Redefining Retail

Change the way you look at the retail sector with Extended Reality

XR is transforming shopping experience like never before

A couple try out different pieces of tasteful furniture and accessories for their home without buying a single item. A car buyer test-drives the model of his choice while he is standing in the showroom. How do they do it? It is all thanks to XR. Using Augmented Reality and their smartphones, the couple is able to virtually decorate their home and see what works, and what doesn’t; while the car buyer takes a VR drive to experience the car in different settings. Extended Reality is transforming traditional retail as we know it by placing the power to purchase, quite literally in the palm of their hands. And it is placing retail enterprises at the forefront of a technological revolution.

It is all about customized experiences and personalised interactions that promise convenience, speed and efficiency. It is predicted that this year alone, there will be 3.4 billion mobile phones with advanced AR capabilities, giving billions of shoppers instant access to information that influences purchase. Imagine being able to scan the nutritional details of a drink while it is on the shelf! Or trying on a dress while it is still on the rack! These are just some of the applications that come to mind with many more in store. What it means for retail enterprises is that they need to be equipped with the latest XR solutions to cater for such consumer demands. At TILTLABS, we are constantly focused on developing solutions that drive change in the retail sector. For example, we have created a live VR car showroom where the user can explore both the interior and exterior of the car in a realistic setting. There is much more to retail XR than meets the eye.

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What we do

Taking the concept of commerce from the store shelf to the smartphone, XR continues to push the boundaries of retail. Here are some examples of XR in action to create fulfilling customer journeys.

Reduced product return rates

XR gives the customer an opportunity to interact with the product before actual purchase. As a result, there is less post purchase remorse, fewer returns and greater conversion.

Enhanced brand recognition

By adding a VR or AR gamification element to the physical products, retailers can create
engaging customer experiences that result in higher brand recall.

Realistic product placement

Stores like furniture outlets can apply AR to give customers a preview of how the product would look in a real-life setting.

Increased customer footfall

Location-based solutions such as AR store windows can attract shoppers’ attention and draw them into the store.

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    Frequently Asked Questions

    Why should retailers adopt AR/VR tech?
    In today’s highly-evolving customer-centric business environment, retailers need to identify new and innovative ways to attract customer attention and drive visits. AR and VR play a significant role in achieving this objective through immersive customer engagement.
    What are some of the applications of AR/VR in retail?
    Interactive product displays—by using their smartphones to scan a product display, shoppers can view and interact with a 3D Augmented Reality version of a product. Augmented Reality catalogues—shoppers will be able to scan catalogues to virtually experience how a product looks before they buy it. VR store visits—shoppers will soon be able to visit high-end stores anywhere in the world and browse shelves using a VR headset.
    Will customers be willing to pay extra for a product/service if offered AR/VR experience?
    Consumer research shows that customers would indeed be willing to pay more for a product they experienced via AR/VR—up to 40% more, in fact.
    What is the future of AR/VR in retail?
    It is safe to say that AR and VR look set to transform and dominate the retail industry with innovative aspects such as OpenCV facial recognition playing a pivotal part.
    How is augmented reality in retail market projected to grow?
    According to a forecast, the augmented reality in retail market is expected to grow at 47.1% CAGR to USD 7,951.2 million by 2023.
    Where is immersive tech the most popular in retail?
    The apparel retailers of the US are 50% larger than those in China. North America leads the AR market in retail, and more than 10 major US retailers hold one-third of the global market share. This naturally keeps North America at the forefront of the market. However, an increasing interest in countries like China and Japan and growing investments mean that AR technology deployment will also be picking up in the APAC regions.