Retail Industry AR and VR Technologies †MyAssignmenthelp.com

Question: Discuss about the Retail Industry AR and VR Technologies. Answer: Overview of Startup and Retail Industry: The startup organization will be an online retail platform catering to clothing and makeup products to the customers. It will target the professionals who dont get time to go to the store on real time basis and yet want to try the clothing and makeup looks before placing an order. This can be augmented by using the current technologies such as Augmented Reality (AR) or Virtual Reality (VR). Australia is expanding into a stable retail industry with the influx of various international retail brands making an entry due to the countrys geographical presence near to Asia, increasing demand of the consumers, and viable economic conditions (Nikki Baird, 2017). Retail media arent progressive currently and yet have iterative impact on the innovation. Fundamentally it is changing the view how shoppers draw in with retailer. Before it affects the technology, retailers must know the impact of using retail media network on their business (Roy Morgan Research, 2016). Existing technology analysis and trends: The Australian retail industry is behind the curve and is using smart phones or the sales technologies only. The AR and VR technologies have not been in use as customer-centric and are mostly being used for marketing purposes only (Roy Morgan Research, 2016). AR and VR: VR connects with consumer by creating simulated world using technologies like handset or electronic hardware.For example, a protective cap with a screen inside or gloves fitted with sensors. In comparison, AR covers virtual components onto this present reality as observed through a cell phone or tablet (Nikki Baird, 2017). Unlike VR, AR does not depress the perspective of ones environment, rather, "increases" this present reality with pictures, content, video, illustrations, and so on. This feature advances AR to wide-scale, especially in retail. Additionally, while VR has totally astounded media outlets; AR has discovered a reliable balance in the retail business. Organizations can give a level of association between their items and customers by submerging them in a totally new condition with usage of AR(Dan McKone, Robert Haslehurst, and Maria Steingoltz, 2016). Problem Statement and Benefits of AR and VR: The start-up needs to provide a walk-in retail experience to target customers with their online platform from the comfort of customers home. VRand ARhave mostly been used as marketing tools offering individuals chance to change how they shop. One client may attempt on shirt without travelling to the store. The applications utilizing innovation focus on the client comfort providing customized client counter (Dan McKone, Robert Haslehurst, and Maria Steingoltz, 2016). The effective joining of VR and AR into retail models will incredibly change the way retailers are considering stores without boundaries. Recommendation Conclusion The patterns that will most influence the business' future;Autonomous Retail Service Robot (ARSR) technology can progress and heighten in-store facility and training. Customers can have a look on robots 3D scanner by showing an item, they actual want (Euromonitor International, 2016). The retail condition is as unique today as it has ever been. Rivalry is increasing and moving to new fields, and customers are quickly advancing their way to deal with buy choices. An opportunity to act is presently. Retailers that do will be the champs when the following part of retailing history is composed (Dan McKone, Robert Haslehurst, and Maria Steingoltz, 2016). References Nikki Baird (2017). In Retail, AR is for shoppers and VR is for Business, Forbes [online]. Available from: https://www.forbes.com/sites/nikkibaird/2017/04/26/in-retail-ar-is-for-shoppers-and-vr-is-for-business/ [Accessed 7 August 2017] Euromonitor International (2016). Virtual Reality and Augmented Reality in Retail-Fad or Future. Available from: https://www.euromonitor.com/virtual-reality-and-augmented-reality-in-retail-fad-or-future-/report [Accessed 7 August 2017] Dan McKone, Robert Haslehurst, and Maria Steingoltz (2016). Virtual and Augmented Reality will reshape Retail. Harvard Business Review. Available from: https://hbr.org/2016/09/virtual-and-augmented-reality-will-reshape-retail [Accessed 7 August 2017] Roy Morgan Research 2016. Australian Retail Industry leaders are behind the curve on technology adoption. Article No. 7056. Available from: https://www.roymorgan.com/findings/7056-technology-adoption-among-retail-industry-decision-makers-june-2016-201611181225 [Accessed 7 August 2017]