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Saturday 29th April 2017

Virtual Ashridge

Global perspectives » Leadership/Strategy/Change » strategy+business - All Updates » Why Augmented Reality Will Be the Next Revolution in Retail

Why Augmented Reality Will Be the Next Revolution in Retail

The Pokemon Go fad was the first legitimate case study in mass-scale augmented reality (AR). Brands, retail stores, and marketers quickly realized the opportunity inherent in the success of Pokemon Go. It doesn’t require a big leap of faith to imagine people chasing expiring deals and coupons, trading and buying goods in the virtual world with virtual currencies, watching digital billboards, and interacting with brands. In fact, AR may offer physical retailers a competitive advantage against brick-and-mortar competitors. Companies are experimenting on a range of independent platforms, trying to understand their audiences and grasp how their brands fit in this new environment. Once the medium matures, in four to five years, AR will become table stakes for retailers and brand marketers, and companies will have to figure out how they can curate bespoke content and create unique experiences in this new medium. It is clear that companies must use AR to lead customers through four stages: creating awareness, growing engagement, converting customers at key decision and purchase points, and building enduring loyalty.

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