Home Decor Start-ups Using Augmented and Virtual Reality for Growth
As per IDC, the world of AR and VR is all set to witness a profound growth in the coming years by touching the mark of $162 billion in 2020.
The world today is driven by technological innovations such as Augmented Reality (AR) and Virtual Reality (VR) that have multi-dimensional impact on fast growing industries. One such industry segment is home décor which is expanding by leaps and bounds and is assuming a new shape that is revolutionising the way its consumers interact with the players in the industry. Today, not just the giants but even the home décor start-ups have started making use of AR and VR extensively for growth and expansion.
AR and VR’s impact on start-ups’ growth in the home decor industry
Thanks to the technology, the start-ups in the home decor segment are now able to portray the furniture as well as other relevant products in three-dimensional images/videos to their target potential customers, thereby, impacting the customer engagement to a very large extent. Typically, having a direct influence on the conversion rate, AR and VR paves way for the customers to ditch the option of making a personal visit to a furniture store. In order to explore the products in good detail, all the customers are required to do is to make intelligent use of AR-driven showcasing of the product on their smartphone or computer.
Furthermore, with AR and VR, there has evolved a win-win situation in the market. On one hand, where the home decor players are placed in a better position to present their finished products in 3D to the potential buyers, on the other hand, there is a developed space for the buyers to experience the newness right from the comfort of their homes. Thus, today, the home decor start-ups, being aware of strong influence that the AR and VR solutions can deliver, are tapping the technological potential right from the early stages of their existence.
The growth of AR and VR and its impact on home decor start-ups’ future
As per IDC, the world of AR and VR is all set to witness a profound growth in the coming years by touching the mark of $162 billion in 2020. By 2021, the market is expected to reach $215 billion. These statistics very clearly state that there will be mushroom growth not just in the realm of technology (AR and VR) but also the industries that incorporate them in their operations. The home decor industry which is expanding at a rapid speed with an expectation to register a CAGR of 4.2 per cent during 2015-2020 (as per Global Opportunity Analysis and Industry Forecast Report, 2014 – 2020), will also see huge usage of AR and VR technologies in the future. Particularly, the new-age start-ups in the segment will bring about a revolution.
In fact, by utilising the AR and VR technologies which have the potential to let the customers visualise the furniture and other appealing home decoration products with the help of a computer or smart VR glasses etc., the starts-ups in the home decor segment are already delivering unique and customised home decor solutions to their customers and posing huge competition to the giants in the segment. If we talk about India, then here also, many new start-ups in the home decor segment have started providing end-to-end interior designing solutions (including 3D walkthroughs) to their customers by creating complete online model for their new homes.
To sum up, there is no doubt that the AR and VR technologies will revolutionise the home decor industry segment and especially the start-ups in a noticeable manner. In future, further tuning in to the new technological trends, the start-ups will leave no stone unturned in gaining the heights of success and providing home decor solutions to their customers in a unique way.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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