Virtual and augmented reality will turbo-charge a brand’s competitive advantage
Quick read
➨ Nine in 10 C-suite executives of retail and consumer goods companies are investing in technologies to create virtual environments and plan to invest further
➨ Accenture estimates that 1% of retailers use augmented and virtual reality technologies to improve the consumer experience
➨ Among published patents, the share mentioning augmented or virtual reality has grown by 277% over the past five years
The story
A new report from Accenture suggests that retailers and brands are doubling down on immersive technologies to create ‘real virtualities’, defined as digital environments that are increasingly realistic, engage all senses, and create a greater connection to the physical world.
The Business Futures report identified ‘real virtualities’ as one signal of business change that are most critical for organisations to understand going into the future, with nine in 10 C-suite executives of retail and consumer goods companies telling Accenture that they are investing in technologies to create virtual environments and plan to invest further.
A separate finding revealed that 73% of respondents believe virtual environments will primarily enhance interactions and experiences in physical environments.
Despite this strong leaning toward ‘real virtualities’ becoming the norm, particularly in retail environments, Accenture estimates that 1% of retailers use augmented and virtual reality technologies to improve the consumer experience.
However, were this figure to increase to just 2%, it could translate into an estimated additional sales growth of $66 billion, according to Accenture.
Further research backing Accenture’s prediction about ‘real virtualities’ as one signal of business change is its patent analysis, which indicates that among those published, the share mentioning augmented or virtual reality has grown by 277% over the past five years.
Previous Accenture research has also found that one in five consumers moved online for virtual consultations, such as for hair and makeup, and almost half (46%) plan to continue to do so going forward. Consumers are three times more likely to purchase products such as makeup, fashion and food online now than they were before the pandemic.
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