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How Virtual Reality impacts Shopping Habits?

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HOW VIRTUAL REALITY WILL IMPACT SHOPPING HABITS? Is VRcommerce or Vtail for real? Is 2016 the year virtual reality finally makes its breakthrough as a mainstream technology?
Virtual Reality is going beyond everyone's expectations: creating a new form of brand connection based on empathy, thus becoming a powerful marketing asset to engage shoppers. Within the next 5 years, VR and AR (Augmented Reality) global revenues are set grow exponentially to 100bn$. Those projections clearly show the opportunity for retailers to be early adopters and tailor immersive shopper experiences. Whether you are curious or knowledgeable, let’s take a look into the future of retail in VR with our exclusive keynote Jean-François Tremblay, Virtual Reality & Augmented Reality Practice Lead at Valtech

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How Virtual Reality impacts Shopping Habits?

  1. 1. Virtual and Augmented retail Reality is Overated
  2. 2. So, my name is Jeff
  3. 3. Welcome to 2016, the year of Virtual and Augmented Reality content for everyone.
  4. 4. definitions
  5. 5. Demistifying the Jargon DEFINITIONS Au Re augmented reality View of 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. 6. Demistifying the Jargon DEFINITIONS Virtual Realit y 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. 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. 7. the potential of VR 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. 8. VR is not novel; 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.
  9. 9. 1935
  10. 10. ~1985
  11. 11. ~1990
  12. 12. ~1995
  13. 13. 2016
  14. 14. 2016
  15. 15. 16 79% of people said they’d like to try VR again. 81% will tell their friends about it.
  16. 16. Why should you care?
  17. 17. Retailers
  18. 18. Other Brands
  19. 19. How big is it?
  20. 20. $1.1B were invested during the first quarter of 2016 …while $6.1B were invested in virtual and augmented reality by 2015. Source: DigiCapital
  21. 21. Content production equipment (Camera) Content Distribution (Headset) Content Distribution (platform)
  22. 22. 9 79% Generation Z is the most passionate towards VR 73% followed by millennials 70% Generation X Who’s interested ?
  23. 23. 17 66% of consumers are interested in buying items via VR 63% said that they’re expecting VR to change the way they shop In what?
  24. 24. Active VR users worldwide 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
  25. 25. virtual reality market is estimated to be worth $30 billion in revenue by 2020. market is estimated to be worth $56.8 billion in revenue by 2020. augmented reality
  26. 26. Who can benefit?
  27. 27. VR PORN
  28. 28. Let’s focus on Retail
  29. 29. Demistifying the Jargon ENHANCED REALITY 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
  30. 30. 17 66% of consumers are interested in buying items via VR 63% said that they’re expecting VR to change the way they shop
  31. 31. Enhanced Reality in Retail 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
  32. 32. Enhanced Reality in Retail 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.
  33. 33. The retail experience relies 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.
  34. 34. WHY AR IS A 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
  35. 35. IN-STORE Ret RealEn h DEMOS ai ia 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
  36. 36. IN-STORE Ret RealEn h DEMOS ai ia 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
  37. 37. IN-STORE Ret RealEn h NAVIGATION ai ia 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
  38. 38. VIRTUAL Ret RealEn h TRY ON 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
  39. 39. AUGMENTED Ret R e al E n h CATALOGS ai ia l tnycine 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
  40. 40. AUGMENTED Ret R e al E n h MIRRORS ai ia l tnycine 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
  41. 41. IN-HOME Ret RealEn h VISUALIZATION ai ia 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
  42. 42. LIVE Ret RealEn h STREAMING ai ia 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
  43. 43. LIVE Ret RealEn h STREAMING ai ia 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
  44. 44. LIVE Ret RealEn h STREAMING ai ia 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
  45. 45. Function & Emotion
  46. 46. What I want you to leave with today ?
  47. 47. Some projections put AR 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
  48. 48. 1 2 3 4 5 Can AR and VR 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?
  49. 49. Reality is overated… Go virtual

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