Top Five Ways Retailers Benefit from Immersive Shopping in An Economic Downturn
During an economic downturn, consumers have stricter budgets and are more conscious of how they spend their money.
Retailers also face a variety of challenges including reduced consumer spending and increased competition. However, by adopting an immersive shopping experience online retailers can even prosper during these times.
Retailers can increase customer engagement, differentiate themselves from the competition, increase RPV and conversions, extend their reach to new markets, and gather relevant data-driven insights.
Below are the top five ways that retailers can benefit from immersive shopping in an economic downturn.
1. Increased customer engagement
In a traditional shopping experience, customers can physically engage with products and other shoppers. They can compare items to other items and try things on. With online shopping, it is much more difficult to create this engagement, but not impossible.
By equipping your e-commerce website with immersive shopping experiences, you allow your customers to engage with your product similarly to the way they would in a physical store. With Virtual Try-On, customers can visualize products on themselves to gain a realistic understanding of how the product will look. Additionally with Compare To, customers can compare items against other items and everyday items to visualize the size of the product.
Providing this engagement creates a unique experience for online shoppers and increases not only their likelihood to buy, but also to come back to the store again.
2. Improved online brand differentiation
Immersive shopping experiences can help set retailers apart from their competition. By allowing customers to engage with a product beyond traditional product imagery, retailers deliver a more personalized shopping experience. This keeps customers engaged and interested in a product and helps breed long-term loyalty for your brand.
Additionally, if a customer is able to visualize an item on themselves or a virtual model, they will feel more confident in their purchase. This builds trust and increases the likelihood that the customer will return to your company.
3. Increased RPV and Conversion Rate
Every sale matters during an economic downturn. Immersive experiences have proven that they increase RPV and conversion rates. With features such as ring stacking, shoppers are able to visualize multiple products at once to create their perfect look. Retailers can even utilize their existing recommendation logic to provide custom recommendations. This leads shoppers to purchase more than the original item they set out to purchase.
4. Extended reach
Online shopping transcends the physical store boundaries. When companies aren’t restricted by their location, they are able to expand their reach and access new markets. This is especially important if an economic downturn has hit some regions more than others, in which case a company that isn’t constricted by location can have a major impact.
5. Data driven insights and personalization
Immersive shopping experiences generate valuable insights into customer preferences, behaviors, and interactions. Retailers can then leverage this data to make decisions in regard to what their customers need and prefer. This allows retailers to create tailored offerings and marketing strategies.
Retailers can also personalize their experience to increase customer satisfaction and build trust. Shoppers are more likely to return to a store they trust especially during an economic downturn. This leads to increased sales and builds a strong community of repeat customers.
While an economic downturn puts pressure on businesses, families, and more, if handled correctly, it can be an opportunity. To learn more about how your e-commerce business can implement immersive shopping experiences, schedule a demo here.