25 Sep 2018
How Augmented Reality Can Drive Revenue for Your Business
In the past decade, we have all witnessed an almost unimaginable growth of the technology that surrounds us. This rapid technological growth has helped us in every aspect of our lives from the medical field, shopping experiences, to brand engagement with our customers. What was once considered to be a part of our distant future is in the here and now, changing our everyday lives. Yes, we are talking about Augmented Reality!
What is Augmented Reality (AR)?
Simply said, AR is an enhanced or altered form of reality where digital content is integrated into the customer’s physical environment through the use of a camera. What started as a small project in 1968 by an electrical engineering professor named Ivan Sutherland at Harvard University, has turned into one of the most revolutionizing inventions that has made changes to the military, aviation, medicine, and brands rather than just improve and make our everyday life more entertaining.
What Does This Mean for Your Business?
Augmented reality is not just a trend, it is becoming the way of the future. Why are businesses embracing augmented reality? No matter what type of business you own, augmented reality can be used practically everywhere, for any brand, in any situation. Imagine being able to visit a certain apartment without actually going there to see it, or trying on a pair of pants without going to the store, or even test driving a certain car without leaving your home? This is all currently happening, so why shouldn’t you make the most of it? Choose to disrupt your industry and take advantage of the opportunity to promote your brand in a way that will most certainly make an unforgettable impression, one that will directly have an impact on your business’ revenue.
Do you consider your company a prosperous one, always committed to improving the customer’s engagement and experience?
Leveraging augmented reality for your brand will bridge the gap between your customer’s online experience and (if you have a brick and mortar) in-store experience. In return bringing your brand closer to your customers and improving their overall participation of your brand whether it be making online purchases, or communicating their brand loyalty through continued engagement. Today’s industry estimates 27% increase in conversion rate when customers can experience your product through AR.
Utilizing augmented reality will give your company a competitive edge above other brands in your industry. Your brand has the opportunity to ignite an unprecedented, emotional, and lasting connection with your consumers. By implementing the latest technology developments you will be sending a strong message that your brand and business is a serious one, making your business the leader in the market.
How are Brands Utilizing AR in their Marketing Strategy?
Here are a few examples of how brands have incorporated AR technology to improve their marketing strategy. Getting a glimpse of other brands embracing the latest technological developments might give you an idea of why and how you can accept the innovation and its importance.
E-Commerce and retailers have already adopted AR in order to offer their customers a better experience. When purchasing a certain item such as a piece of furniture, it’s hard to imagine it within the space you may want to place it in. Will this couch actually fit in this room in between the doorway and the fireplace? Brands like Ikea are offering an exceptional solution to this problem. With the help of AR, they are allowing people to have an overview of a room and a product before even buying it to see how it would fit in that particular room.
Additionally, not only furniture retailers but clothing and cosmetic retailers are already welcoming the AR technology. One of the biggest problems when purchasing clothes online is finding the right size. Think about all the problems you have when you purchase the wrong size; returning it, waiting for the right size to be shipped, or making another trip to the store? All of this can be avoided with the help of augmented reality solutions. Popular clothing brands are offering a solution to their customers. AR technology allows customers to digitally try out a certain piece of clothing without wearing it. Impressive, right?
Sephora is one of the most famous brands and a leader in the cosmetics industry. They have updated their website and have included the latest AR feature. They have developed a specifically designed application available for a number of devices such as smartphones and tablets for both Android and iOS operating system. The app itself has an accurate facial recognition, and detailed skin analysis technology that enables their customers to try out certain Sephora products without leaving their homes. The customers are able to try out an endless number of eye-shadows while at the same time they are provided with memorable e-commerce experience. This is how you make an unforgettable impression!
Maximize AR to Drive Revenue
According to researchers, it is predicted that the augmented reality will become a $150 billion dollar industry by 2020. Every business is a digital business in this new era of technological advancement. As a business owner or marketing executive you need to consider where your customers are located, what are their pain points, and where are they within your conversion funnel. So the question still is: How can AR increase your revenue? AR can increase revenue by driving foot traffic to stores so customers can activate your products. You can create an in-store experience right at home and bring all of your print and digital assets to life. These are just a few areas where this technology can assist your business and positively impact the bottom line. The key is to effectively execute a true engagement strategy through a mixture of augmented reality and two-way dialogue, leaving your customer with a holistic experience that will turn them into loyal brand advocates.
Sounds great right? So, what stops many brands from building an augmented reality experience in-house? The answer lies in the high cost of development and the required expertise of programmers is essential to building a great AR experience. For most brands, this is a huge expense both in cost and in time. A brand must have the capabilities to leverage the complexity of IoT, business systems data, and the ability to measure their ROI. This is greater than just a task that requires project management, programming staff, and the key stakeholders.
This is the beauty of SpokeHub as the first content-delivery platform that uses augmented reality to create unique experiences. We are able to deliver brands a turn-key, out-of-the-box, cost-effective solution that allows them to utilize AR to activate their content. Furthermore, they can drive sales, conversation, and other secondary clickable action through our patented platform solution.
In this digital era, our technological advancements are moving at the speed of light. It is almost hard to keep up with all of the new technology and ways to market your service or product. We are in a constant state of connectivity and instant gratification. Augmented reality is one of those advancements that can help increase your bottom line while engaging your customers and creating a more convenient way to view your services or products. Seize the opportunities of augmented reality, making your brand stand out from the crowd. It will make your customer’s experience seamless, memorable, personal and drive increased revenue.