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.
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.
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.
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.
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.
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.
In the ever-evolving landscape of e-commerce, standing out from the crowd and engaging customers in meaningful ways is the name of the game. Shoppers no longer seek just products; they crave experiences that mimic those of traditional brick-and-mortar shopping.
E-commerce has revolutionized the way we shop, offering convenience and unprecedented choice at our fingertips. Yet, online and mobile purchasing often falls short in delivering the same experiences as in-person shopping. Immersive shopping experiences, which may include augmented reality (AR), 3D, lifestyle imagery, and more, bridge this gap by recreating the feeling of trying on, comparing, and experiencing products virtually.
These experiences aren't just for looks (i.e. branding); they are essential for e-commerce success. Research has consistently shown that immersive shopping experiences lead to higher customer engagement, reduced cart abandonment rates, and increased sales. Customers who can interact with products in a digital environment are more likely to make confident purchase decisions.
For retailers, optimizing the consumer purchase journey on their website is an attractive alternative to spending money on advertising. As our client Jewlr says, “The results speak for themselves. We were very pleased with the increase in both conversion rate and RPV.
However, creating immersive shopping experiences presents its own set of challenges. Retailers must find efficient and scalable ways to provide these experiences for their entire product catalog.
Tangiblee has become the market leader in providing immersive shopping experiences to retailers worldwide. Our approach is centered around delivering a seamless, interactive, and scalable experience to customers.
One of the standout features of Tangiblee is its ability to process a staggering 5000 SKUs daily. This means that retailers can offer immersive experiences for their entire product range, no matter how vast.
Retailers can seamlessly integrate Tangiblee into their websites with just a single line of code. This makes it easy for brands of all sizes to adopt the platform without complex technical overhauls.
Tangiblee extracts product details and imagery directly from the retailer's catalog. This enables Tangiblee to equip a retailer’s catalog with no additional photoshoots.
Tangiblee's team then works closely with retailers to configure the user experience based on best practices and client feedback. This customization ensures that the immersive experience aligns perfectly with the brand's identity. Before going live, each SKU undergoes a rigorous quality assurance and testing process. This guarantees that customers receive a flawless and engaging experience every time they interact with a product.
“It was honestly one of the easiest integrations we’ve ever gone through…” says Back (co-founder, Apt2B).
The advantages of adopting Tangiblee's solution are numerous:
1. Cost Savings: Tangiblee eliminates the need for expensive in-house web and software development, 3D model creation, and photoshoots, reducing operational costs.
2. Reduced Maintenance: With Tangiblee handling the technology development, integration support, and ongoing maintenance, retailers can focus on their core business, knowing that their immersive shopping experience is in expert hands.
Immersive shopping, including a full suite of extended reality (XR) experiences, are not just a luxury but a necessity in the competitive world of e-commerce. Tangiblee has emerged as a market leader, offering a scalable, user-centric, and low maintenance solution for retailers seeking to provide these experiences to their customers. By bridging the gap between online and in-person shopping, Tangiblee is helping brands not only survive but thrive in the digital age.
It's time to explore what Tangiblee can do for your e-commerce needs. Schedule a demo with our skilled team today.
The world of retail has gone digital, and any organization that can't keep up risks being left behind. Today's shoppers demand an interactive online experience. You cannot provide them with that if your online store is entirely static.
Product photos and descriptions, while still extremely important, don't paint a complete picture of what it's like to actually use a product. They leave far too much up to the imagination, which ultimately damages customer confidence. To name just a few examples, without interactivity, your store cannot fully convey:
Those details are all left entirely up to the shopper's imagination — such that they might as well simply go to a brick-and-mortar store instead.
Remember as well that all this is happening against a backdrop of changing consumer expectations. Per a recent Salesforce report, the experience provided by a company is just as important as its products or services for nearly 90 percent of shoppers. Those same people have largely adopted a digital-first mindset, with more than half preferring to engage through digital channels and purchase online.
Because of this, embracing innovation in retail is no longer about gaining a competitive advantage, but a matter of survival. Your store must not only be interactive, but also immersive, highly personalized and customer-centric. Should you fail to fulfill these expectations, most of your shoppers will very likely seek out a competitor that does.
But what exactly does it look like when a retailer aces interactivity? How can you tell if your own brand is doing digital retail the right way? We'll start by previewing a few retailers who've worked with Tangiblee to excel in interactive experiences — then, once you know what that involves, we'll walk you through how you can follow in their footsteps.
A high-end jewelry retailer with over 40 years of expertise, Noemie has always maintained a strong online presence. The company, which sells rings, necklaces, bracelets and earrings, generates the majority of its revenue via its online store. It's always prided itself on the aesthetics of its e-commerce site, which it maintains alongside three brick and mortar locations — two in New York and one in Aspen.
Noemie approached Tangiblee with the goal of elevating its shopping experience while maintaining the characteristics that made it unique as a brand. We worked with the retailer to implement several interactive features and technologies:
These features allowed Noemie to greatly improve both customer engagement and revenue, with a 118.7 percent increased conversion rate and 125.1 percent increased revenue per visitor.
Apt2B is an online furniture retailer established with a singular vision — to provide an e-commerce experience that reflects the need of modern, tech-savvy shoppers. Although it began as a small bootstrapped company, it's since become an internationally-recognized brand, with a product catalog consisting of over 3000 furniture and home decor SKUs. The one constant between then and now is that the brand relies heavily on technology integration partners in providing and maintaining a high-end customer experience.
It was only natural, then, that Apt2B sought out Tangiblee. The company's founders recognized that buyer confidence was a significant issue for their line of business. They needed better, more immersive visualization.
With that in mind, Apt2B deployed the following technologies:
As a result of its efforts, the furniture retailer enjoyed a sevenfold increase in conversion rate and 11.8 percent increased average order value.
Abbreviated as WGACA, What Goes Around Come Around is a designer fashion brand that sells both vintage and pre-owned luxury items. WGACA's custom collection of high-end apparel, accessories and bags come from some of the biggest names in luxury fashion, including Louis Vuitton, Gucci, Chanel and Hermes. Originally established in 1993, the company currently operates two flagship brick-and-mortar outlets, one in Soho and the other in Beverly Hills.
It was only recently that, seeking to evolve alongside the retail sector, WGACA sought to elevate its online shopping experience. The brand saw the writing on the wall, and recognized that shoppers wanted more interactivity. It also knew that maintaining traditional product imagery would be an incredibly challenging undertaking given how frequently its inventory changes — never mind the fact that its product catalog spans over 14,000 SKUs.
With that in mind, WGACA connected with Tangiblee to deploy:
This new level of interactivity and immersion increased WGACA's revenue per visitor by 221 percent and its conversion rate by 227 percent for its online store.
Victorinox is a world-renowned retailer of Swiss Army Knives, cutlery knives, travel gear and watches. With a history spanning over 130 years, the brand established a reputation for quality well before digital retail was even a thing. It could have easily continued focusing on brick-and-mortar retail and ignored the online space altogether — but instead, it set out to provide a peerless online shopping experience.
That meant finding a way to visually communicate product sizes to shoppers, which the company achieved by deploying the following technologies:
Deploying these technologies increased Victorinox's conversion rate by an average of 106.8 percent and its revenue per visitor by 116.9 percent.
We've already discussed how consumer expectations are evolving. People now expect a superior level of service and customization at every stage of their online retail journey, from first contact through to final sale. And they're perfectly willing to leave behind brands that fail to provide them with that.
In a sense, the greatest benefit of online retail is also its greatest weakness. On the one hand, it gives retailers access to an infinitely larger market of potential shoppers than they would reach through physical outlets. On the other, those shoppers also have access to an infinitely larger selection of competitors.
In this hypercompetitive space, it's the companies that do the best job of creating memorable, tailored experiences that excel. They're the retailers that inspire customer loyalty and advocacy, the brands that keep people coming back time and again. Embracing immersive online shopping comes with another significant benefit, as well — it provides you with an opportunity to learn more about your audience than ever.
This is because you can collect information about a shopper at every single touchpoint in their journey. Every time they interact with your brand, you learn more about them and more about what they're looking for. Not only does this allow you to deliver more effective personalization, but you can also leverage analytics to identify bottlenecks and opportunities around your shopping experience.
Last but certainly not least, online retail done right can create an additional revenue stream for brick-and-mortar retailers, one which may potentially serve as an enormous competitive advantage.
Now that we've gone over the benefits of interactive retail and given a few examples of it in action, let's talk about what you need to successfully implement that experience in your own shop.
This is the golden rule of retail in its entirety. In order to deliver an effective interactive experience, you need to understand your target audience. That means not only identifying what they're looking for and why, but also knowing who they are.
Ideally, you want to be able to answer the following questions about your customers:
You wouldn't expect a mechanic to design a website, nor would you demand that a web developer write a novel. Everyone has their own areas of expertise. You may excel at retail, but that doesn't mean you have the technical skills required to build and implement your own immersive retail solutions.
Realistically, even if you did, why go to all the time and effort when you can simply reach out to a technology partner such as Tangiblee? Our immersive shopping and augmented reality solutions are lightweight, intuitive, and trusted by some of the world's top brands. They also require no maintenance and are fully compatible with almost every major e-commerce platform.
Finding the right technology for your website is only the first step. You also need to find a way to integrate that technology so that it enriches your shopping experience without overly taxing your backend. That's easier said than done, unfortunately — many interactive shopping solutions are either incredibly complex to configure or extremely resource intensive.
Tangiblee is neither. We do all the heavy lifting where integration is concerned, collecting existing 2D images and product content via an automated crawl of your catalog, product feeds, and emailed product lists. Not only that, we offer white-glove service from sign-up through to rollout, including ongoing support and maintenance.
The end result? Seamless, stress-free integration, a low total cost of ownership, and a time commitment of less than two hours a month managing our solutions.
Like most digital industries, online retail is data-driven. You need to be able to collect, organize and analyze everything about how customers interact with your store. Not just to identify potential bottlenecks, but also to measure your success.
Tangiblee makes doing both easier than ever, with powerful built-in analytics that allow you to measure everything from traffic to conversions.
Interactive online retail is the future. Of that, there can be no doubt. And augmented reality is only the start — virtual reality has evolved in leaps and bounds over the past several years, to the extent that full immersion might soon be a possibility.
But that's not happening for a while yet. For now, it's enough to know that if you want your company to remain competitive, you need to embrace innovation.
In the face of changing consumer expectations and a shifting industry landscape, the companies that successfully cater to the wants and needs of their shoppers will succeed. The rest will ultimately be left behind.
Are you looking to create an interactive experience for your customers? See how Tangiblee can help. Book a demo today to get started!