The penetration of the augmented reality app is in various industry verticals in the recent past indicate the increasing trend of the use of the AR in various apps. According to a forecast report by Statista, the global revenues from AR businesses may reach 50 billion by the end of this year.
Considering the current trend, the areas of education, healthcare, online shopping etc will have the promising business opportunities for the AR apps.
The very first aspect that will place AR on the top in terms of high revenue generation is that AR is becoming more affordable with the platforms like ARKit and ARCore by Apple and Google. These platforms are capable enough to perform various functionalities like detecting position, topology and above all the facial expression of the users. The developers will be at ease to create a custom app with AR features or can integrate AR features to an existing application.
AR is more consumer-centric as the apps with AR features are more interactive and engaging giving a real-time and world experience to the user in a unique way. This is quite different from the experience a user gains while shopping from an online store with some simple in-store application.
Considering the views and experiences of the consumers, 40% of the consumers were ready to pay more for a product if they could test it with AR before making a purchase of the same product. AR is an ever-changing technology and there is a huge scope of integrating more and more consumer-centric features that will lead to a number of new avenues to the businesses across the globe.
Businesses and AR
This technology is sure to be a revolutionary change in the sense that it would completely re-vamp the traditional approach to the eCommerce store buying and selling online. The prime reason is that with AR, a customer gets the real time and world experience which can be the key factor in making this technology a great success. When a customer visits physically a store and buy something, his approach to buying a product is motivated more by the impulses and emotions, the AR technology is capable to replicate this experience and can hence there will be no question of visiting a store physically to buy a product of his choice.
The scope of High Revenue Generation for retail industry
AR has turned out to be a very useful technology for different industry verticals and more particularly for the retail industry. According to a survey, people loved to shop for furniture, clothing, shoes, groceries etc with the apps featuring the AR. The retail industry can also be benefited in a number of ways as listed below:
- Customizable UX contents in terms of the expectations, necessities of the customers the reason why it has promising opportunities for the retailers.
- More potential for the long and productive engagement of the customers because of better user experience and real time experience.
- Faster shopping decisions as there is left hardly anything that the customers usually expect at the time of making a purchase.
- The AR is sure to offer the lower purchase-return ratios as the customers have already tested the product they want to buy before making a purchase.
- AR offers ease of instore navigation as the customers are guided to their desired product from the list along with a detailed product description.
- AR is extremely helpful to the professionals like architects and designers as they are able to evaluate the product with detail from multiple options.
- With the help of the AR, outstanding product presentation is possible with complete detailing. The customers’ interaction will also be possible with the real time audio-video presentations.
- For the marketers, AR will be turned out to be a boon as each product will have its own story to narrate if viewed through AR.
- With the simple mobile app, the product/s can be communicated to the customers through an email.
What we can conclude is that this technology is in-exhaustive with the abundant scope and the possibility of new software, gadgets, and integration with day to day life products. It would be a proactive business decision to equip your ventures with high-end technology. AR is sure to manifest the best of customers’ experience and help them take informed decisions about the products they are buying mainly because of the real-time experiences irrespective of the devices they are using.