Immersive Technologies: A Critical Success Factor for Modern Retailers

Dong Phong Nguyen, Huong Ho Xuan, Truong Thi Hoang Oanh, Vo Kim Nhan and Angelina Nhat Hanh Le

Chapter 7 in Emerging and Evolving Business and Management Issues in Vietnam:Research and Practice, 2024, pp 193-240 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The retail industry has undergone a massive transformation in recent years due to rapid technological advancements. Immersive technologies such as augmented reality (AR), virtual reality (VR), and mixed reality (MR) have become essential elements for modern retailers to enhance their customer experience and stay ahead of their rivals. Based on 107 scholarly papers, this chapter provides a comprehensive review and synthesis of technological features in addition to the variety of benefits that existing and emerging immersive technologies can bring to retailers and consumers. In particular, the two main categories of immersive technology features are identified: sensory stimuli and perceptual stimuli. The benefits that these technologies offer to the success of contemporary retailers in terms of gaining new consumers, keeping existing ones, and cultivating new ones are revealed and analyzed. In addition, a set of values for customers that are made possible by immersive technologies throughout the consumer shopping journey, which consists of pre-, during-, and post-purchase phases, are presented and synthesized. Not only will academics benefit greatly from our findings but so will those in charge of running retail businesses.

Keywords: Strategic Management; Environmental Uncertainty; Digital Marketing; Marketing and Digital Shift; Cultural Intelligence; Quality Measurement; Prosumption; Transitional Economy; IoT Adoption; Market Orientation; Social Investment; Productivity Growth; Fintech; New Managerialism; Financial Literacy; Digital Literacy; Personal Financial Management; Digital Financial Services; Vietnam (search for similar items in EconPapers)
JEL-codes: F23 F44 M1 M11 M16 M31 (search for similar items in EconPapers)
Date: 2024
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