There are nearly 27 million ecommerce stores worldwide today. Meanwhile, the average shopper’s attention span has dwindled to less than five seconds — muddling the purchase decision funnel in a highly saturated market. Retailers are eager to understand how to win the diminishing attention of consumers, and then turn that attention into sales.
The Rise of Immersive Experiences
Enter immersive experiences, a suite of interactive shopping solutions that have now reached scale and widespread adoption amongst consumer brands and retailers. A recent Coresight report finds that more than half of brands and retailers are looking to invest in immersive experiences during the next three years, with each planning to spend an average of $234K+ on related technologies annually.
“Immersive experiences” as related to any of the following digital shopping components:
- Data/AI-enabled content for personalization
- VR/AR-enabled try-on
- Virtual stores
“77% of brands and retailers that have invested in data/AI-enabled content for personalization have seen increases in online sales. Fashion companies, in particular, report benefiting from increased customer acquisition and conversion as a result.”
Obsess, the most scaled virtual platform in the industry, offers over 300 immersive experiences in various categories. They transform the traditional 2D ecommerce thumbnail grid into a browser-based 3D, visual, engaging, and social experience that incorporates brand storytelling with next-generation commerce.
The Power of Immersive Technologies
The Coresight report revealed that virtual stores and AI-driven personalization are the top investment priorities for brands and retailers. Virtual stores allow customers to browse and discover products while engaging with branded content in a CGI-rendered environment. Companies that have implemented virtual stores have seen uplift in sales, new customers, and clicks to product pages.
“88% of retail decision-makers that have invested in virtual stores have reported an uplift in sales, following the launch of a virtual store. Likewise, 67% have seen an increase in new customers and 77% have seen an increase in clicks to product pages.”
Obsess further enhances the immersive experience by using generative AI to create virtual experiences, making the setup process faster and more cost-effective. They also leverage generative content like gaming, quizzes, chatbots, and virtual assistants to elevate the user experience in immersive stores.
It is clear that immersive experiences will define the next generation of shopping. Brands and retailers who invest in immersive technologies can unlock access to gaming-native consumers and convert them into loyal customers. As competition in the market continues to intensify, it is crucial for retailers to stay ahead of the curve.
The Future of Immersive Technologies
Looking ahead, immersive technologies are set to evolve rapidly as processors become more powerful and network speeds increase. 3D digital interfaces, which are more intuitive and aligned with human interactions, will extend into every part of the internet. Apple’s announcement of the Vision Pro spatial computer is just one example of how 3D will become more accessible to the mass market in the next five years.
Neha Singh is the CEO and Founder of Obsess, an experiential ecommerce platform. She has a strong background in software engineering and product management, having previously worked at Google and Vogue. Singh holds degrees in Computer Science from The University of Texas at Austin and MIT.
