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How Virtual Reality impacts Shopping Habits?
The document discusses the growing significance of virtual and augmented reality (VR and AR) in retail, highlighting how these technologies can enhance customer engagement and improve shopping experiences. It emphasizes that a significant percentage of consumers are interested in VR and AR for shopping, with the market expected to grow substantially by 2020. Retailers are encouraged to invest early in these technologies to reshape the retail landscape and meet evolving consumer expectations.
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How Virtual Reality impacts Shopping Habits?
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- 2. So, my nameis Jeff
- 3. Welcome to 2016, theyear of Virtual and Augmented Reality content for everyone.
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- 5. Demistifying the Jargon DEFINITIONS Au Re augmented reality Viewof a physical, real-world environment whose elements are aug- mented by computer- generated items (data, graphics, video, sound) Real world is not blocked out: users can see the real world and virtual objects Interaction with virtual objects is limited Smartphones and tablets can support augmented reality apps
- 6. Demistifying the Jargon DEFINITIONS Virtual Realit y Replicatesan environment, real or imagined, and simulates a user’s physical presence and environment to allow for user interaction and sensory experience. Most immersive experience Real world blocked out, user can only see the virtual world and virtual objects Devices range from least expensive Google Cardboard to more expensive devices such as Samsung Gear, Oculus Rift and HTC Vive. Replicates an environment, real or imagined, and simulates a user’s physical presence and environment to allow for user interaction and sensory experience. Most immersive experience Real world blocked out, user can only see the virtual world and virtual objects Devices range from least expensive Google Cardboard to more expensive devices such as Samsung Gear, Oculus Rift and HTC Vive. virtual reality
- 7. the potential ofVR is to reimagine reality, to personalise it – to allow access to objects, places and people that are out of reach in the real world.
- 8. VR is notnovel; it’s a series of visionaries and innovations. But most, VR as we know it was created by a handful of pioneers in the 1950s and 1960s and afterwards the 1990s.
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- 15. 16 79% of people saidthey’d like to try VR again. 81% will tell their friends about it.
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- 22. How big isit?
- 23. $1.1B were invested duringthe first quarter of 2016 …while $6.1B were invested in virtual and augmented reality by 2015. Source: DigiCapital
- 24. Content production equipment (Camera) ContentDistribution (Headset) Content Distribution (platform)
- 25. 9 79% Generation Z is themost passionate towards VR 73% followed by millennials 70% Generation X Who’s interested ?
- 26. 17 66% of consumers areinterested in buying items via VR 63% said that they’re expecting VR to change the way they shop In what?
- 27. Active VR usersworldwide from 2014 to 2018 (in millions) 0 20 40 60 80 100 120 140 160 180 200 2015 2016 2017 2018 Early Majority/KT&T Early Adopters/Light Gamers Innovators/Hardcore Gamers Source: KZero Statista 2015
- 28. virtual reality market isestimated to be worth $30 billion in revenue by 2020. market is estimated to be worth $56.8 billion in revenue by 2020. augmented reality
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- 33. Let’s focus onRetail
- 35. Demistifying the Jargon ENHANCEDREALITY SPECTRUM 75% of the Forbes World’s most Valuable Brands have created some form of virtual or augmented reality experience for customers or employees, or are themselves innovating and developing these technologies. Virtual Worldhypergridbusiness.com October 2015
- 36. 17 66% of consumers areinterested in buying items via VR 63% said that they’re expecting VR to change the way they shop
- 37. Enhanced Reality inRetail BUSINESS OPPORTUNITIES FOR CUSTOMERS NEED SOLUTION BENEFITS Learn more about products before visiting a store. Augmented Catalogs Try online Live streamed events Increase overall product engagement through augmented and virtual reality experiences. Higher product engagement results in higher conversions. Find what they are looking for in- store quicker. In-store augmented navigation Reduce the time to product engagement by ensuring customers find the right product as quickly as possible. Select the right product for their needs. Product Visualization Tools Helping customers to find the right product for their needs results in higher conversions. Experience products that aren’t in stock. Augmented Mirrors VR demos Carry fewer products in-store reducing overall floor space. Learn more about their product after purchase. VR/AR Manuals Create more engaging product manuals and installation guides Get help when a product needs servicing. AR/MR Service Tools Improve customer loyalty by providing more engaging customer self service tools
- 38. Enhanced Reality inRetail BUSINESS OPPORTUNITIES FOR RETAILERS NEED SOLUTIONS BENEFIT Create more informed store assistants. Interactive Training Tools and Knowledgebase Increasing store assistants familiarity with products empowers them to make more informed recommendations to customers. Plan the layout of stores without needing to move a single physical product. Virtual Planograms Planning retail store layouts is time consuming and costly. By virtualizing the process, changes can be tested in real-time without the need to move physical stock. Finding the right product for a customer’s needs. Product Visualization Tools Helping customers to find the right product for their needs results in higher conversions.
- 39. The retail experiencerelies on engagement. engaging customers earlier in the sales cycle and for longer increases the likelihood of conversion The introduction of virtual and augmented reality experiences will create a compelling alternative to the need for physical interaction with products before and after purchase.
- 40. WHY AR ISA PRIORITY SOLUTION FOR RETAIL Mobile behavior in retail - USA The 4th dimension of the store. With customer’s mobile device of choice. Mobile influences 84% of in-store transaction 57% of customers use mobile in store
- 41. IN-STORE Ret RealEn h DEMOS aiia l tnycine d lets consumers experience a hands-on product demo without ever touching the real product. Brands LBE Looking to generate a buzz about your brand
- 42. IN-STORE Ret RealEn h DEMOS aiia l tnycine d lets consumers experience a hands-on product demo without ever touching the real product. Brands in-store demo lets consumers experience a hands-on product demo without ever touching the real product. Lowe's Audi Lego Volvo
- 43. IN-STORE Ret RealEn h NAVIGATION aiia l tnycine d lets consumers navigate through stores finding the products they are looking for with ease. Brands in-store navigation lets consumers try on clothing and change the color or pattern instantly without needing to leave the changing room. Best Buy Home Depot Walgreens
- 44. VIRTUAL Ret RealEn h TRYON ai ia l tnycine d lets consumers try on products at home or in-store using augmented reality. Retail Segments Apparel Watches Jewelry Sunglasses Brands virtual try on lets consumers try on products at home or in-store using augmented reality. Retail Segments Apparel /Watches /Jewelry /Sunglasses RayBan Tissot Dezeen De Beers
- 45. AUGMENTED Ret R e al E n h CATALOGS ai ia ltnycine d brings printed catalogs to life enabling consumers to visualize products in 3D. Brands augmented catalogs brings printed catalogs to life enabling consumers to visualize products in 3D. IKEA Tesco Asos
- 46. AUGMENTED Ret R e al E n h MIRRORS ai ia ltnycine d lets consumers try on clothing and change the color or pattern instantly without needing to leave the changing room. Brands augmented mirrors lets consumers try on clothing and change the col- or or pattern instantly without needing to leave the changing room. Nordstorm Rebecca Minkoff Uniclo Neiman Marcus
- 47. IN-HOME Ret RealEn h VISUALIZATION aiia l tnycine d lets consumers visualize how products will look in their intended setting using augmented reality. Brands at-home visualisation lets consumers visualize how products will look in their intended setting using augmented reality. IKEA
- 48. LIVE Ret RealEn h STREAMING aiia l tnycine d lets consumers experience a live event, show or demonstration through virtual reality. Brands Support lets consumers experience a live event, show or demonstration through virtual reality. Hyundai
- 49. LIVE Ret RealEn h STREAMING aiia l tnycine d lets consumers experience a live event, show or demonstration through virtual reality. Brands Store design and testing Lets you see, explore and test the design before physical construction Cat Kidston
- 50. LIVE Ret RealEn h STREAMING aiia l tnycine d lets consumers experience a live event, show or demonstration through virtual reality. Brands Employees can experiment life like situations using virtual reality Employee training
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- 55. What I want youto leave with today ?
- 56. Some projections putAR and VR investment in retail at close to $30 billion by 2020 (from nothing today). Don’t wait for a “killer app” to force your hand. Deciding how to play early, and which bets to place now, will let retailers take the lead in this technology. Virtual and Augmented Reality Will Reshape Retail, published September 09 2016
- 57. 1 2 3 4 5 Can AR andVR enhance my product exposure and shopper experience? Am I willing to test in the market place early? Start Small… What type of experience do I need to meet my business goal? Which platform will best support my experience? Who should be involved from my organization?
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Editor's Notes
- #9 http://www.theverge.com/a/virtual-reality/qa_fb
- #15 This is when we do a Live demo
- #18 Because they do!!!
- #19 Because they do!!!
- #20 Because they do!!!
- #21 Because these retailers
- #22 Media and large brands
- #27 Ericsson research lab
- #52 WE’ve seen stunts and marketing applications, now I have shown you a fea practical cases where AR and VR can be applied to increase your business.