DIpil Das
What’s the Story?
This report forms part of our Innovator Profile series, which focuses on emerging technologies that are disrupting traditional retail and fueling innovation across the retail value chain. Coresight Research collaborated with each covered company to offer insights into their business models and offerings. In this report, we profile Trivver, an XR marketing solutions provider that empowers retailers to create AR and VR advertisement campaigns and generate detailed insights into their effectiveness.Why It Matters
The XR market has grown substantially in recent years alongside consumer interest in AR and VR technologies. As early as 2016, 71% of US consumers said they would shop at a retailer more often if they used AR, according to a survey conducted by Interactions Consumer Experience Marketing. The global XR market is projected to grow from $43 billion in 2020 to $333 billion by 2025, according to BIS Research (see Figure 1).Figure 1. Global Extended Reality Market Size (USD Bil.) [caption id="attachment_122248" align="aligncenter" width="725"]
Source: BIS Research[/caption]
Trivver: In Detail
What Problem Is the Company Solving?
Trivver was founded in 2013 as an in-game advertising platform but quickly discovered that its technology could be used to help companies optimize marketing in other realms. The company does not see its product as solving a problem but rather as providing an opportunity for brands to easily utilize XR in their advertisements. In addition to offering the ability to market using XR, Trivver also empowers clients to collect meaningful data on consumer engagement. In all forms of marketing, many retailers frequently ask the same question: Did the consumer have the opportunity to see the ad, and if so, how impactful was it? Trivver’s XR platform can answer these questions by quantifying user visibility and engagement metrics and providing insights on advertisements’ effectiveness to clients, as shown in the image below. [caption id="attachment_122250" align="aligncenter" width="725"]
An example of the consumer-engagement metrics that Trivver’s platform can provide retailers Source: Trivver [/caption] How the Covid-19 Pandemic Has Impacted Business Trivver has seen its business accelerate during the pandemic, as more consumers crave immersive shopping experiences from the comfort and safety of their home. Retailers and brands looking to provide these experiences have come to Trivver to learn more about ways to leverage XR ads and measure engagement rates, according to the company. In addition to an influx of retail clients, Trivver has also seen an uptick over the course of the pandemic in the number of ad agencies wanting to utilize XR. Case Studies In the last quarter, Trivver worked with a large furniture company in Southern California to improve consumer engagement by leveraging AR technology. Using Trivver’s platform, the furniture retailer was able to more than double its previous click-through rates on advertisements. Data collected by Trivver indicated that, in addition to clicking on the ads, consumers are deeply engaging with them: Users spend 93 seconds viewing AR ads on average. Competitive Advantages Trivver’s advantage in the XR field comes in part from its early entry and widespread patenting of technology. To date, the company has received over 20 patents in the XR space and has an additional 53 pending patents. As a result, the company owns nearly all data that is sent and received from any 3D digital content. Trivver’s platform includes several features that differentiate it from other XR providers. First, for 3D immersive environments such as online games, the company has created an auto-scaling technology that allows brands to create a 3D digital asset and deploy it to countless locations within these environments. Second, Trivver created a clickable portal that allows any brand to attach the company’s shoppable 3D/AR Portal to any digital content, such as video advertisements, display advertisements, apps, websites or emails. Lastly, Trivver has created a user-friendly XR advertisement platform that enables advertisers to set up their XR ad campaign within a few minutes. Upcoming Developments As previously mentioned, Trivver has more than 50 patents pending in the XR space that will help the company extend its presence in the market. In 2021, the company is also set to launch its Data Rewards Program with MasterCard—a partnership through which Trivver will be able pay participants for their data and so collect large quantities of high-quality consumer data.