Imagine this: You’re browsing the web or your fave social media platform till you’ve come across your much-awaited dress on sale at 50 percent off. What do you think is the next thing you would do? Of course, hit BUY or that “CART” button! It’s always ‘shopping made easy’ these days!
What This Technology Boost Has For All Shoppers Across the Globe
Almost everybody likes buying new stuff, but it’s not always the easiest or comfortable thing to do. People are waiting for new technologies that will raise the whole process of shopping to a higher level, and that’s what augmented reality can do for sure in the nearest future.
Customers want to see what they are going to buy before any purchase is made, and AR makes it possible to see virtual products in the real environment. So augmented reality can solve plenty of actual problems through online shopping. Even if you have all of a product’s parameters, it’s still hard to imagine how it will look like in your home or whenever you want it to be, without using some augmented reality applications.
The Birth of Online Retail Innovation
Like most disruptions, digital retail technology got off to a shaky start. A bevy of internet-based retailers in the 1990s—Amazon.com, Pets.com, and pretty much everything else—embraced what they called online shopping or electronic commerce. These fledgling companies ran wild until a combination of ill-conceived strategies, speculative gambles, and a slowing economy burst the dot-com bubble. The ensuing collapse wiped out half of all e‑commerce retailers and provoked an abrupt shift from irrational exuberance to economic reality.
Today, however, that economic reality is well-established. The research firm Forrester estimates that e-commerce is now approaching $200 billion in revenue in the United States alone (reaching more than $500 billion by 2020). Hence, its accounts will shoot up to 9% of total retail sales, up from 5% five years ago. The corresponding figure is about 10% in the United Kingdom, 3% in Asia-Pacific, and 2% in Latin America.
Globally, digital retailing is probably headed toward 15% to 20% of total sales, though the proportion will vary significantly by sector. Moreover, much digital retailing is now highly profitable. Amazon’s five-year average return on investment, for example, is 17%, whereas traditional discount and department stores average 6.5%.
As it evolves, digital retailing is quickly morphing into something so different that it requires a new name: omnichannel retailing. The name reflects the fact that retailers will be able to interact with customers through countless channels. These can be through websites, physical stores, kiosks, direct mail and catalogs, call centers, social media, mobile devices, gaming consoles, televisions, networked appliances, home services, and more.
Unless conventional merchants adopt an entirely new perspective—one that allows them to integrate disparate channels into a single seamless omnichannel experience—they are likely to be swept away.
Why Has This Form of Consumerism Made a Name in the Industry?
One of the obvious reasons why online shopping has prospered is because it allows you to purchase items from the comfort of your own home. Not everyone enjoys the so-called “shopping experience,” preferring to make a few clicks with their mouse and be done with it.
However, that’s not the only reason for the success of online shopping. One of the best weapons that online retailers have is the ability to track their visitors and obtain consumer data. They can tell where the majority of their consumers are located, how they reached the page, what types of sites they visit and how fast they go through the shopping process. With this information, online companies can quickly change their marketing and business strategies to cater to their customers in the most efficient way possible.
The best word that can be used to summarize the success of online shopping is “convenience.” It’s convenient for the consumer because they can shop from any location with a simple Internet connection and it’s convenient for retailers because they can track user data without investing into any special devices — or paying for a physical location.
Online shopping is indeed the future of retail marketing to most of us — people across the globe, all from the different walks of life.
No doubt, the biggest advantage of augmented reality in marketing is limitless. This technology will satisfy people who don’t like shopping at all and who is too lazy to go to the mall. The future the technologies are coming to our homes to make life better and easier, so let it come in.
Now, the question is: Are you really up to a greater challenge? Which is your favorite shopping type? Let us know below 😉