Virtual and Augmented Reality: Analysis of Business Implementation in Retail

Online shopping and the overall use of the internet is changing rapidly, despite the fact that the internet is around for four decades. With the constant increase of users, and therefore also the increase of various interactions with it, such as online shopping, enterprises are forced to explore new, innovative ways to implement in their business model in order to maintain their competitiveness and attract new customers and maintain their current ones. Such technologies are augmented reality and virtual reality. This paper tries to shed some light on the topic of augmented reality and virtual reality and their implementation in different business models as well as their effect and challenges that were faced. This study shows that AR and VR technologies can be implemented by various business models, with different client segments, and have a positive outcome, from the business perspective. Companies tend to be to some extent reluctant in implementing such technologies, because it emphasizes a significant investment for them. Also, because those technologies are still pretty new and unexplored, the reluctance of companies in implementing them tends to be greater. There are so-called “early adopters” as shown in the paper below, and these cases seem to have had a success in adopting such technologies and leveraging their potential in maintain or improving their market position.