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Strategy Briefing

Virtual Reality and Augmented Reality in Retail - Fad or Future?

37 pages, Dec 2016

US$1,325

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About This Report

New Report Guarantee

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

2016 marks the return of virtual reality to the public sphere, alongside burgeoning augmented reality. Both technologies offer an entertaining escape from our everyday reality and as such, have generated a great deal of interest. Gaming is the main avenue, but many are predicting more widespread influence, including within retail. This report goes through the state of the new technology as of 2016, its potential impact on retail, and how brands might engage consumers in a new way.

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Overview

Why buy this report?

Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.

At the beginning of a long development cycle

Despite the presence of low-end options and development buzz beforehand, 2016 will go down as the beginning of the consumer-facing virtual and augmented reality epoch. To take from an adjacent product, consider how much smartphones have changed since Apple released its very first iPhone in 2007. With plenty of time for innovation and competition, much will change in the coming years.

Brands without satisfying answers to existential questions may be better off investing elsewhere

To justify an investment in a new technology, it is important to have the existential considerations figured out, otherwise initiatives are likely to fall at the first hurdle. Brands must be able to articulate the business purpose, determine if the corresponding consumer use cases are enough to bring about real adoption, and figure out if the technology is even sophisticated enough to deliver both of the above.

The business purposes are varied, but some hold more promise than others

These technologies appear to have the following broad business purposes - traffic driving, traditional marketing, service enhancement, and translating the store into a virtual interpretation. All show some level of promise and current implementation, but traditional marketing and pre- and post-purchase services hold the most.

Those that enter the space will need to keep the customer in mind at all times

Some initiatives can survive by targeting the masses and hoping something sticks. This is an untenable strategy for virtual and augmented reality initiatives. Determining what sort of shopper this technology serves and convincing them that it is a good fit into their everyday lives and purchasing patterns will be of utmost importance.

User adoption is still in the early stages, so build from what already works

Even rival virtual reality headset producers are giving each other access to their platforms for the time being to help promote consumer uptake. There is plenty to be done in figuring out what works with what. Retailers need not reinvent the wheel - iteration from current user behaviours with the help of tech experts is a good idea.

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Introduction

Scope

What virtual and augmented reality have to offer

Key findings

What are Virtual and Augmented Reality?

What is virtual reality (VR)?

What is augmented reality (AR)?

FAQs: Understanding the basics

FAQs: Common confusions

What Potential Does the Tech Hold?

The two share something in common: N ovelty

Virtual reality pros and cons

Augmented reality pros and cons

Current Business Purposes

General business purposes for retailers

Driving traffic to stores

Marketing tools : Pre- and post-purchase s ervices

Marketing tools : Turning this tech into the new direct r esponse

Marketing tools : Brand experiences

Virtual storefronts

Use Cases by Consumer Value, Business Purpose, and Location

Revisiting the existential questions

What value can VR and AR bring to the customer?

Predicting potential over time by business purpose: Traffic drivers

Predicting potential over time by business purpose: Marketing tools

Predicting potential over time by business purpose: Virtual stores

Location matters when you consider which technology to use

Practical Considerations for Implementation

Revisiting the practical questions

Who will you be targeting?

Practical Considerations for implementation

What devices and platforms should you use?

What sort of content do you need ? What are the building blocks?

Will it go social?

Fad or Future?

Growth is predicted to continue regardless of retail reaction

New technology needs to reflect the customer for them to use it

Why buy this report?

Want to find out more about this report?

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Megatrends

Strategy Briefing

Virtual Reality and Augmented Reality in Retail - Fad or Future?

New Report Guarantee

About This Report

New Report Guarantee

Overview

Why buy this report?

At the beginning of a long development cycle

Brands without satisfying answers to existential questions may be better off investing elsewhere

The business purposes are varied, but some hold more promise than others

Those that enter the space will need to keep the customer in mind at all times

User adoption is still in the early stages, so build from what already works

Want to find out more about this report?

Table of Contents

Introduction

Scope

What virtual and augmented reality have to offer

Key findings

What are Virtual and Augmented Reality?

What is virtual reality (VR)?

What is augmented reality (AR)?

FAQs: Understanding the basics

FAQs: Common confusions

What Potential Does the Tech Hold?

The two share something in common: N ovelty

Virtual reality pros and cons

Augmented reality pros and cons

Current Business Purposes

General business purposes for retailers

Driving traffic to stores

Marketing tools : Pre- and post-purchase s ervices

Marketing tools : Turning this tech into the new direct r esponse

Marketing tools : Brand experiences

Virtual storefronts

Use Cases by Consumer Value, Business Purpose, and Location

Revisiting the existential questions

What value can VR and AR bring to the customer?

Predicting potential over time by business purpose: Traffic drivers

Predicting potential over time by business purpose: Marketing tools

Predicting potential over time by business purpose: Virtual stores

Location matters when you consider which technology to use

Practical Considerations for Implementation

Revisiting the practical questions

Who will you be targeting?

Practical Considerations for implementation

What devices and platforms should you use?

What sort of content do you need ? What are the building blocks?

Will it go social?

Fad or Future?

Growth is predicted to continue regardless of retail reaction

New technology needs to reflect the customer for them to use it

Why buy this report?

Want to find out more about this report?

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