How brands are using AR & VR in their marketing strategy

Technology is never stagnant; the possibility of changes grows daily. With the rapid pace of changing demands, the markets need to be at par. It is therefore very much necessary for the brands to keep the pace rising with the changing needs and demands and deliver the best experience. Apart from the demands on part of consumers, there is a challenge of fierce market competition. It is important to remain constantly visible to potential consumers who can put their trust in the brand. Given the circumstances, VR and AR work like a boon to the market. Let’s find how;

Overview Of AR and VR:

VR stands for virtual reality while AR represents augmented reality. Let’s discuss a summary of these two innovative technologies.  

VR(Virtual Reality):

VR brings a  digital experience in place of a physical one. It offers an in-store experience over a digital platform. This technology provides a sense of Telesensation. 

In VR technology the communication between humans and computers is similar to the human to human communication in the real world. In Japan, there is a museum that gives a virtual tour of a large flower and upon entering inside the flower, one can smell it as well.  VR can be non-immersive or semi or fully immersive from a technological point of view. 

AR(Augmented Reality):

On the other hand, AR can be marker-based or markerless or even anchor-based. It gives unique experiences with a single tap on mobile phones. Augmented Reality allows consumers to have a trial experience beforehand.  For example, the furniture giant IKEA has an app called ‘IKEA place’ to help you imagine the position or look of any furniture, keeping in sync with the ambiance of your home, all in virtual mode. 

AR seems to have a promising future because of the easy access to AR-ready smartphones. AR technology has advanced techniques which even allow you to try clothes without even visiting the showroom physically. 

We have another popular example of AR – the 2016 mobile app called Pokemon Go. AR technology made pokemon pop up at every place and created a sensation among the app users. Apart from games, AR is super essential in cases of navigation, military, football, surgeries, airports, and archeological sites as well.

Impact of AR and VR upon market:

The market is expected to see giant leaps in AR and VR. The VR market is expected to attain a figure of USD 20.9 billion, whereas the AR market has a promising future of USD 77 billion by 2025. The current pandemic has been further enacted as the catalyst to the sudden growth of these two technologies. Healthcare and retail are the most dependable ones on these technologies in the current scenario. Noticeably there is a rise of AR app development companies as well to sustain the need of the companies hailing from different sectors. The key players in AR and VR technologies are Google, Microsoft, Apple, PTC, Oculus, etc. Let’s have a quick look at the market dynamics of AR and VR.

Driving forces of AR market

• AR devices and applications are in huge demand in the healthcare system.
• Due to the pandemic, the retail and e-commerce sectors are hugely dependent on the technology of AR.
• The current popularity of the AR market is attracting more investments and giant firms are showing much interest in it.
• Enterprise applications, Architecture and Travel and Tourism industry are attracted by the AR market as well.
• Growing partnership between telecom and AR.

Cons :

• Excessive dependence on AR might result in security issues.
• Excess usage of AR in healthcare might also cause severe health issues.
• AR still needs a long way to go to overcome a few social challenges.
• The need to expand the technology for different platforms is not yet fulfilled.

Driving forces of VR market

• The HMDs in gaming and entertainment are key forces of this market.
• Growing digitization and high investments.
• Wide adoption of HMDs in different industries like healthcare, aerospace, defense, and architectural applications.
• Budget-friendly VR devices. 

Cons  :

• It is greatly affected due to trade restrictions between certain countries and also due to the recent lockdowns to some extent.
• Low resolution and lack of movement cause health concerns.
• The performance of VR devices gets affected by display latency and energy consumption.
• User-friendly VR systems are scarce.

Due to the current pandemic, the supply chain has been negatively impacted. The worldwide shutdown of consumer markets will lead to sluggish growth in the coming days. However it is assumed that the market will get to see the previous positive scenario in the next couple of months. To look on the brighter side, COVID-19 has digitized the entire planet as well. Physical interactions being limited and off the table, companies are finally relying upon AR and VR in proceeding towards digital transformation 

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Conclusion:

The current focus is more on AR ads due to the belief that it will make the internet more engaging. Facebook and Google have already introduced AR advertisements. The utility of AR and VR in our lives can be showcased by one example from the Independence Day of Israel when the AR technology enabled the president to virtually visit homes in the country. For now, the need of the hour is to make these technologies easily adaptable to all people, to experience opportunities virtually.