How AR/VR Transforming User Experiences and Business Models?

How AR/VR Transforming User Experiences and Business Models?

Those days are long gone when conventional brick-and-mortar retail outlets used to provide seamless customer experiences.

It’s 2024!

In today’s highly competitive business landscape, Customer experience has emerged as a crucial differentiating factor.

As customer requirements and expectations continue to evolve, businesses are turning to transformative technologies to meet these demands. Two such technologies that are making a significant impact are augmented reality (AR) and virtual reality (VR) in mobile app development.

The market for AR, VR, and mixed reality is rapidly growing. According to Statista, it was projected to reach $30.7 billion in 2021 and is expected to approach a staggering $300 billion by 2024. 

In 2024, AR and VR are set to transform businesses by providing in-depth and immersive interactions. 

Augmented Reality: What is It?

In layman’s language, AR technology revolutionizes the way we perceive and interact with our surroundings by seamlessly integrating digital elements into real-world environments. By leveraging smartphones, tablets, and AR glasses, users can experience an enhanced reality that merges the physical world with immersive content. 

For example, AR enables customers to engage with products and information in captivating ways, such as interactive product visualizations, educational overlays on museum displays, and virtual try-on experiences for apparel. 

This transformative technology opens up endless possibilities for enhancing user experiences and redefining how we interact with the world around us.

Understanding Virtual Reality

VR is like a magic portal to digital worlds. When you put on VR headsets, it’s like stepping into a whole new universe created by computers. You can explore amazing places and do all sorts of things, just like in real life! VR is super versatile too—it’s used in games, training, virtual tours, and even storytelling adventures.

One cool thing about VR is how real it feels. Your senses get fooled into thinking you’re there in the digital world. It’s like a mind-bending adventure where you forget you’re just wearing a headset. With VR, the line between what’s real and what’s not can get blurry—in the best way possible!

How Do AR and VR Transform Customer Experience?

In multiple ways, AR & VR can transform the customer experience and business models. Let’s dive in!

  • Marketing on Multiple Social Media Platforms

If you’re already using Instagram and Facebook for your marketing efforts, why not take it up a notch with VR and AR? These cutting-edge technologies can help you reach a younger audience who are hungry for immersive experiences. According to a 2022 study by Harris Poll, nearly 4 in 10 Gen Z Americans haven’t tried AR yet but are eager to give it a shot. By incorporating AR and VR into your strategy, you can tap into this growing interest and expand your brand’s reach like never before.

Younger audiences, in particular, are drawn to VR and AR content on social media platforms. They love visual, interactive experiences, so leveraging these technologies can be a game-changer for engaging them. 

Create VR and AR content that dazzles with top-notch graphics and sound, immersing them in your brand’s world like never before. With VR and AR, you’re not just telling them about your products or services – you’re inviting them to experience it first-hand in a whole new way.

  • Try-On Experience

The ‘try-on’ experience with AR and VR is revolutionizing how consumers interact with products before making purchasing decisions. According to a study by Alert Technologies, a whopping 67% of consumers are more likely to make a purchase when they can try out products in trial rooms or virtual spaces, allowing them to assess whether the product fits their needs.

This critical stage in the consumer journey is where doubts and uncertainties often arise. However, brands can now harness the power of virtual technologies to address these concerns in a highly engaging manner. By offering personalized experiences that allow consumers to visualize products in their own space, brands can effectively remove barriers to purchase.

  • Robust customer support 

In today’s fiercely competitive retail landscape, consumers are increasingly seeking brands that go above and beyond to provide value beyond the initial purchase. Exceptional customer support and service have become crucial differentiators for businesses looking to stand out from the crowd. Microsoft’s research underscores this trend, revealing that a staggering 90% of Americans consider customer service a pivotal factor in their decision to engage with a brand. Furthermore, approximately 58% of American consumers admit they would readily switch companies if faced with subpar customer support.

In an era where customer loyalty hangs in the balance, businesses must invest in building robust customer service infrastructure and fostering a culture of empathy and responsiveness.

  • Refined Learning Environments

AR and VR are reshaping the landscape of education and training, offering immersive experiences that simplify complex topics and enhance skill development.

In education, AR and VR technologies provide students with interactive learning environments that make difficult subjects more accessible. Through virtual simulations and 3D models, concepts come to life, enabling students to grasp abstract ideas with greater ease. Whether exploring the human body in biology class or travelling back in time to historical events, immersive experiences foster deeper understanding and engagement.

  • Quick & Hassle-free Purchasing

Eliminating the uncertainty surrounding a product’s fit for a consumer’s needs is a crucial step in guiding them towards making a purchase. However, the ultimate goal for brands is to seamlessly transition potential buyers into actual customers.

To facilitate this transition, many major brands have integrated AR technology directly into their apps, streamlining the purchasing process for consumers and incentivizing sales. For instance, Supra Boats has implemented AR functionality within their app, leveraging the device’s camera to scan the user’s surroundings. This technology then overlays the chosen boat model, complete with all its customizable features, onto the real-world environment.

Role of AR/VR Across Different Sectors 

The role of Augmented Reality (AR) and Virtual Reality (VR) extends far beyond entertainment, shaping transformative experiences and driving innovation across diverse sectors.

#1 Retail 

Before your customers can make a purchase, it’s essential to offer them innovative online shopping experiences. This includes embracing virtual showrooms to replace traditional retail stores.

For instance, integrating AR and VR technology into apparel businesses enables shoppers to explore clothing items in stunning 3D detail and virtually try them on. This immersive experience allows customers to visualize how the clothing fits and looks on them before making a purchase, enhancing their confidence and satisfaction.

#2 Games and Entertainment

When it comes to AR, the popular game Pokémon GO often comes to mind as a prime example. On the other hand, the Oculus Quest hailed as the first all-in-one VR system, is poised to drive a significant surge in demand for VR gaming.

For companies, there are multiple avenues to monetize virtual reality games. One approach is selling them through stores or online platforms, while another involves leveraging dynamic QR codes to facilitate purchases or partnering with companies for advertising opportunities.

#3 Manufacturing

Incorporating AR and VR technology into the manufacturing sector is poised to transform the nature of employment opportunities. As a technician working in manufacturing, you’ll experience significant benefits from these advancements. AR and VR technologies enable you to receive virtual assistance from remote workers or devices, revolutionizing the way you approach your tasks.

With AR overlays and VR simulations, you’ll have access to real-time guidance and support, helping you identify errors and markings with precision. This reduces the guesswork traditionally associated with manual labour, streamlining processes and improving efficiency on the factory floor.

#4 Tourism and Travel

The tourism industry encompasses a wide array of services and experiences, including transportation, hotel reservations, hospitality, tours, sightseeing, local cuisine, festivals, souvenirs, and more. This diversity creates numerous opportunities for augmented reality (AR) businesses to thrive in the market.

One prominent area for AR in tourism is through GPS applications enhanced with AR features. These apps can display tourist routes overlaid in real-world environments, translate street signs into foreign languages, and offer sightseeing recommendations based on user preferences.

#5. Healthcare

The healthcare sector presents a wealth of opportunities for augmented and virtual reality business ideas, with applications ranging from patient care to surgical procedures.

Augmented reality (AR) apps are already making waves in healthcare by assisting patients in recognizing symptoms and providing valuable information about their conditions. For example, patients can use AR apps to visualize their symptoms and understand their diagnoses more clearly. Additionally, AR technology enables surgeons to view a patient’s anatomy in detail without the need for extensive incisions, leading to more precise surgical procedures and better outcomes.

Virtual reality (VR) is also making significant strides in healthcare, particularly in hospitals and medical training facilities. With advancements in ultra-high-definition 4K monitors and video game technology, VR simulations are becoming increasingly realistic and immersive. 

The Bottom Lines

In the coming years, just like AI, augmented reality (AR) and virtual reality (VR) technologies are poised to bring about a revolutionary transformation in the business landscape. To stay ahead and ensure long-term success, businesses must align themselves with these emerging technologies.

Looking to incorporate these tech products into your business? If so, your search ends here! 

At EitBiz, we specialize in deploying cutting-edge AR and VR solutions that not only provide exceptional experiential learning opportunities but also deliver remarkable return-on-investment (ROI) benefits for our clients. Whether it’s enhancing employee training programs, revolutionizing product design and prototyping, or creating immersive marketing experiences, we leverage the power of AR and VR to unlock new possibilities and drive business growth.