New York City, NY: Nov 21, 2019 – Published via (Wired Release) – Global ‘Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market’ qualitative
Will virtual reality or augmented reality revolutionize how we shop?
With an increasing number of consumers drawn to the unique experience offered by AR and VR, retailers are interested in using these emerging technologies to build a greater competitive advantage and increase customer affinity for the brand.
Virtual reality (VR) and augmented reality (AR) are right at the intersection of retail and technology. As retailers search for new ways to provide an immersive customer experience, these technologies are leading the way.
VR and AR have the power to revolutionize our shopping behavior, alter our purchasing habits, and make our favorite brands more accessible. It promises to transform the entire customer experience as they develop and add new layers of perception.
VR AND AR ARE MAGNETIC TO SHOPPERS
VR and AR stand to be a disruptive technology in the entire retail ecosystem. It will eliminate customer pain points, elevate customer service, and create a personalized customer experience.
From The Market Point Of View
The successful incorporation of VR and AR into retail models has made the retailers to re-think their business strategy. The AR market globally is expected to reach $117.4 billion (at compounded growth rate of 76%) by 2022, while the global VR market is expected to touch $34 billion (at a CAGR of 58%), according to MarketsandMarkets report.
Global investment in VR and AR startups in the first quarter of 2016 topped $1 billion – that’s more than they invested in 2015. For the investors, it is important to note that investing in VR requires the ability to take a longer view. With such a new technology, the ROI may be 24 to 36 months in the future, after a settling-in period. However, it’s increasingly obvious that the ROI, when it comes, is substantial.
The Future of eCommerce in Augment and Virtual Reality
The evolution of technology has increase customer experience and even increase brand awareness. But, the inability for consumers to touch products during the purchase decision-making process still poses a major hurdle for online businesses. Fortunately, Virtual and Augmented Reality technologies now bring a solution for this by adding a touch-and-feel factor to online shopping.
Some Indian startups in AR space
Some Indian startups in VR space
- Grey Kernel
- Xscape 360 VR Glasses
- Spectra VR
The Crux Of The Issue
Pratik Gupta, Co-founder of FoxyMoron believes the problem lies not with equipment cost but with the specialised software cost which are used to produce these AR or VR campaigns.
MILLENNIALS ARE DRAWN TO “MIXED REALITY” EXPERIENCES
A study shows that younger consumers are drawn to VR, AR, artificial intelligence, and the “mixed reality”. Millennial say they would be interested in brands that use these new shopping experiences.
AR and VR are seen as the future technological trend and investors are betting big on alternate realities becoming a multi billion dollar market.
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