The luxury watch industry needs hooks to captivate customers and drive sales. Maybe, because this isn’t a need based industry. In fact, this makes the space extremely competitive. Thus, smart brands keep their eyes and ears open to innovations that can help them stand out in the crowd. One such groundbreaking innovation that’s making waves in the market is Virtual Try-On (VTO). 5 benefits of implementing a virtual try on today.
In this blog post, we will analyze why incorporating VTO has proven to be a game-changer. We will investigate if a VTO significantly increases the sales of luxury watch brands. Supported by compelling statistics, we will delve into the benefits of VTO.
So then, let’s get on to the impact on various components one by one.
1. Consumer Experience
Virtual Try-On serves as a powerful tool to engage customers in the luxury watch buying process. Through immersive experiences, potential buyers can visualize how a watch will look on their wrist without physically trying it on. This interactive approach creates a deeper connection between customers and luxury watch brands.
Luxury watch brands that have implemented VTO experience an average increase of 35% in customer engagement compared to traditional shopping methods. This surge in engagement is driven by the ability to virtually try on different watch models, allowing customers to explore various designs, sizes, and styles.
By empowering customers to envision themselves wearing a luxury watch, VTO technology generates excitement and fosters a sense of personal connection.
Check this 3 Minute read blog to know why consumers of luxury watch brands prefer VTOs over traditional online/offline shopping.
2. Enhanced Conversion Rates
Conversion rates play a crucial role in measuring the success of any sales strategy. With VTO, luxury watch brands are witnessing remarkable improvements in conversion rates. This translates into higher sales numbers.
Leading luxury watch retailers have reported significant conversion rate increases after integrating VTO on their websites.
In fact, some retailers experienced a hike in conversion rate of 45% with the VTO feature. These statistics reinforce the notion that VTO persuades potential buyers to make a purchase.
VTO enables customers to try on virtual watches. Obviously, this instills a sense of confidence in their buying decision. Virtually visualizing the watch on their own wrist helps carefully considering factors such as design, size, and style. Thus, customers experience an elevated level of certainty about their purchase. This consumer confidence directly contributes to improved conversion rates.
3. Reduction in Product Returns
One concern in online luxury watch sales is the rate of product returns. However, VTO technology has shown promising results in minimizing return rates. THe obvious reason is that a VTO ensures customer satisfaction. THus it helps reduce associated costs for luxury watch brands.
Virtual Try-On allows customers to assess how a watch looks and fits on their wrist, virtually. This eliminates any uncertainties they may have had prior to purchasing. This detailed visualization experience significantly reduces the likelihood of post-purchase dissatisfaction. This leads to fewer returns and exchanges.
Studies reveal that luxury watch brands that integrate VTO experience a substantial reduction in return rates. On average, these brands observed a 25% decrease in product returns. This clearly indicates a positive impact of VTO on the customer and the brand. VTO enhances the pre-purchase experience. It provides customers with a realistic view of the watch on their wrist. Thus, it minimizes the risk of dissatisfaction. Hence a VTO ensures that customers receive the product they desire.
4. Reach and Presence
This is the most remarkable point of VTO. Luxury watch brands with VTO capabilities can tap into a global customer base. In fact, the VTO tools today encourage users to share their VTO experiences with snapshots on their social media
This creates a sense of virality. Thus, VTO itself is a complete social selling kind of plugin.
Studies indicate that luxury watch brands incorporating VTO technology witnessed a significant increase of 20% in international customers. Thus VTOs help expand market presence and drive sales across borders.
If you want to further know how a VTO also offers deep insights on consumer behaviors for you to make informed decisions - Check this 3 minute read post.
Virtual Try-On technology has revolutionized the luxury watch industry. IT has proven to be a catalyst for increased sales. The statistics analyzed in this blog post highlight the positive impact of VTO technology on customer engagement, conversion rates, and reduction in product returns. By leveraging VTO technology, luxury watch brands can provide an immersive and personalized shopping experience that resonates with customers on a deeper level. As this technology continues to evolve, luxury watch brands that embrace VTO will undoubtedly gain a competitive edge in the market, driving their sales to new heights.
Kavita has been adept at execution across start-ups since 2004. At KiKsAR Technologies, focusing on creating real life like shopping experiences for apparel and wearable accessories using AI, AR and 3D modeling