/VR can help reduce that barrier. For purchases such as make-up, jewelry, and clothing – the ability to “try things” on without going to the store is getting one step closer and making the online shopping experience even better. I’m excited to see how this continues to evolve.