Which Technology is Best for Your Business?

In our last blog, we explained augmented and virtual reality, in this blog we will help you decide which technology to choose for your business in 2021. If you have NOT read our last blog, (AR vs. VR) we suggest reading it before indulging in the below blog. 

According to the Global News Wire, “The global augmented reality (AR) and virtual reality (VR) market is estimated to generate revenue of USD 22.1 billion in 2020 and is expected to reach USD 161.1 billion by 2025, witnessing 48.8% CAGR during the forecast period.”

 

Image Credit- Innovame

Augmented reality and virtual reality have become more accessible than before, with the reach it promises to attract viewers’ attention. And attracting a potential customer is all that businesses and marketers need to desire.  Every brand needs to stay one step ahead of its competition, not just a brand; every small, medium and growing business uses marketing as a great tool to bring revenue. Using VR and AR as marketing tools can be a game-changer for every kind of business. 

A survey by Clutch found that about 17 % of small business owners are interested in VR and AR as marketing tools. 

How can Virtual and Augmented Reality help your business grow?

VR and AR now have grown beyond the video games world. Being a businessman or businesswoman, you should be aware of the significance these technologies hold.

Check out some of the following facts to upgrade your knowledge; 

• According to Facebook Business IQ, almost 60 % of people are interested in using AR to hang out with their friends and families. 
• In another fact, according to Facebook Business IQ 47 % of people agree that VR will be considered as a real physical world.
• You will be surprised to know that about 60 % of people have tried AR experience created by online shopping.

Image Credit: Media Post

When choosing AR or VR for your business, measuring your budget and your goals might be the most significant aspect. Keep the following points in mind;

Entice Customers with an In-house VR Experience

Implementing VR to attract customers can be a good strategy because many people are still not familiar with the VR experience. VR devices or technology is still not in reach to a lot of people, and reasons can be it being expensive. So for the customers, who have not yet experienced VR (and those who have), VR can be fun. 

You can make a deal with a superstore or a mall to install a VR device. Customers then can simply put on their headsets and have a unique experience; this can leave a strong impression on a customer.  Check out the following video to get an idea;

 

 

Go Through Potential Customers

Every business’s main goal is to get more and more customers to make a profit. Many businesses forget to keep one thing in mind- customers reach.  If your idea, product, or content cannot reach potential customers, the whole hard work goes to the bin.

For companies or businesses that have their root in the entertainment or technology industry, VR can be successful.  The main goal of using VR is simple- the brand wants to paint its product (whatever they offer) as unique, adventurous, modern, and innovative. Before you think about investing a substantial amount of money in VR, make sure to ask some fundamental questions;

• Do your target audiences have access to VR-able devices?  Is VR the ‘legitimate’ thing or way to represent your brand?
• Will your target audience like to use their VR devices for your product? Is there any other way to apply VR and save money?

Opt for AR to Reach Maximum Number of People

Remember Pokémon Go? What was the reason behind its huge success rate?

People went crazy over this game because they could play it whenever they wanted and wherever they desired. All they had to do was use their easily available mobile. AR is undoubtedly beneficial for the video game industry, but it holds great scope for many other industries as well. 

Image Credit: Vox

Businesses can help their audiences visualize what their product can look like in shape, quantity, or size. Familiar approaches to VR can be traced to popular social media apps such as Snapchat and Instagram. 

Scope of VR and AR in the Future

The fast-moving consumer goods (FMCG) sector is ever-growing and thus, it has gigantic potential to advantage from both VR and AR technology. Whether you are an entrepreneur or small business owner who wants to start an FMCG business or is already in this business- AR and VR are great options. 

Image Credit: CSG

A customer journey is essential from the beginning; these days, e-commerce shines, VR and AR can be incorporated at every step. Lots of retailers are investing in VR and AR to give their customers an enriched experience. Brand loyalty is essential when you want to earn continuous success. Offering refreshing services from time to time can evoke customers’ interest in your product. 

Augmented reality can make education more fun for the coming generation (as mentioned in our previous blog). Forbes published an article, The 5 Ways VR and AR Will Change the Way We Learn at School, with in-depth facts and knowledgeable points on implementing VR and AR in schools. 

In the End: Want to add VR and AR in your business marketing? Reach out to us, Trigma for information and solution.