It won’t be long when the big guys in the online business would look forward to massive technology upgrades to increase their share in retail. Currently it stands close to 20%, but that’s a bit less for the convenience that it offers to the clients in general. With a wide array of payment methods, easy returns, and most importantly a generous number of reviews makes online retail the first choice for a lot of things, but not for everything. And we wonder why?
First reason is of course the trust barrier, but that is slowly being penetrated by honest business practices, the second is visualization. Imagine you wish to get something as simple as a dustbin, you have an existing one and you want one of the same size. You go to the online store and they offer 2 options – 12 inches and 6 inches, but you are not sure, while going to the present dustbin and checking its dimension is no rocket science but who’d make an effort? You check the price, and delay the decision by a few days. In a couple of days you walk into your local convenience store, see a dustbin just about the same size as your current one, pick it up, do some calculations in your head, realize the difference in price, pay a little bit of premium and eventually bring it home.
What just happened? Well the visualization matters, infact mobiles were not being ordered online to such a large extent till all of them almost started looking the same and the size difference – 5 Inches, 6 inches were kind of embedded in your head.
As a consumer, you can make these choices, and a little inconvenience here and there doesn’t matter but as an online retailer this could make a difference in a large percentage of your revenue. You are equipped to sell, you are honest, and most importantly you are giving all the required product information but the thing doesn’t get picked up, more so if it is a high value item such as furniture, coolers, kitchen appliances, refrigerator, TV etc. These are big ticket items and can make a world of difference to your revenue. How do you solve this problem?
Well the best thing that you can do right now and perhaps in the near future is move to AR. Create 3D objects for your inventory, and let your clients visualize those in the comfort of their homes, at odd hours, before they decide to order it, because they can see it, experience it, and in some cases interact with it too.
AR offers much more though, it helps your clients explore a lot of new things, drive new decisions in their purchase, lets them understand the complexity of the product a little better and most importantly help your business get that “Unique Selling Point” at a time when the competition is getting tougher with so many new online retail players in the market.