The Economic Times ― ET Retail: Cognizant’s Global Head of Delivery for Retail and Consumer Goods Says AR and VR are Taking Omnichannel Retail to the Next Level

“Forecasts suggest that VR (virtual reality) and AR (augmented reality) could be the next biggest technology disruption since the smartphone,” writes Singaravelu Ekambaram. “These technologies are taking omnichannel retail to the next level. In this digital era of heightened consumer expectations, AR and VR are becoming essential tools for both ecommerce and brick-and-mortar players to thrive.” Excerpts:

“VR and AR is dramatically changing how retailers do business, and how their customers shop, browse and buy. The lines dividing physical and online stores are merging to form a pure-play, integrated retail environment. With this kind of digitization, shopping is evolving into highly efficient and personalized experiences.

For retailers, VR and AR headsets can be a tool for squeezing the most value out of the data gathered from social media and mobile apps. Consumer shopping patterns can be used to create virtual tours tailored to the expectations of different customer segments. Shoppers can use the headsets to experience a new product or service without being physically present in a store.

The operational benefits could be equally attractive for retailers. For example, using HMDs, store personnel could track hands-free sales across multiple stores to make inventory adjustments in real time, or assist customers by visualizing the exact location of individual products.

Rationalized product selections will allow shoppers to virtually view, try on or try out items from a digital product catalogue and smart shelves, enabling them to make faster, more informed decisions.

Overall, an immersive environment orchestrated around a customer’s buying behavior will afford a super-personalized, 360-degree interactive shopping experience.

There are actions that companies can take right now to get on board and get ahead in the VR and AR space. The first step would be to re-envision the digital roadmap to include virtual and augmented reality. Identify the customer touch points where virtual and augmented reality can deliver the most impact and create an ROI blueprint for enabling these technologies. It is important to have a VR partner whose capabilities and objectives complement yours. The key would be to start small, engage users, then scale.

Clearly, the digital economy is shifting the balance of power from retailer to consumer. Retailers should align their USPs with customers’ shopping preferences to design unique experiences.”

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