fbpx
woman shopping in augmented reality

The Future of Retail

The team at HoloMe is extremely excited to announce our partnership with ASOS to continue bridging the gap between the online and offline shopping experience for their customers. This strategic partnership will showcase the launch of HoloMe’s futuristic AR technology, and provide ASOS customers with an immersive shopping experience that has never been seen before in the fashion industry. The following article is dedicated to providing a recap of the current state of retail and how this has led to the newly formed partnership with ASOS. So strap in while we transport you into the future of online shopping.

The World of Retail

The (retail) world is changing. As the capabilities of 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 the American department store Sears. The 126-year-old brick and mortar retailer narrowly escaped complete 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 changing landscape of the retail market. Consumers are directing their attention to the convenience and informative product details available through online commerce or e-commerce. E-commerce not only allows customers to shop in any environment they desire with access to an unmatched selection of goods, but also 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 retailer, 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 total sales volume to top $4 trillion by 2021, and expect further fast-paced year-over-year growth to continue into the foreseeable future. A large driving factor behind the continued growth of e-commerce is the development of disruptive technologies that are working to bridge the gap between traditional and online retail. 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. Take for example the fashion industry; 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 has developed ground breaking augmented reality (AR) technology which 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. We see the rise of e-commerce as 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 for their online shoppers. Through the camera lens of a user’s chosen device, consumers are able to project a company’s 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 AR technology, online businesses are not only able to provide a more competitive

experience to that of traditional retail, but are also able to capitalize on all the benefits of e-commerce. Take for example a potential consumer who is looking to purchase a new outfit but feels uncomfortable searching through and trying on clothes in a public setting. The AR technology developed by HoloMe will allow for these very same customers to thoroughly examine countless pieces of clothing from the comfort of their own homes. This not only provides customers with the privacy they desire but also offers an unlimited amount of time to decide what they want to purchase.

HoloMe’s unique AR technology is set to revolutionize the online shopping experience by bringing the future of e-commerce to present day businesses. For those looking to be on the cutting edge of online retail technology, implementing HoloMe’s AR software will prove to be an extremely lucrative conversion tool. The platform will actively retain consumer attention and engagement which are two of the strongest factors for increasing online sales.

Partnership Announcement

Speaking of companies working to be on the cutting edge of online retail, 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 as a company that pushes the boundaries of what is possible in an online marketplace. ASOS was one of the first brands to implement videos that showcased outfits available for purchase on their website. The use of video resulted in a sizeable sales boost for these outfits. ASOS is looking to further its pursuit of disruption through its adoption of HoloMe’s AR software. The partnership between HoloMe and ASOS represents the future of online retail through an initial launch of more than 150 products on the ASOS marketplace; all of which will boast a full AR experience. Consumers will be able to interact with online products on a much deeper level. The June 11 launch will kick off a six-week activation period, where both men’s and women’s apparel will be available for users to browse. ASOS is leading the market with this initial campaign and will be the first fashion company to implement what will be a widely adopted technology.

Stay tuned for more exciting developments!