Page 42 - June 2021

SPECIAL FEATURE: AR & VR
omorr
T o w
Tomorrow

S
Shopping
hopping

Augmented and virtual realities are not new concepts, but the pandemic has caused their
popularity to surge and their applications to become a necessary part of the new normal.
Companies around the world are finding that a technologically-based approach can
add value and ever more businesses are finding ways to incorporate AR & VR into their
offerings.

he retail industry is ever evolving, creating new customer experiences that are memorable and unique. Businesses are differentiating
themselves through technological hybridisations to appeal to their consumers in innovative ways. Augmented reality (AR) and
virtual reality (VR) are set to completely transform the shopping experience and change the market in the same way the
T internet did.
An online article by The App Solution entitled ‘Augmented Reality Retail Applications & VR Store Solutions’ explains that customer
immersion is a new engagement. By implementing immersive technologies, companies can enhance the customer experience at any offline
store. Specifically, virtual reality allows the consumer to be deeply immersed in the retail shopping experience. It also enables retail commerce
to deliver unrivalled levels of engagement with their target customers. Virtual reality and augmented reality can create a one-of-a-kind
shopping experience at an offline store, transforming the location into a customer-friendly space.
In today’s times, both augmented reality and virtual reality are greatly impacting numerous industries and the retail and leisure industries
are no exception. The latest innovations in augmented reality and virtual reality technology are changing the processes of designing, buying,
selling and managing concepts and attractions across the globe.
An article from Emily Safian-Demers, Editor at Wunderman Thompson entitled ‘Virtual Retail: Top 5’ highlights that the augmented reality
market in retail, commerce and marketing is expected to surpass $12bn in 2025, according to February 2021 estimates from global tech
market advisory firm ABI Research. Additionally, according to a Goldman Sachs report, AR/VR retail software revenue is expected to reach
$1.6bn by 2025.
Brands around the world are bringing themselves up-to-date with new, sophisticated and immersive spaces, bringing virtual retail more
into the mainstream than ever before.
Back in February, Machine-A and the Institute of Digital Fashion opened a virtual boutique. Launched to coincide with London Fashion
Week, the space mixes digital content with augmented reality for an interactive and engaging shopping experience. Visitors are able to
explore the Autumn/Winter 2021 collection, view unfinished pieces and read personal messages from the designers.
40 RETAIL & LEISURE INTERNATIONAL JUNE 2021