While augmented reality might still evoke visions of science fiction, the technology has progressed to the point where it’s ready to enter the mainstream.
This week, we’ll examine the most recent developments in retail technology and explore analysts’ forecasts for the upcoming holiday shopping season..
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AR meets physical retail
Although the world of augmented reality still seems a bit like a sci- fi movie, the technology has advanced to the point where it is ready to hit the mainstream.
AR has the potential to transform how and why we make payments and buy certain items, simplifying processes and virtually eliminating the need to take out our wallets.
Innovation in physical retail — for buyers, retailers and tech companies — is about to accelerate. Augmented reality glasses, once adopted by the mainstream, will bring forth a renaissance in physical retail that merges the digital and physical shopping experiences.
Hands-free, contactless payment, Personalized recommendations, and virtual showrooms, are just a handful of the use-cases that the technology will be capable of.
Do you see AR being a viable option in your store? Respond to this email and let us know your thoughts!
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Holiday season preparations
This holiday season, running November 1 through December 24, U.S. retail sales excluding automotive are expected to increase 3.7% year-over-year (YOY), according to Mastercard.
Looking back at the 2022 holiday shopping season, inflationary pricing and pent-up demand, coupled with excess savings and rising wages allowed consumers and retailers to navigate the season well.
After years of inventory and spending habits being in flux, the 2023 season is expected to bring a broader rebalancing across categories, channels, and sectors in alignment with macroeconomic trends.
Click HERE to read more about the upcoming holiday season.