Technological advancement:

Technology continues to change our lives in subtle

ways. A few years ago it would have been difficult to
imagine having access to the resources we now have in
our pockets. (and wrists) It’s here today in the devices,
sensors, cloud infrastructure, data and business
intelligence tools you are already using. Soon enough,
sensors will be everywhere. A.I., robotics,
nanomaterials, biotech, bioinformatics, quantum
computing and the Internet of Things (IoT) – these are
transforming the world.
Virtual fitting rooms:
The most intriguing innovations in the retail industry
that utilizes augmented reality

 It is one such emerging technology that I believe can create a massive disruption in Indian
market .
 Gartner predicted the rise of augmented reality to 100 million consumers by 2020 and were
proven correct
 In 2020, the customer conversion rate for AR engaged users increased by 90% and The
potential of augmented realty in the retail industry in 2021 cannot be ignored.
 Using virtual fitting rooms , customers could ‘try on’ their products like jewellery and cosmetics with
their smartphones.
 These technologies are a new way for retailers to do what customers want them to — create
compelling shopping experiences and have rich communications with them.
 Where many other retailers saw losses in the face of the pandemic, Sephora saw great gains
with its use of augmented reality technology in 2020.
Some sneak peak into the budding
technology

Do check a glimpse here

https://www.youtube.com/watch?
v=Es1qxA_XszY
Expectations out of virtual shopping and
some key findings:
 “Try-before-you-buy” approach is more difficult to manage while adhering to public health mandates
during the COVID-19 pandemic, augmented reality is in a unique position to help customers make choices
on products.
 Fit technology majors like Fits.me, True Fit, Metail, Dressformer, Clothes Horse, or Virtusize are supplying
fashion outlets a variety of the latest tools to set up changing rooms on the web.
 Seventy to eighty percent of "early tech adopter" consumers are eager to use virtual commerce
technology to design rooms, customize products and shops with friends from across the globe, according
to a study from L.E.K. Consulting.
 Eighty percent (80%) of shoppers want to use AR or VR to design a room or physical space by browsing
virtual or physical showrooms, getting information about furniture and décor, and "seeing" what it looks
like. (The survey respondents were made up of consumers who had already experienced VR and AR
technology.)
 V-commerce can create new, special experiences that would otherwise not be possible, and that leads to
greater consumer engagement,”
Is it for you?
 It goes without saying that these services can play an instrumental role in maintaining
an unhindered flow of revenues.
 With virtual fitting rooms, each individual customer’s exact size and fit details along
with preferences are recorded digitally.
 Tremendous potential for understanding the unique preferences of each customers
and offering them with the right choices based on their sizes and purchase patterns.
 The possibilities of personalized marketing, when the retailers are armed with this
unique information and insights, are astonishing.
How retailing works:
 Retailing is the distribution process of retailer getting the
goods (either from the manufacturer, wholesaler, or agents)
and selling them to the customers for the actual use.
 In simple terms, retailing is the transaction of small quantities
of goods between a retailer and the customer where the
good is not bought for the resale purpose.
 Retail works on a simple revenue model of mark-up. The
retailers buy the goods at a cost price, add up the cost of
labour, equipment, and distribution to it along with the
desired profit margin, and sell it at a higher price.