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Augmented Reality and the Future of Retail

1st July 2019

We are excited to announce our partnership with ASOS to continue bridging the gap between the online and offline experience. This partnership showcases the launch of HoloMe’s futuristic augmented reality technology, and provides ASOS customers with an immersive shopping feature. The following article provides a recap of the state of retail and how this has led to the newly formed partnership. So strap in while we transport you into the future of online shopping.

Augmented Reality and the Future of Retail

The (retail) world is changing. As technology continue to progress at an exponentially increasing rate, we are experiencing more and more aspects of daily life being supplemented by emerging online and digital technologies. Nowhere is this more evident than in the retail industry— don’t believe us? Just ask Sears. The 126-year-old brick and mortar retailer narrowly escaped liquidation this past year after filing for bankruptcy in 2018. The fall of this once colossal corporation can be largely attributed to its failure to adapt to the retail markets changing landscape. Consumers are directing their attention to the convenience and informative product details available through online commerce.

 

e-Commerce Growth

E-commerce facilitates easy comparison between competing products and prices. To quantify the rise of e-commerce, the industry has seen an increase from $2 trillion to $2.86 trillion spent globally on online shopping over the last two years (2016-2018) (Internet retailing, 2019). The growth rate of e-commerce sales is expected to ease over the coming years, which is typical for a maturing industry. However, sources such as eMarketer are forecasting sales volume to top $4 trillion by 2021, and expect further fast-paced year-over-year growth to continue into the foreseeable. A large driving factor behind the continued growth is the development of disruptive technologies. Currently, traditional retail dominates e-commerce and accounts for more than 85% of global sales.

With the current state of technology, there are still aspects of the in-person shopping experience that are absent from the online ecosystem. These aspects include the consumers’ desire to physically inspect the products they are purchasing. In fashion, customers want to make sure the item they are buying will fit well and look how they expect. In an attempt to resolve this discrepancy, HoloMe’s AR technology gives users a more realistic interpretation of the products they are viewing. Failure to adopt this type of innovative technology will result in loss of market share to competitors who are offering a stronger digital experience.

Tell Me More About HoloMe

Our team believes in solving real problems faced by real people everyday. The rise of e-commerce is an opportunity for retailers to create the most immersive and convenient online experience possible. This is the philosophy behind the launch of HoloMe’s AR retail technology. What HoloMe offers to online businesses is the ability to bring their products to life in an engaging experience. Through a user’s phone, consumers are able to overlay products into their surrounding environment. Think ​Pokémon Go​ meets online shopping. By displaying products in the real-world, shoppers are able to grasp the true size, scale, and detail of the merchandise they are browsing.

This level of interaction has previously only been available through traditional retail, and was considered a barrier to growth for online channels. By utilizing HoloMe’s revolutionary augmented reality technology, businesses can provide a better experience to that of traditional retail, and customers can capitalize on the benefits of e-commerce. For example, a consumer could be looking to purchase a new outfit, though feels uncomfortable in a public setting. HoloMe’s tech allows these customers to examine countless pieces of clothing from the comfort of their own homes. This not only provides customers with the privacy they desire but an unlimited amount of time to decide what they want to purchase.

For those looking to innovate in online retail, implementing HoloMe’s augmented reality software will bolster conversion. The platform will actively retain consumer attention and engagement which are two of the strongest factors for increasing sales.

Partnership Announcement

The ASOS and HoloMe partnership represents a new wave of online shopping experiences. For quite some time, ASOS has been a leader in the e-commerce space and has been known for its innovation. ASOS was one of the first brands to implement videos that showcased the outfits they were selling. The use of video resulted in a sizeable sales boost. ASOS is looking to further its pursuit of disruption and has adopted HoloMe’s software.

HoloMe and ASOS’s partnership represents the future of online retail through it’s initial launch of more than 150 products ; all of which will boast a full augmented reality experience. Consumers will be able to interact with online products on a much deeper level. June 11th’s launch kicks off a six-week activation period. Men’s and women’s apparel will be available for users to browse. ASOS are known as market leaders, and will be the first fashion company to implement what will be widely adopted.

Stay tuned for more exciting developments!