New Survey from Coresight Research and Obsess Reveals Immersive Experiences Featuring AI, Virtual Stores and Try-On Rank as Retailers' Third-Highest Overall Investment Priority
NEW YORK,, Oct. 24, 2023 /PRNewswire-PRWeb/ -- Fifty-five percent of US brands and retailers across categories say they will "definitely" increase their investment in immersive experiences over the next three years, according to a new executive research study by Coresight Research and leading experiential e-commerce platform Obsess.
The survey of 150 US-based brands and retailers across the fashion, beauty, CPG/FMCG and home categories also found that, on average, immersive experiences rank the third-highest investment priority overall for brands and retailers over the next 12 months, behind e-commerce and mobile user interfaces/website agility, and marketing campaigns/influencer marketing. Immersive experiences ranked higher than supply chain agility/logistics, payments, product R&D, store renovations, loss prevention technology, and employee training and development.
In order of investment priority in the next 12 months, the following immersive experiences rank top of mind for brands and retailers:
- Data/AI-enabled content for personalization
- VR/AR-enabled virtual try-on
- Virtual stores
- Virtual events/fashion shows
- Social shopping
- Gamified shopping experiences
"By leveraging immersive experiences such as virtual stores, data/AI-enabled content for personalization, social shopping and gamified shopping experiences, brands and retailers are poised to deliver more meaningful, engaging and personalized shopping journeys," said Deborah Weinswig, CEO and Founder of Coresight Research. "Our data shows that retailers of all kinds are looking to prioritize these types of investments, which will lead to increased customer acquisition, customer loyalty, conversion and, ultimately, business growth. This technology continues to show real business impact."
All respondents in the survey stated that their companies are considering increasing their investment in immersive experiences over the next 10 years—with a significant 86% stating that they "definitely" will.
"In today's fast-changing retail landscape, brands and retailers have a unique opportunity to harness the power of immersive experiences to redefine customer engagement," said Neha Singh, CEO and Founder of Obsess. "The accelerated adoption of immersive experiences, particularly virtual stores, which we found increased total sales for 88% of brands surveyed, have now reached scale with a proven impact on conversion and sales. The emphasis on personalized content also suggests that brands and retailers recognize the urgency and importance of tailoring immersive experiences to individual preferences."
Additional key findings:
- 61% of all surveyed companies have invested in virtual stores
- 88% of brands and retailers that have invested in virtual stores have seen significant or moderate increases in total sales as a result
- 77% of surveyed companies that have invested in virtual stores have seen an increase in click-through rates
- 67% of brands and retailers that have invested in virtual stores have seen an increase in new customers
Data/AI-Enabled Content for Personalization
- 71% of surveyed brands and retailers have invested in data/AI-enabled content for personalization
- More than three-quarters (77%) of companies that have invested in data/AI-enabled content for personalization reported significant or moderate increases in online sales
- 40% of surveyed companies have invested in gamified shopping experiences
- 77% of brands and retailers that have invested in gamified shopping experiences have seen significant or moderate increases in online sales as a result
- 65% of all surveyed companies have invested in social shopping
- 78% of brands and retailers that have invested in social shopping have seen significant or moderate increases in online sales as a result
About Coresight Research
Coresight Research is a research and advisory firm specializing in retail and technology. Established in 2018 by leading global retail analyst Deborah Weinswig, the firm is headquartered in New York, with offices in London, Lagos, Hong Kong, Shanghai and Mangalore (India). The firm provides data-driven analysis and strategic advisory to clients including retailers, brands, enterprise technology companies, accelerators and more. In addition to being renowned for its breadth and depth of research, Coresight Research is known for its expertise in the China market, helping clients with market entry and cross-border e-commerce strategies. Coresight Research is also known for its Innovator Intelligence platform, consisting of a vast network of technology entrepreneurs that it actively cultivates through events, mentorship and regularly updated report coverage. For more information, visit www.coresight.com.
Obsess is the leading immersive shopping platform that enables brands and retailers to create interactive, branded, discovery-driven virtual stores and experiences on their websites. The mission of the company is to create the next-generation online shopping interface that transforms the traditional e-commerce thumbnail grid into a 3D, interactive, social and highly engaging experience. The company is headquartered in New York City, with additional offices across the US and Europe. For more information, please visit ObsessAR.com or email [email protected]
For Coresight Research:
Asylum Public Relations
Berns Communications Group