Meta Description: Evaluating the impact of augmented reality in business ROI, while also understanding how CMOs leverage AR effectively in their marketing mix.
While several technological advancements have been aiding in improving lifestyle, they have also been making drastic impacts on the business front. Over several years now, the world has seen various exposure to augmented reality. The usage of Augmented Reality for business has effectively transformed the technology from an entertainment concept to a crucial enterprise tool. According to Statista, 23 million jobs across the globe could be directly affected by AR and VR by 2030, and over 824,000 of those jobs are currently using these technologies in their workplace.
Impact of Augmented Reality on Business
In simple terms, Augmented Reality (AR) is a computer-generated enhancement that is placed over the existing reality we see with our human eyes. It offers the option to add dimension, sound and other experiences to any two-dimensional picture or video. Even when this might seem like something complex to be implemented in business, it isn't as challenging as it looks.
With each passing year, AR has effectively been penetrating deeper into businesses, making a drastic impact on various functioning. Marketers have effectively been integrating the use of AR into their marketing strategies, and it has grown overall in the mainstream business functioning by being readily available for users to leverage.
Industries That Should Leverage Augmented Reality Technology
Uses of Augmented Reality is a prospect that business owners across multiple industries leverage to their advantage. While the core idea is to use the technology to aid and improve human performance, the industries that effectively utilize this resource are:
Travel and Tourism
How Seamless Integration of AR Can Impact Your ROI?
Facebook said in March 2021 that it had allocated a complete 20% of its personnel to AR and VR development. That is a really massive investment by a corporation that has built a reputation for wisely investing in monetization and focused on creating bottom-line results.
Augmented reality is on the path to becoming the next most significant development in an array of industries, ranging from medical to consumer retail
With the nature of augmented reality technology being highly dynamic, it is essential to have a successful strategy
that ensures the integration of AR solutions that provide accurate and tangible results that align with the audience. Additionally, uses of augmented reality in business have also been capable of creating more meaningful engagement with customers. For the first time, new forms have made interaction real and measurable. As a result, brands may see precisely how many people engage with their collateral, how many times and where, for how long, and which direct actions they took: purchase, discount coupon, or social shares, for example, by leveraging IR/AR to turbo-charge paid media.
"I do think that a significant portion of the population of developed countries, and eventually all countries, will have AR experiences every day, almost like eating three meals a day, it will become that much a part of you."
Tim Cook, Chief Executive Officer of Apple
Future of Your Business with AR Integration
While augmented reality in business is becoming a crucial component for businesses these days and will revolutionize the future of business
. According to Global Market Insights, the global market for AR goods will rise by 80% to £165 billion by 2024. The rise of the AR industry is closely tied to increased attention and investments from leading technology firms such as Facebook.
Overall, the augmented reality technology market will develop at the fastest rate by 2023, primarily to the growing usage of smartphones, tablets, and other devices in consumer, commercial, and business settings to adopt AR technology. Furthermore, with the rising need for augmented reality
in healthcare and retail, there are a plethora of new prospects and rising demand for augmented reality in architecture and the corporate sector.
How Are CMOs Leveraging AR for Their Marketing Mix?
Several top executives and leading CMOs are leveraging the benefits of augmented reality to expand the engagement, awareness and value around their services and products. In addition, numerous organizations from different industries and of various sizes in the B2C and B2B space are now using augmented reality technology to differentiate their product and services by effectively implementing AR strategies in their marketing mix
With a game-changing armor in their arsenal in the form of augmented reality, marketing executives trying to promote and sell more successfully can hence perform better, with purchasing experience becoming the new focal point.
Augmented reality in business is a prospect that offers a massive opportunity to engage with millions of users effectively. AR offers executives to ideally establish an immediate and sensory-driven connection of the brand with consumers by forging an emotional interaction. Repetitive engagement is a successful advertising approach for companies since it only requires AR app development expenditures, and additional benefits may be gained via repeated exposure. In the ever-dynamic state of our current existence, leveraging the benefits of augmented reality can come handy in elevating your business to the next level.
How Can Customers and Businesses Benefit from AR?
AR effectively increases engagement and interaction and helps provide a richer user experience. Several research has shown that AR increases the value of products and brands. Implementing AR activities is ideal and conveys innovation and responsiveness from forward-thinking brands.
How Does AR Help Organizations Gain a Competitive Advantage?
Augmented reality allows the organization to create a unique customer experience while also eliminating cognitive overload. It also ensures that user engagement heightens along with competitive differentiation. AR, after all, is a technology that enables a pure blending of physical and digital reality.
How Will the Use of AR Technology Impact the Future of Business Functioning?
Augmented reality is constantly evolving to become an emerging marketing and sales strategy trend. AR technologies allow organizations to provide their customers a unique experience with convenience by tapping into their smartphone devices.