The global market for augmented reality (AR) technology and applications is expected to increase from $17.8 billion in 2018 to $215 billion in 2021, according to Statista. Virtual reality (VR) technology is on a similar trajectory.
It’s a pretty big deal. A recent Perkins Cole report suggests a lot of that investment could come from marketers – which is no surprise really, considering marketers are constantly looking for innovative ways to beat the competition.
So how can AR and VR technology be used in marketing? And should your business venture into this futuristic field?
What is VR and AR?
Before we get into it, let’s go over the basics. AR augments our reality. It allows us to see the environment around us altered by digital graphics or data through a screen – usually a smartphone, tablet or computer. There are several great game examples of this, the most well known being Pokemon Go.
VR, on the other hand, is a fully immersive, digitally rendered environment. It’s a whole digital reality, and usually involves wearing a specially designed headset. Think OASIS from Ready Player One.
How to use AR and VR in marketing
The possibilities are limited only by your imagination (and your tech team). Whatever your capabilities are, the most important focus should be on creating and engaging and useful experience for clients and customers.
For example: sellers of physical products like furniture or building materials can use AR to give customers a way to visualise and experience products in their space before buying.
This helps buyers during the decision-making process and allows them to be confident that their purchase is the right one, removing one of the most glaring limitations of online shopping.
Resene’s ColourMatch application is another excellent example: the popular application allows customers to see what colours look like in their commercial premises by simply pointing their phone at the chosen wall.
This principle is being applied to fashion too, with many brands allowing you to upload a photo and try out different hair and cosmetic colours.
VR also has a range of potential marketing uses, particularly in the real estate and construction industry. Potential buyers can view an entire property as if they were inside it from anywhere in the world using a VR headset – even before the building is complete. Developers create a 3D rendering of the building during pre-construction.
Pounce’s exceptional tech and creative teams can make your AR and VR daydreams come to life. Get in touch today to discuss your ideas!