Snap Bets On AR To Win Online Luxury Buyers

Snap Bets On AR To Win Online Luxury Buyers
  • Snap Inc's SNAP head of luxury betted on augmented reality and other advanced video filters to showcase clothing and other branded products.
  • "Every day, we have 250 million people engaging with augmented reality on our platform," Geoffrey Perez said at the Bloomberg Technology Summit in London. "Not just to try dresses on, but also jewelery and makeup." 
  • Snap works with retailers to develop tools that let customers try on clothing virtually. 
  • Also Read: Snap Stock Is Surging Again: What's Going On?
  • Eventually, Snap could expand that into an "AR enterprise business," charging a startup fee and small transaction fees to merchants, CEO Evan Spiegel said earlier.
  • Snap may also eventually look at ways to use the so-called metaverse to sell products, though AR is its primary focus, he said. 
  • Last year, Snap launched an AR version of its Spectacles smart glasses capable of displaying 3D effects. The wireless glasses can last for 30 minutes on a single charge.
  • In August, Snap shared plans to lay off around 20% of its workforce. Snap's hardware division, which designs its AR/VR products, would see layoffs hinting at a pullback from the space.
  • Price Action: SNAP shares traded higher by 0.24% at $10.48 on the last check Wednesday.

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