The Rise of 3D and AR in Retail
As we look ahead to 2024, retailers in the furniture industry are gearing up for a transformative year, with a significant shift towards resource-efficient and innovative customer experiences. Jostein Pedersen of Chaos highlights the increasing adoption of 3D visualisation technologies, including Augmented Reality (AR) and Virtual Reality (VR), as key tools for enhancing the retail journey. A Forrester and Chaos survey reveals that 60% of furniture firms are expanding their use of these technologies, with 70% citing revenue growth as a critical outcome.
Blending Online and In-Store Experiences
The integration of 3D product visualisations is not confined to online shopping; it’s making its way into physical showrooms too. Retailers like Wayfair are introducing interactive in-store features that allow customers to visualize products in various finishes or in a virtual representation of their own home. This approach is set to redefine the blended online and in-store shopping experience, as nearly two-thirds of furniture firms embrace visualisation technologies, and 93% of industry leaders consider them vital for their business strategies.
Addressing Customer Expectations Amid Rising Costs
In the face of growing competition and heightened customer expectations, retailers are turning to 3D visualisation to stand out without incurring additional costs. Personalising product imagery across multiple channels is a daunting challenge, particularly in furniture retail. 3D visualisation offers a cost-effective solution, as demonstrated by outdoor furniture retailer Yardistry, which doubled its ecommerce sales while slashing photography expenses.
AI: The New Workhorse in Retail
Artificial Intelligence (AI) is set to play a crucial role in streamlining furniture retail workflows. By automating tasks such as image resizing and recolouring, AI is freeing up creative minds to focus on business strategy and creative direction. In 2024, we can expect to see a wider adoption of AI throughout the visualisation process, with 42% of furniture companies already using AI for real-time customisation and 52% for image recognition and tagging.
Cloud Platforms: The Gateway to Scalability
Cloud platforms are empowering retailers to quickly generate a high volume of assets for use across various marketing channels. This scalability is essential for enhancing the omnichannel retail operation, with a majority of furniture firms believing that 3D visualisation will be crucial for extending their brand reach over the next year.
Investing in the Future of Furniture Retail
A commissioned study by Forrester Consulting for Chaos, titled ‘Tech Trends Impacting the Furniture Industry: From AI to 3D Product Visualization’, found that 60% of furniture firms are increasing their investment in visualisation technologies. With 68% allocating 10-25% of their budget towards AI and 3D visualisation, the industry is recognising the significant benefits, including enhanced customer experiences and increased sales and engagement, both online and in-store.