Benefits of Augmented Reality for Businesses » Small Business Bonfire

The proliferation of new technologies has given way to new business applications. Artificial intelligence, machine learning, and immersive technologies usher in innovation and promote business growth. In 2021, the global augmented reality market size stood at over $15 billion. By 2028, it is slated to increase up to over $90 billion.

In this post, we’ll have a closer look at the advantages that AR drives to your business.

What is augmented reality?

Augmented reality (AR) is a technology that superimposes digital content in the real world, be it images, video, or sound. AR has been used for a variety of purposes, including entertainment, education, gaming, and retail.

AR technology has been around for a few decades, but it has only recently become more widely used thanks to advances in mobile technology. Augmented reality has made inroads into multiple applications such as Pokémon GO, Snapchat, and Instagram.

How is it different from virtual reality?

Virtual reality is a three-dimensional computer-generated environment that interacts with a person through VR gear, be it glasses or headsets. Therefore, virtual reality is a part of the digital world that doesn’t overlap with the physical environment.

Augmented reality, on the contrary, merges the virtual environment with the physical world. It doesn’t need dedicated gear and can be accessed via smartphones.

How can augmented reality help your company?

Against the backdrop of ever-evolving customer preferences and stiff competition, businesses resort to innovative technologies. The latter allows for supreme user experience and personalized services. Here are the main AR benefits for business.

Builds your brand

AR is a great way to build your brand. It can help you create a unique, memorable experience for customers that will resonate with them long after they walk out of the store or website. 

Immersive tech allows you to create an exclusive feeling and make your brand feel like it’s only for those who have been invited into it by being part of the community. For example, IKEA, Sephora, and Warby Parker rely on immersive tech to create experiences that win the hearts and minds of customers.

Drives more sales

According to Guinness World Records, Pokémon GO raked in a record-high revenue of over $200 million among mobile games. Beyond entertainment, AR can help you increase sales by showing customers how your products work. If a customer has never seen a product before, having them try it in real life is a great way for them to understand whether it suits them.

Also known as try-before-you-buy, augmented applications allow customers to try the product virtually before making a purchase. This e-commerce trend became an indispensable part of industry leaders, including ASOS, La Perla, and others.

Increases customer retention and loyalty

AR can help your customers visualize products before buying them, which helps them make better decisions. For example, if a customer has a product idea in mind but doesn’t know how it works or where to get one, AR could show them how the product would look and feel in their home. This will help narrow down which features are most important for the customer’s needs and ultimately determine whether or not they’ll buy the item.

AR also offers an opportunity for businesses to provide support via text messaging or emailing links directly from within their app. 

Innovative marketing

AR is a cutting-edge marketing tool that captivates audiences and creates buzz and exposure for your brand. With AR, you can create an experience that inspires curiosity and draws people into your store or business establishment like never before. 

For example, AR can be used to allow consumers to try on products before they buy them, or to experience a product in a real-world setting. AR can also be used to create interactive marketing campaigns that engage consumers and make a brand more memorable.

As for specific marketing applications, immersive technologies have proved effective in product demonstrations, virtual store experiences, and event marketing. They can also be used to create immersive brand experiences that bring consumers into your world.

Whether you’re looking to create a new product demonstration or give your customers a unique brand experience, AR can be a powerful marketing tool.

How much does augmented reality cost?

To employ AI-enabled functionality in your digital asset, you need a significant upfront investment. The latter, however, can vary and depends on a whole gamut of factors. 

Face recognition, SLAM (Simultaneous localization and mapping), 2D and 3D picture tracking and matching, location tracking, and other technologies may be used to help define the location. The last one additionally has a gyroscope, accelerometer, GPS, and compass.

It frequently involves 3D model rendering and animation gesture detection to provide augmented reality information. Any kind of information presentation is possible, including text, images, videos, and audio.

As you can see, the cleft in technologies and employed device features impacts the final pricing. In any case, make sure your AR project is driven by the user’s needs and is strategized in terms of core features and business alignment.

The bottom line

In 2022, it has become more challenging than ever to draw in customers and make your business stand out. The adoption of cutting-edge technologies allows companies to pivot and provide unmatched experiences. Augmented reality, in particular, has stepped in to offer new marketing initiatives, a more engaging customer experience, and increased sales.