Various established enterprises and new age start-ups have
identified the true potential of this industry and are developing and adopting
this technology. According to the study, ‘Virtual
& Augmented Reality In Retail And Fmcg - Thematic Research’, some of the retail and FMCG firs that
have put this technology to use include Alibaba, Alphabet, Amazon, Apple, Facebook,
Himax, HTC, Sony, Tencent, Vuzix, ANTVR, Meta, L'Oreal and Nestle. In order to
ensure ease of shopping in India, companies have been aggressively promoting
the use of this technology. The traditional brick and mortar stores have been
shifted to an online B2B r B2C or C2C websites. This was done keeping in the
rising youth population who were facing the problem of unavailability of time
during their schedule and hence the traditional stores shifted to online
websites. Further developments involved the use of artificially intelligent
technologies in order to make the entire process streamlined. The phase of
demonetization in India further incentivized the companies to invest in these
technologies to make the online FMCG or retail business much smooth. AR is
being used to convey the full product information to the buyer. It is also
being used by various companies for comparison between two products allowing
customers to do comparative analysis. There is a huge scope for the development
of AR and VR in the product reviewing and feedback segment which will allow
customer feedback to take effect properly.
Companies and organizations have been trying to develop artificial
intelligence technologies since nearly 60 years but recent trends and
developments have been shown that near perfect inventions have been discovered
recently. The growth in the technological industry alongside the boom in video
gaming industry has led to simultaneous growth in VR & AR industry as well
which has made the devices much smaller in size and more immersive. The growth
rate in the shipments of VR and AR devices has been immense when compare to
2016 which suggest that not the individuals but also companies are actively
adopting this technology to make their operations more smooth and quick. 2016
proved to be the best year for the entire mobile based artificial intelligence industry.
Companies are readily adopting this technology as customer interaction and
satisfaction has improved greatly with these devices.
VR has been incorporated by many retail
companies at their physical stores especially outlets such as furniture and
other heavy retail products industry. VR is used by these companies to allow
the customers to test the product without having physical possession of the same.
The benefit that the company gets is that they do not have to maintain huge
stock of goods which may lead to unwanted inventory accumulation. The customers
do not have to wait for the product to be made available physically.
The potential for this industry globally is
immense and the market will be seeing huge growth in the future. The
competition landscape is fragmented with many companies currently trying to
adopt this technology and use it to their advantage. There has
been much collaboration between technology giants and retails and FMCG
companies which are trying to integrate this technology and make the best out
of the both.
For
more information on the research report, refer to below link:-
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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
