Augmented reality (AR) is significantly impacting retail, with the AR retail market expected to grow from $2 billion in 2021 to $61.3 billion by 2031.
Notably, 2/3 of consumers using AR are less likely to return products, and retailers are experiencing up to a 40% increase in conversions through AR applications.
To offer more insight into this developing trend, let me share the most crucial augmented reality retail statistics you should be aware of right away. 🌐📈
Augmented Reality Retail Statistics: The Key Data
- The global AR retail market was $2 billion in 2021 and will reach $61.3 billion by 2031.
- Only 16% of retailers use AR during sales.
- 2/3 of consumers are less likely to return a product after using AR.
- Augmented Reality can increase customer interaction rates by 20%.
- AR can help retailers increase conversions by up to 40%.
- Product presentation using the AR function has a 94% higher conversion rate than product presentation without AR.
- 71% of consumers say they would shop more if they used AR.
- 61% of consumers prefer retailers that offer augmented reality experiences.
- Mobile AR revenue will rise from $12.45 billion in 2021 to $21.03 billion in 2023.
- 72% of shoppers who used AR in their shopping journey said they purchased stuff they didn’t plan to buy.
Sources: (Infopulse, Xrtoday, Merchant Risk Council, Adweek, NLM, Eclipse Group, HBR, G2.)
Learn More: Retail Numbers
AR Retail Market’s Explosive Growth: $2 Billion in 2021 to $61.3 Billion by 2031.
Important takeaway:
| Insight from Data | Rationale |
| Meteoric ascent of the AR retail market | The expansion from $2 billion in 2021 to a projected $61.3 billion in 2031 illustrates the transformative impact of AR in reshaping the retail landscape. |
| AR as a revolutionary tool in retail | Such a robust growth projection emphasizes AR’s role as not just an additive, but a potentially central component in future retail experiences. |
| Imperative for retailers to adapt and invest | Given the anticipated market valuation, there’s an urgent directive for retailers to embrace AR, ensuring they’re at the forefront of this tech-driven retail evolution. |
Source: Infopulse
A Minority Play: Only 16% Retailers Incorporate AR in Sales.
Important takeaway:
| Insight from Data | Rationale |
| Significant underutilization of AR in retail sales | The mere 16% adoption rate highlights a vast untapped potential of AR as a transformative tool in enhancing the sales process. |
| Opportunity for competitive differentiation | Given the current limited adoption, early integrators of AR can position themselves distinctively, offering enriched customer experiences. |
| Necessity for forward-thinking retail strategies | The statistic underscores a need for retailers to be proactive, recognizing and capitalizing on technological advancements like AR to stay relevant and competitive. |
Source: Xrtoday
AR Reduces Regrets: 2/3 Consumers Less Likely to Return Products Post-AR Use.
Important takeaway:
| Insight from Data | Rationale |
| AR significantly reduces consumer return rates | The fact that two-thirds of consumers are less inclined to return a product post-AR usage underscores AR’s efficacy in enhancing purchase certainty. |
| AR provides a heightened clarity in decision-making | This trend indicates that AR offers a more immersive, accurate portrayal of products, leading to well-informed and satisfactory purchase decisions. |
| Imperative for retailers to leverage AR as a trust tool | Given its proven impact on reducing returns, retailers are presented with a compelling case to integrate AR as a means to bolster consumer confidence and streamline post-sale logistics. |
Source: Merchant Risk Council
Augmented Reality’s Charm: Customer Interaction Rates Jump by 20%.
Important takeaway:
| Insight from Data | Rationale |
| AR as a potent driver of enhanced engagement | The assertion that AR can boost customer interaction rates by 20% highlights its role as a pivotal tool in captivating and sustaining consumer attention. |
| Opportunity for deeper consumer-brand connection | This uptick in engagement suggests that AR fosters a more immersive and interactive shopping experience, deepening the bond between brands and their customers. |
| Imperative for brands to capitalize on AR’s potential | Given its tangible impact on engagement, there’s a compelling mandate for retailers to integrate AR into their strategies, ensuring they harness its full potential in fostering customer relationships. |
Source: Adweek
Boost in Baskets: AR Techniques Skyrocket Retailer Conversions by 40%.
Important takeaway:
| Insight from Data | Rationale |
| AR as a transformative catalyst for sales | The potential to enhance conversion rates by a staggering 40% positions AR not merely as an additive tool, but as a central pivot reshaping the retail sales dynamic. |
| AR’s role in bridging the digital-physical divide | This conversion surge suggests that AR successfully mitigates uncertainties associated with online shopping, offering consumers a more tactile, ‘try-before-you-buy’ experience digitally. |
| Imperative for strategic AR integration in retail | Given its pronounced effect on conversions, the onus is on retailers to seamlessly incorporate AR, ensuring they harness its capabilities to drive sales and amplify profitability. |
Source: Adweek
94% Surge in Conversion with AR Product Presentation Over Traditional Showcasing.
Important takeaway:
| Insight from Data | Rationale |
| AR as an unparalleled accelerator for conversions | A remarkable 94% boost in conversion rate for products presented with AR accentuates its unparalleled potency in galvanizing purchase decisions. |
| Resounding affirmation of AR’s immersive capabilities | Such a pronounced difference suggests that AR offers an immersive depth and clarity to product presentations, engendering greater consumer confidence. |
| Imperative for a paradigm shift in retail presentation | In light of these findings, retailers face a compelling directive to pivot towards AR-integrated presentations as a cornerstone of their sales strategies. |
Source: NLM
AR Lure: 71% Consumers Inclined to Shop More with AR Experience.
Important takeaway:
| Insight from Data | Rationale |
| AR as a profound magnet for increased consumer shopping | The assertion that 71% of consumers would shop more with AR utilization underscores its capacity to enrich and amplify the retail experience. |
| Validation of AR’s role in enhancing purchase allure | This significant percentage indicates that AR not only adds a layer of interactivity but also heightens the allure of the shopping process, prompting more frequent engagements. |
| Imperative for a proactive AR adoption in retail | Given its clear influence on shopping frequency, retailers are presented with a strong mandate to seamlessly integrate AR, ensuring they tap into its potential to drive repeat business. |
Source: Eclipse Group
Consumer’s Choice: 61% Favor Retailers Offering Augmented Reality.
Important takeaway:
| Insight from Data | Rationale |
| AR as a pivotal determinant in retail preference | With 61% of consumers showing a proclivity towards AR-equipped retailers, it’s evident that AR is fast becoming a non-negotiable in modern retailing. |
| AR’s integral role in defining a superior shopping journey | This consumer preference underscores AR’s ability to elevate the retail experience, ensuring a more immersive, informed, and satisfying shopping journey. |
| Imperative for retailers to pivot to AR-centric models | Given its palpable impact on consumer choices, the onus is on retailers to align with this emerging trend, positioning AR at the forefront of their customer experience strategies. |
Source: HBR
Mobile AR Revenue Set for Hike: $12.45 Billion in 2021 to $21.03 Billion in 2023.
Important takeaway:
| Insight from Data | Rationale |
| Explosive growth in the Mobile AR sector | The forecasted leap from $12.45 billion in 2021 to $21.03 billion in 2023 underscores the meteoric rise and robust potential of the Mobile AR market. |
| Validation of mobile as the preferred AR platform | This sharp revenue projection reinforces the idea that consumers are increasingly engaging with AR experiences on their mobile devices, solidifying mobile’s position as the dominant AR platform. |
| Imperative for stakeholders to amplify mobile AR focus | In light of the anticipated revenue surge, businesses and developers in the AR space face a compelling mandate to prioritize mobile AR innovations and offerings. |
Source: G2
AR’s Unplanned Perks: 72% Shoppers Make Unintended Purchases Post-AR Use.
Important takeaway:
| Insight from Data | Rationale |
| AR as a potent catalyst for unplanned purchases | The revelation that 72% of AR-engaging shoppers made unplanned purchases underscores AR’s profound influence in steering purchasing behavior beyond initial intentions. |
| Emphasis on AR’s role in enhancing product allure | Such a notable percentage indicates that AR’s immersive presentation can amplify the appeal of products, leading to spontaneous and additional buying decisions. |
| Imperative for retailers to harness AR’s persuasive power | Given its tangible impact on impulsive buying, retailers have a compelling case to integrate AR experiences, leveraging them as a strategic tool to boost sales volumes. |
Source: Eclipse Group
