The Rise of AR & VR usage in Home Decor Segment
While some people may have a natural flair for home decor and home interior designing, others are not that gifted. The former can gracefully transform a house into a functional home. While on the other hand, the rest are left thinking long, deep, and hard. Simple decisions such as what item goes where and whether it may even fit in its designated spot appear to be a nightmare!
As always, technology helps overcome these challenges.
While Augmented Reality (AR) and Virtual Reality (VR) may be traditionally linked to video games, the technologies have created a niche for themselves in other industries too. And home decor and interior designing are no exception to this rule. The rise of AR and VR technology in the home decor segment is a testament to its effective, versatile, and invaluable contribution.
Let’s take a look at its journey so far and the future ahead:
Present State of AR & VR in Home Decor and Interior Decoration
The growth of AR and VR for home decor has been in tandem with the demand for online furniture and home decor purchase. Some of the key trends witnessed by this industry include:
- The Year-over-Year growth of the global online furniture market is estimated at 18.99% for 2020.
- In the global home decor online market, the YoY growth is projected at 9.47% by 2024.
- In an online survey of 2019, 12% of buyers admitted to using AR technology for purchasing home furnishings.
- However, the above numbers are expected to boom, considering that the AR and VR industry is set to grow at an unprecedented rate of 65% by 2027.
- Industry giants, such as IKEA and Lowes, have introduced in-house AR technology-driven apps.
Reasons for Growth of AR & VR Technologies in Home Decor
AR and VR home decor apps are effortless to use. All one needs to do is download an app, select the features, and scan their room with a camera – and you get instant suggestions! Witnessing the product in its three-dimensional avatar against its intended setting helps solidify purchase decisions. As such, it makes high-end technology readily available to the common man.
Apart from this very obvious pull, here are a few other reasons for its widespread adoption:
- Due to rapid digitization, the online furniture, and home decor market is booming. Hence, as an extension, it is stimulating the growth of AR & VR in this field.
- It adds a layer of convenience for buyers and sellers. Buyers can make more informed purchase decisions without leaving their homes, while sellers will see higher conversions with reduced returns and refunds.
- AR and VR peripherals have become more affordable, and home decor companies investing in this segment are set to enjoy a high ROI in the long run.
- It promises immense potential in addressing multiple pain points while introducing a layer of comfort, convenience, and transparency.
Future Growth and Development Opportunities
At one point, AR/VR technology may have appeared to be a futuristic concept. However, it has evolved into a reality in several industries, with home decor and interior designing being one of them.
As the scope and implementation of AR and VR technologies widens, it promises a bright future in the home decor industry. Few key areas that would see improvement are:
- Realism in 3D modeling.
- Improved depth of data.
- Enhanced immersion.
- Design personalization.
It is only a matter of time until businesses understand customer requirements and leverage their digital readiness to ride the AR and VR wave!