Highlights - The virtual and augmented reality market as a whole is growing rapidly, with the global VR market size projected to increase (in 2021) from less than $5 billion to above $12 billion by 2024.
When virtual and augmented reality devices first debuted, consumers were drooling with anticipation. While VR/AR technology is still in its early stages of development, many of the futuristic applications that people envisioned have yet to come true. Those that have been realized appeal to certain communities of early adopters, but widespread usage of VR and AR has not quite taken hold.
Most people view VR and AR as purely entertainment devices. But there are many other ways these technologies can be used to improve our lives. Marketers have started to experiment with VR and AR for various purposes such as product demonstrations, customer service, and even retail sales.
Try Before You Buy
Another incentive for retail businesses to invest in augmented reality applications is to assist customers in making more informed product selections, which will result in fewer returns and higher customer satisfaction. Furniture stores can use AR to place digital furniture in customers' homes to understand better how the product will look. Apparel companies can provide virtual dressing rooms where customers can try clothes from different angles.
When you can't physically be in a store to try on a shirt or test out a piece of furniture, VR and AR offer a way to do that virtually. Some companies are already doing this with great success. Ikea has developed an app that allows users to see how furniture will look in their home before they purchase it. And cosmetics brand L'oreal has set up a virtual makeup counter where customers can experiment with different looks.
Virtual Events and Engagements
Another way that VR and AR can be used for marketing is by hosting virtual events and engagements. This could include online product launches, webinars, or social media interactions.
These events can be a great way to connect with customers and create a more personal connection than what is possible with traditional marketing methods.
The technology can also be used to supplement live events. For example, a company could have a virtual booth at a trade show or create a VR experience that allows customers to explore the product or service in more depth.
Virtual Tours
Augmented reality is more effective than a photo or video in bringing items to life because they may be discovered and interacted with. The ability to obtain unprecedented knowledge of items allows retailers to convert prospects into customers. A company can offer potential customers a virtual tour of the business, products, or services. This is a great way to show off what you have to offer without having to leave the comfort of your own home.
Virtual tours can be used to give people a sneak peek of a product or service or to provide a more in-depth look at what's offered. Travel companies are using VR and AR to create virtual tours of destinations. Hotels are using it to create virtual hotel rooms so that guests can get a sense of what the property looks like before they book.
Bringing Promotional Material to Life
Today, many companies are using AR to create promotional material that comes to life. With AR, you can place a 3D object onto any image or video, which is a great way to show off your product or service in a more interactive way. Augmented reality is a more effective way to bring products to life than a picture or video since consumers can interact well. Unique insights into goods help you win customers on your way to purchase.
Conclusion
As you can see, there are many different ways that VR and AR can be used for marketing purposes. These are just a few examples of what's possible. So far, businesses have only scratched the surface of what's possible with these technologies. As they become more widely used, we can expect to see even more innovative uses.
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