AR focuses on integrating digital information and physical reality, VR focuses on replacing the real world with a much more virtual computer-generated environment. 

VR and AR are essential tools used to create visual and interactive experiences for all types of industries. COVID-19 has increased the use of digital technologies such as AR and VR for better experiences for both employees working from home and customers. As a result, augmented reality and virtual reality are gaining popularity since it helps customers sit at home and feel the products and services much more effectively and efficiently. According to research by Gartner, 30% of individuals prefer companies integrating AR and VR for a better customer experience. 

Companies that focus on research such as Statista have stated that AR and VR markets will continue to grow. Augmented reality and virtual reality are proliferating and are being implemented by different industries in various ways. IDC researchers claim that by 2024 the market size will grow to $72.8 billion.   

The different types of industries that are unlocking the capabilities of the two most potent tools AR and VR

AR and VR are snowballing due to their feature of letting people experience different types of services anywhere in a more creative, comfortable, and exciting manner. 

Education – Virtual reality and augmented various schools, universities are implementing AR & VR and online platforms to make teaching more fun, exciting and realistic. It helps focus on a more practical approach rather than just theory-based. It increases customization and more hands-on learning, which increases curiosity. Research shows that it helps improve skills and knowledge for both students and their mentors. 

Health and Wellness – VR and AR are being used for various meditation programs. Using technologies such as VR and AR will have a significant impact on the GDP, according to PwC. It is stated that it will boost the GDP by £316 billion in 2030. VR and AR have been used for training purposes to perform different complex surgeries. Other than training, AR can reduce anxiety, phobias, and psychological disorders since patients interact with virtual objects in real-time. 

Retail – Using AR and VR for effective and efficient performance by better displays of products, body scanning technologies, perfect fit outfits, and better interactive store layout versions. PwC states that by 2030, using AR and VR will boost the GDP by £184.2 billion. VR and AR are being used in the different stages of the retail industry, such as planning, research, modifications, and design. 

Real estate – Using AR and VR to give virtual tours of properties is much more effective, innovative, interactive, and time-saving. It is much more beneficial because of 3D walk-throughs rather than visiting different properties. It allows clients to understand the entire construction project by virtual tours and going through the whole project. It even eliminates the time-consuming process of inspection since it will help in collecting real-time data. 

Automotive – AR and VR are being used by companies for better performance and training for workers and step-by-step learning processes for complicated fixing. Many companies use VR technology for effective implementation, training, efficient results, reduced time and costs, and better design. In addition, 60% of consumers in the automotive industry prefer companies that use AR and VR to help understand the product and features.

Construction – Using virtual reality as a tool to train employees in a safer environment. With the help of AR and VR, companies can avoid many work hazards. It helps the workers and owners to keep an eye on the site without being there in person. AR and VR help in the whole design process since architects and planners can virtually be in the construction site and feel the place. Focusing on a more AR and VR approach increases accuracy and outcome. It even helps in saving time, reducing costs and errors. 

Banking – Making use of AR and VR can enhance customer experience and engagement. Using AR and VR has its benefits, such as a much more personalized experience for customers. It even can help with better assistance and understanding of various banking procedures. In addition, it can help reduce physical visits to different bank branches, and it is much safer due to safety authentication procedures. 

Oil and Gas industry – Using AR and VR helps increase outcomes for training programs, understanding different structures for better mining, reduced errors, and drilling malfunctions. Focusing on an AR approach helps guide workers regarding additional steps and the tools needed to complete a task. In addition, it helps reduce the time-wasting procedures of visiting the site. 

Tourism – Using AR and VR helps in better planning management, increased customer experience due to virtual tours, and real-time experience and navigation. It opens the tourism industry to a much more exciting and personalized experience. Many companies use virtual reality trips, which include various tickets for top tourist spots and destinations. In addition, agencies use 360 videos to showcase beautiful tourist sports and top hotels and landmarks.

Logistics – Better training for employees, effective and efficient, time is being saved by 25%. Using AR and VR helps in reducing object pickup time in warehouses. Planning is easier with the help of AR. Focusing on VR in logistics can help plan load and the best routes for faster delivery. It helps in speeding up orders and avoiding errors. Better results and outcomes since such technologies help keep an eye on all locations without being there physically. It can even help in understanding important information such as cargo weight and traffic routes. Drivers who use AR glasses can work more effectively since it helps in understanding the best routes to take and leads to reduced errors and mishaps.  

Benefits of focusing on a more AR and VR approach for smoother and effective results 

A picture is worth a thousand words, and it helps us remember things better and faster; AR and VR are great ways to interact and visualize different data around us. 

AR and VR are the two leading digital tools to create value for the business by being the product itself for customers and smoothening the value chain model from better product development to manufacturing, training, logistics, marketing, sales, after-sales, and much more. 82% of companies have stated that using AR and VR has proved to be beneficial and effective. Focusing on AR and VR can benefit companies and consumers in many ways since it reduces costs, increases productivity, a better understanding of consumer behavior, increases revenue, and better training measures. In addition, focusing on a more AR and VR approach helps redefine the customer experience. Using technologies such as AR and VR has various benefits such as better work environment safety, product safety, product development, and increased effectiveness and collaboration. 

AR and VR will increase GDP, income, and job opportunities by 2030. According to McKinsey, they are making use of AR and VR even while promoting advertisements and websites. As a result, it is seen that the engagement rate and conversion rate are much higher. 

AR and VR even boost the online experience, efficiency, and effectiveness and benefit critical skill training. 

In conclusion

Integrating technology with the vision of any industry is a great way to increase success and outcome. Making use of AR and VR will increase effectiveness, efficiency, and better performance and help companies simplify, streamline, and improve processes to deliver a better and personalized experience. 

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The modern customer does everything virtually and has started to see the world differently. Therefore, retailers must develop unparalleled innovations to provide unmatchable online shopping experiences that meet customer expectations and changing demands.  

Emerging technologies such as Artificial Intelligence, Machine Learning, Big Data Analytics & Augmented and Virtual Reality have paved the way for digital transformation solutions in the retail industry for years to come. This article will take you through the top technologies and trends that are transforming the retail industry and helping businesses to stay afloat in the current circumstance. 

1. Omnichannel customer engagement  

Omnichannel customer engagement goes beyond making physical stores’ products available online. It is about engaging customers on new online channels such as social media, marketplaces, brick-and-mortar stores, and offering a frictionless shopping experience across various touchpoints. According to a study by eMarketer, cashier-less checkouts, curbside pickups, and streamlined digital experiences contributed to increased shopping frequency and improved sales in 2020. Therefore, omnichannel customer engagement is vital to interacting with customers and providing a consistent shopping experience across channels. Retailers must synchronize various channels such as social media, phone calls, online searches, chats, and physical stores, ensuring customers interact with the business at various points and are provided a personalized experience on each of them.  

2. Data Analytics to track customer behavior  

It is essential to track the customers’ behavior and activities across all channels to create a more intuitive shopping experience for them. Data Analytics allows retailers to monitor the customers’ in-store and online store activities. It gives insights into various metrics such as the number of visits to their store per day, new and returning customers, and the success of their marketing initiatives. These insights allow retailers to make more informed decisions and better engage their customers.  

3. Contactless payments and seamless checkouts  

The need of the hour for retailers is to provide a frictionless customer experience while keeping human touch as limited as possible. Cashier-less checkout technologies and contactless payments are in high demand due to the security, speed, and convenience they offer. Touch-free technology provides a convenient retail experience by scanning each item that a customer picks up using an app and sensors and automatically charging them for the things they have picked. Contactless checkouts will flourish in the retail sector, and retailers are working closely with FinTech companies to build quick and efficient contactless payment models.  

4. Demand forecasting with Machine Learning  

There has been a vast difference in customer demand due to the pandemic. As a result, it has become a significant challenge for retailers to understand and predict customer demand and take necessary actions to meet the shifts in the market and stay on top of the industry. Data and Machine Learning can make forecasting customer demand more accurate while improving inventory management and supply chain management. Machine Learning-based demand forecasting lowers logistics and warehouse expenses, prevents overstocking, and supports sustainable production and consumption.  

5. Hyper-automation with Artificial Intelligence  

Speed, agility, and efficiency are the critical factors that determine the success of a business. Artificial Intelligence-led automation makes the retail processes more cost-effective and the shopping experience more convenient for customers. AI systems can assist the customers by directing them to the store’s exact location and suggesting related items that might interest them. Robotic Process Automation (RPA) enhances inventory management and distribution and warehouse management processes. It eliminates repetitive daily tasks that do not provide any additional value and improves service quality and compliance across the retail value chain. Soon, driverless vehicles and drones will also play a vital role in retail transformation.  

6. Immersive shopping experience with AR and VR  

AR and VR enable retailers to make shopping more powerful and experience-driven. According to a recent study, by 2025, the AR and VR market will reach 1.1 billion globally. Since customers now shop more online than in brick-and-mortar stores, it is vital to give them a seamless ‘try-on’ experience to help them make quicker and better decisions. With Augmented Reality, customers can use their smartphone to bring products to life and see how they will look on themselves or in their homes. Companies like Sephora, IKEA, and Lego use AR and VR to make digital shopping a lot exciting and personalized. In addition, retailers can use experiential marketing and virtual fitting rooms to reduce their operating costs while providing safe and engaging experiences to their customers.  

The future of retail  

The adoption of emerging technologies has saved the retail industry from drowning and help in tackling the disruptions caused by the pandemic. As customers continue to shop and work online, these technologies show no signs of slowing down anytime soon.  

Black Rock IT Solutions is helping retail businesses in adopting new technologies to redefine their processes and offer their customers a safe and immersive shopping experience. We are digital architects, domain practitioners, and technology experts working towards fostering a digital retail world. To know more about our services and offerings and discuss potential growth opportunities, get in touch with us. 

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COVID-19 has brought about a sudden change in our behavior and attitudes as large-scale health crises tend to do. Spending on essential supplies skyrocketed while spending on luxury almost became zero. Even when the vaccine is found and this invisible enemy is defeated, the ghost of COVID-19 will loom large in our lives. Global consumption patterns of the retail industry are not likely to bounce back to the pre-covid days in the foreseeable future.

Apart from changing consumer behavior, consumer safety is also a big challenge for retailers as they open their stores once more. How does one keep the clients and staff safe? When is the best time for consumers of the at-risk demographic to shop? How to store merchandise so as to reduce congestion at different counters?

Let’s look at some of the ways technology can be leveraged to make the transition to a post-covid world easier for retailers worldwide. 

Footfall Analytics

Contact tracing has been an important tool in the fight against COVID-19. Depending on the location, people use govt-issued contact tracing apps or third party applications available online. But what about the people who visit the stores – how can customers be traced to mitigate risk without spending a fortune on a custom analytics solution that might impede their privacy? A footfall analytics solution could be the answer to this problem.

Footfall analytics have been used in retail to identify customers and their consumer-journeys at stores. This system can provide anonymous aggregate footfall analytics to help companies see where customers or employees spent the most (or least) amount of time, and in turn, helps improve merchandising decisions. This data can also be used to identify peak and non-peak hours accurately and promote social distancing to control the occupancy rate of each individual store. 

Demand forecasting

Traditional forecasting models of retail analytics solutions that use historical data such as buying behavior, seasonality, etc. have been particularly hit due to the coronavirus pandemic. Demand forecasting needs to replace its legacy algorithms with short-term forecasting models. These retail analytics solutions use models that take in real-time sales data from a Point of Sale (POS) system and analyze key demands, shortages and forecast necessary adjustments at the store level. 

Customer-facing applications

Many large retail chains have adopted customer-facing applications with varying degrees of success. But in 2020, these technologies have started getting customer acceptance like never before. Applications such as virtual queuing, contactless payment, self-checkout, and retail chatbots have been increasingly used by retailers and their customers. Retailers are leveraging technology such as AI (Artificial Intelligence) and IoT (Internet of Things) to offer hygiene centric shopping experiences. 

In the future, people will remember the times we live in as “The Pandemic Reality”. A time when every industry had to innovate rapidly to keep itself afloat. The retail industry is no different – the industry has to focus on how to safely open its doors to customers while also maintaining its supply chain. 

Black Rock IT Solutions has worked with retail giants around the world, helping them create footfall analytics solutions and sales forecasting solutions that have helped them tide through these unprecedented times. If you need a reliable and experienced IT partner to help your business meet future market conditions, drop a mail to sales@blackrockdxb.com

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With advancements in technologies, availability of real-time data and analytics, retail industry will be transformed to meet consumer preferences as they evolve. Unlike the old days, the consumer has access to the product or service information and different purchase options. Online purchases have elevated the customer experience with more personalization. According to IDC Research, by 2020, at least 55% of all organizations will become digital with new business models and digitally enabled products and services.

To remain competitive in this rapidly changing industry, retailers must leverage the latest digital technologies and transform themselves to meet the changing consumer behavior. They must leverage digital transformation solutions and create a new business model by placing the customer in the anchor position.

What is digital transformation?

According to SalesForce, Digital transformation is using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements. This reimagining of business in the digital age is digital transformation.  In retail, it is nothing but moving from a product-centric approach to a customer-centric approach by extending hyper-personalized customer experience.

What are the challenges retailers face in their digital transformation journey?

Multi-channel buying experiences:

With the staggering growth in e-commerce, in-store purchases have come down. A good majority of consumers still prefer retail shops as they want to see, touch, feel, and try the product before they make a purchase. They may gather product information online and make an offline purchase or try the product and order online. This shows that consumers prefer a combination of both. Retailers who try to bridge the gap between online and offline and go ‘phygital’, stands a better chance to win the customer. Retailers must leverage the latest technologies to create an omnichannel customer experience, which enables them to extend personalized offers across channels.

Demand for seamless, superior customer experience:

A seamless customer experience allows both online and offline stores to complement each other rather than compete to keep customers coming back for more. Customers expect in-store retailers to keep track of their online purchases and treat them as loyal customers when they visit the store. Retailers must use advanced analytics for capturing customer data and produce meaningful insights to create an integrated customer experience.

Customer loyalty is driven by experience:

Customer experience fuels customer loyalty than just product features. Even if the retailers offer superior products, the customer is delighted only if they provide him with a superior experience. Though pricing offers and promotions are building blocks of customer experience, hyper-personalization is the critical factor. Retailers who can predict customer behavior, anticipate their needs, and extend personalized offers exclusively for them via their preferred channel creates a profoundly loyal customer.

Key elements of digital transformation strategies in the retail industry

In-store experience

Ensuring better customer engagement and rich in-store experiences enable retailers to connect with customers through all touch points and influence buying behavior. They can leverage beacons, IoT devices, and smart shelves to delight customers with in-store navigation, real-time product pricing, and offers.

Optimize consumer journey

Optimizing end-to-end customer experience across the customer lifecycle journey plays a crucial role in mitigating customer churn and ensuring customer loyalty. Retailers must leverage data analytics technologies to understand customer behavior and preferences to provide tailor-made personalized offers or product recommendations in each stage of the customer lifecycle journey.

Advanced payment solutions

Frictionless payments or digital payment terminals enable consumers to move from cashless to cardless, significantly reducing transaction times.

Customer service

Advancement in artificial intelligence and machine learning technologies has changed customer care interaction by automating routine services which don’t require human intervention. Using a digital bot powered by AI & ML technologies enable retailers to answer standard questions, handle returns, help customers with product specification queries, etc. efficiently and thus improving the customer experience.

Digital transformation is key to success for retailers, perform or perish

Hyper-personalized customer experience stands tall in this digital economy. To win the modern customer, retailers must create a superior shopping experience that sets them apart from the competition. They must establish an exceptional omnichannel experience irrespective of the channels to win retail customers.

blackrock partnered with one of the leading retail chains in Australia for transforming their legacy systems to match the changing business scenario. Our solution enabled them to reduce the legacy maintenance costs, and it leads to a 30% increase in customer response time. To know more about our Digital Transformation services for the retail industry, drop a mail to sales@blackrockdxb.com

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