Imagine a world of mind-blowing possibilities made possible by a sync of the digital world with the real world surroundings. Imagine the possibility of touring an apartment without moving an inch in the physical world or putting on a pair of jeans without squeezing into the actual product. These imaginations have been made real by the existence of augmented reality. Augmented reality technology syncs the digital world with the real world, creating an interactive experience that augments objects in the real world. Such objects are augmented with the aid of computer-generated perceptual information that sometimes cuts across numerous multiple sensory modalities. This includes visual, olfactory, haptic, auditory and somatosensory. The presence of a revolutionary technology like augmented reality benefits brands and the world of commerce in more ways than one. To help you understand its impacts on brands, discussed below are the benefits of brands utilizing an AR platform.
Increased Revenue Through AR
The commercial world of today estimates a 27% increase in the rate of conversion when customers experience your product through the medium of augmented reality.
How can augmented reality boost your revenue? As a brand owner, investing in augmented reality will promote traffic in your stores both online and brick and mortar. Using AR features places you above your competition and will close the gap between in-store and the online experience of your customers. Furthermore, to impact your bottom line, creating an AR strategy into your marketing plan in a platform that allows you true two-way engagement and customer sentiment is essential. This will bring your customers and your brand closer together by establishing a steady stream of consumer sentiment about your brand and product(s). Also, your customers are able to conjure up an in-store experience from the comfort of their own home, activating your assets through augmented reality.
By activating your assets through augmented reality your brand will create complete product offerings through the use of AR technology; presenting an interactive, convincing experience by positioning accurate size and scale and illustrating your product and services to your customers. In return, this gives the customer an opportunity for zero doubts or questions with regards to what your brand offers. Creating the potential for an increase in sales and exposure to your brand is sure to create continuous engagement throughout the customer’s experience.
The Cost Associated With Making Sales Is Lowered
Lowering the cost of sales is a key factor for all businesses, whether you are selling a product or a service. Making sales in the traditional brick and mortar way comes with high overhead expenses and can be financially draining. Augmented reality technology can reduce the cost of such sales. Goods and services are presented through AR, marketing is done digitally and your customers can experience your product or service in the convenience of their own space before deciding to make a purchase. Furthermore, updates to or about your product and services can easily be implemented digitally and as a brand, you can dynamically publish your new products, activate and reuse old assets digitally, increasing revenue and lowering costs across the board.
Shortens the Sales Cycle
Recent statistics given by ABI Research shows that there will be an average of 1.4 billion enabled augmented reality mobile devices by 2022. Due to this increased use of AR on mobile devices, this absolutely creates a demand for brands to utilize AR technology in their marketing planning and strategy. The use of AR and the customer experience associated with this technology will increase your sales funnel while shortening your sales cycle. This is made possible by the fact that as a brand, you have the ability to digitize your brands’ entire portfolio. Such access puts you in the position to enhance the impact of your product. Making use of the augmented reality will demonstrate that your product possesses premium value and will give your customers an enhanced product experience before making a purchase. SpokeHub’s augmented reality technology offers brands an all-encompassing, turnkey, out of the box technological platform, keeping your brand top of mind and ahead of the competition.
Why Aren’t Brands Building AR In-House?
Due to the vast potentials already displayed by this technology, researchers predict that augmented reality will be at a $118 billion market by 2022. This foreseeable growth of augmented reality is of course anchored on the fact that in today’s world of huge technological advancements, virtually every business is a digital business. However, despite the huge strides of this technology and it is far from average future explorations, many brands are unable to build augmented reality in-house.
So what limits brands from AR in-house? The reasons comprise of the difficult and time-consuming nature associated with AR in-house development, the fact that a brand has to meet its very costly nature which ranges from developing a viewing application and getting a team of expert programmers, the complexity of leveraging IoT as well as business system data, and the need for brands to have the ability to measure their ROI which would enable them to get a value out of it. All of this goes beyond a task that needs programming staffs, project management, and key stakeholders.
In a world largely inspired by digital advancements, technology evolves in quick successions. It is virtually impossible to keep up with such new technologies and the numerous resourceful ways of marketing your brand and its products or services. By utilizing augmented reality technology your brand has a direct line to promoting your brand’s assets. In turn, this can increase your revenue, reduce the cost of sales, shortening the sales cycle and giving your customers a memorable, seamless and personal experience. Go on and embrace the limitless opportunities of augmented reality, and set your brand above your competition!