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Augmented reality (AR) and virtual reality (VR) can help consumers visualize how clothing will look on their bodies or how furniture will look in their homes. 鈥淭here's also some great AI technology which helps people pick the right size,鈥� said Perkins.

Part of that I think had to do with the state of VR headsets and AR. But even so, about 90 million people use AR in the US, 70 million just on social media on their smartphones, and an additional 70 million use VR, virtual reality.

The other thing that I found interesting is that VR use is picking up, so Millennials currently outnumber Gen Zers in terms of VR use, but we can expect Gen Zers to have the highest rate of VR use, almost nearly half of them, about 47.1% will be using VR regularly by 2028 according to our forecast. It's picking up speed at a much higher generation.

Even Meta, which changed its name to reflect a new era in technology, has put its virtual reality aspirations on the back burner. AI has already had a more tangible impact on advertising than Web3 tech ever did. Use of AI for data management is commonplace. In August 2022, even before the current AI boom, a Salesforce survey found that 90% of marketers were using AI to automate customer interactions.

Meta鈥檚 all-in pivot to the metaverse has painted it into a VR corner, which will make it difficult for the company to pivot away in the future. Apple鈥檚 reliance on China and on iPhones for profits has resulted in monumental losses while pressure mounts for new products in the face of waning innovation.

As social media platforms develop their social commerce capabilities, beauty brands may invest in more VR tools to encourage consumer adoption. This was originally featured in the Retail Daily newsletter. For more retail insights, statistics, and trends, subscribe here.

But these may be early signs that virtual reality is leaving headgear in 2022. Electric-city: Though less than 2% of the US population will drive an electric car this year, there were still a couple of significant electric vehicle (EV) announcements at CES. Volkswagen is coming after Tesla鈥檚 reign, with a car that can drive over 400 miles on a single charge.

Brands can use digital tools like AR and VR to give a try-before-you-buy experience to consumers starting their shopping journey online. Social media can extend the digital into the physical (or vice versa). For example, brands can work with a creator to post social content online and then build a curated pop-up shop of the creator鈥檚 favorite products in-store.

Shopping in-store gives customers the ability to feel fabrics and try clothing on鈥攁 feature for which there is no online equivalent, even as VR and AR technologies allow for visualizations. Although discovery is most popular in-store, retailer websites and apps generate more conversions for clothing, shoes, and accessories purchases.

ByteDance battles Meta for virtual reality app developers. Lemon8 gains favor in the US as TikTok鈥檚 fate hangs in the balance. Major brands like Apple are upping their TikTok ad spend. Yesterday鈥檚 Chart of the Day: Podcastic ad opportunities.

Social commerce has yet to reach its potential in the UK. Social buying is still on the rise鈥攁nd there is plenty of headroom to grow spend.

The US Federal Trade Commission (FTC) moved to block Meta鈥檚 acquisition of rival VR fitness app Supernatural in August, citing Facebook鈥檚 鈥渋nnovation by acquisition鈥� strategy. Continued regulatory pushback forces Meta to innovate rather than acqui-hire talent and products. Amazon.

Prime Day shoppers are more likely to be into tech than the general population, leaning toward purchases of smart watches, smart home devices, and AR/VR products, according to CivicScience. 鈥淭his helps to explain why electronics sell so well on Prime Day,鈥� said Dick. 鈥淚t鈥檚 a remarkably tech-savvy group of consumers 鈥� They are on the front lines of early adoption of new technology.鈥�.

While the FTC has appealed the ruling, the setback calls into question the regulator鈥檚 recent string of failures, including its inability to block Meta鈥檚 purchase of rival VR company Within. Zooming out: Khan maintains that such regulatory losses can still help signal the need for updated antitrust laws in the digital age.

On the same call, then-CFO Dave Wehner reported that Reality Labs, Meta鈥檚 augmented/virtual reality (AR/VR) business unit, lost $3.7 billion in Q3 2022. He added that Reality Labs鈥� operating losses would 鈥済row significantly鈥� in 2023 on a year-over-year basis. Poor stock performance: At the market close on November 30, 2022, Meta鈥檚 stock was down more than 63% from a year earlier.

VR applications can also be used to help women in labor, patients suffering from acute and chronic pain. And more often, VR treatment can reduce or remove the need for pharmaceutical therapies. And then one other thing they pointed out, a study from the University of Washington, found that burn patients reported experiencing significantly less pain when distracted with VR.

鈥淟everaging technology to further that consumer journey is really important,鈥� she said, citing Alo鈥檚 VR experiences that enable consumers to take classes or browse products. 鈥淚t鈥檚 just not a two-way street anymore. We鈥檙e in it together, and both sides have something to [take away from it] to truly make it special and meaningful, especially with Gen Z.鈥�.

鈥淟everaging technology to further that consumer journey is really important,鈥� she said, citing Alo鈥檚 VR experiences that enable consumers to take classes or browse products. 鈥淚t鈥檚 just not a two-way street anymore. We鈥檙e in it together, and both sides have something to [take away from it] to truly make it special and meaningful, especially with Gen Z.鈥�.

Meta鈥檚 stock plunged 71% in 2022 after the company spent $15 billion on building Zuckerberg鈥檚 vision for a VR metaverse. Our take: Multiple waves of layoffs are expected to hit Meta this year. Facebook, Instagram, WhatsApp, Facebook, and Reality Labs are just some of the businesses under Meta that may be affected, and rebalancing staff in each business unit will take time.

Time spent on media and consumer spending are plateauing, making one company's gain another's loss. Diving into these market dynamics, we explore innovative strategies for advertisers and retailers to win consumers in the new digital era.

Meta kept Facebook as its de facto social network while it drummed up interest for its VR pivot. Twitter鈥檚 brand lexicon, such as tweets, retweets, and tweet-storms, are all intrinsic to the blue bird brand and have no analog on X. Analyst take: 鈥淚t鈥檚 the end of an era for Twitter, but the writing was on the wall,鈥� said Jasmine Enberg, principal analyst at Insider Intelligence.

At the same time, the number of platforms continues to grow as connected TV (CTV), VR headsets, and even cars add games.

The problem: While it is under pressure to produce another hit product category, now might not be the right time for Apple to pivot toward AR and VR. Even Meta CEO Mark Zuckerberg, the leading proponent of the metaverse, said a functional metaverse is years away from being realized.

Some brands are experimenting with augmented reality/virtual reality try-on tools and the metaverse to attract online shoppers, but so far consumers remain uninterested in the technologies. 5. Luxury is a top performer.