3D on 3D – Panoteck’s Game Changer for Leading Brands
One of the fastest growing areas of augmented reality technology for retail brands is immersive 3D. A research firm forecasted that virtual and augmented reality will grow globally from over $13 billion this year to more than $67 billion by 2024. The relatively new technology when applied to retail has enjoyed steady growth over the last few years but recent innovation and the rise in e-commerce are finally luring brands to begin to widely adopt the technology to create a more compelling shopping experience.
Let’s quickly discuss the attraction of retail brands to immersive 3D technology:
From a brand perspective, immersive 3D technology is a valuable tool that can be used to stay relevant with existing customers while attracting new ones that are trending younger—think Millennials and Gen Zers—who prefer to shop mostly or exclusively online. It may also attract more conservative shoppers, such as baby-boomers, who mostly or exclusively shop in brick and mortar establishments to purchase online as they are able to explore retail products closer to how they appear in real life.
But online engagement alone is not the only advantage that brands want to gain in using immersive 3D technology. Its wider usage is pointing to higher sales conversions and also proving to impact the reduction of return merchandise rates which could arguably produce long-term savings for many brands.
At Panoteck, we are bringing 3D technology to the next level in the industry for brands with our technology that we aptly call: “3D on 3D.” Our deeply immersive digital technology enables the integration of 3D product imagery content into panoramic virtual boutiques, allowing consumers to explore and experience products digitally like never before, across any device and operating system, with no VR headset or mobile app required.
See our latest engagement that showcases Panoteck’s 3D on 3D immersive technology:
We also uniquely understand the need for luxury brands to adopt immersive technology to transform online shopping. Panoteck is able to translate digitally the tangible, like touching and seeing a physical product up close, into a similar experience that evokes an emotional response that high-end, luxury boutiques are known to provide. Also, immersive digital technologies like 3D can be key in reshaping consumer experiences by increasing a luxury consumer’s confidence in the quality and craftmanship of a particular item, justifying the hefty price tag.
As luxury brands continue to improve their digital presence, they will also be competing over younger consumers to maintain brand loyalty. Many consumers today have high expectations when they shop online and Panoteck’s 3D technology is targeted to engage consumers who are trending younger and are more comfortable engaging with luxury brands online. One recent luxury study indicated that while Millennials currently only represent about 32 percent of the global luxury market, by 2025 they will make up 50 percent of the total market. With this in mind, it’s now up to luxury brands to transform their online digital experiences to capture the next wave of consumers.
Visit Panoteck’s site to learn more about its 3D immersive technology.