A report by Altimeter mentions that the pooled market size for virtual reality (VR) and augmented reality (AR) is slated to expand from $18 billion markets in 2018 to $215 billion by the year 2021. There is a compelling reason why many businesses, drawn by immerse technology, are looking to adopt AR/VR in their business strategy. In fact, the sooner, the better. Here are five possible use cases mentioned in the study report:
1. Develop brand awareness:
Is your company trying to create marketing ‘buzz’ about its product or solution? Why not implement AR into your marketing plan so that you can reach a wider audience base? At least the report says so. Product launches, events and ad campaigns are just perfect to show off your newly adopted AR technology.
2. Employee training:
The report mentions that Employee motivation and training can best be effectuated using VR or mixed reality (MR) as it allows employees learn by doing instead of traditional learning. The experience is tailored and personalised, near to real life experience, and employees don’t have to bear the brunt of cost consequences of on-job training errors.
3. Test and study customer wants and preferences:
An immersive technology can easily test products or solutions built with complex features. This can allow your potential customers work on a prototype offering you detailed insights on customer needs and preferences, thereby improving customer satisfaction levels. Adopting AR, VR and MR can solve logistic and financial issues, usually associated when testing complex products and solutions.
4. Greater customer trust in buying your product:
We quite often see extensive application of AR, VR and MR technologies in cases where customers need to try out high-end products like furniture, luxury goods, etc. This can infuse trust and confidence in customers who were reluctant buyers to start off with. This allows them to make a better buying decision because of the immersive experience the technology brings along.
5. Bringing people together:
AR, VR & MR technologies, as the report noted, can be used for better customer interaction and seamless communication. VR, as is seen in recent times, has been successful in bringing remote teams together or allowing a customer to participate in a live event or demo from remote locations and set up.
So here is our take: as a business owner, if you are looking to take your business to the next level forward, it definitely pays in the long run to integrate AR & VR system technologies into the various business operational strategies. Again as the report concludes on the integration of the technology, “It is now or never”.