The UK’s retail market could be boosted by as much as £1 billion a year if retailers invested in technology that allowed consumers to virtually place products in their own homes.
Virtual and augmented reality platforms are widely tipped to be the standout technologies of 2017 after success was achieved in those areas by Sony, Google and Pokemon Go last year.
Now independent research commissioned by DigitalBridge, which BusinessCloud visited to view its technology in action late last year, found that millions of customers would be more likely to make costly purchases if they could preview products in a virtual setting first.
It found that more than a third of consumers may have walked away from making purchases in the last 12 months because they could not imagine what products such as furniture, wallpaper and new flooring would look like in their homes.
“With so much uncertainty already swirling around about the future of UK retail, businesses need every advantage they can get to remain competitive, especially those competing for attention online,” said CEO David Levine.
“With as much as £1bn of revenue up for grabs in the home décor market alone, retailers can no longer overlook the value of virtual and augmented reality as a commercial tool.
“More than half of the consumers who took part in this survey said they would be more likely to make a purchase after using this technology.
“Customers want to see how a product will look in their own home – both for style and to understand scale.
“There is a gap at this point in the customer journey at the moment and it is one that visualisation tools will fill in the near future, helping a considered purchase to feel less complex.”