Virtual and Augmented Reality are revolutionizing e-commerce. These technologies make shopping on the web more enjoyable, engaging, and ultimately helps boost customer conversion rates.
VR and AR technologies have reached a critical mass, with the necessary hardware and software solutions already available in the market. However, there remains much work to do before these tools become widely utilized by consumers.
Automotive Industry
The automotive industry is exploring virtual and augmented reality to revolutionize design, development, manufacturing and marketing processes. This is expected to result in an increase in spending on VR/AR technologies around the world.
According to research, the global market for VR and AR in automotive is projected to reach $673 billion by 2025 – an incredible 3320,000% rise in investment from 2017.
Augmented reality is a computer-created environment that brings digital information into the physical world. This can be achieved using smart headsets or goggles.
Car manufacturers are using Augmented Reality (AR) to give motorists more information about their environment, such as speedometer, directions and other relevant details. Furthermore, this technology helps improve driver safety by displaying pertinent alerts before the driver.
3D Map Creation
Virtual and augmented reality technologies increasingly rely on 3D map creation. Experts predict these maps will be invaluable for everything from outdoor recreation to engineering projects.
One of the latest innovations from activity tracking company Strava, called Fatmap, is a global map platform using sensors such as cameras and GPS to create 3D maps.
Another is Facebook’s LiveMaps project, which utilizes machine vision, localization and crowdsourced mapping technology to create an accurate virtual globe that users can navigate using headsets and glasses.
Map2Earn recently unveiled a 3D map program that can accurately locate objects with 20 cm precision both indoors and outdoors, unlike GPS which only offers up to 6 meters accuracy. The company believes this technology will make AR experiences more immersive.
Marketing Campaigns
Marketers around the globe are creating creative campaigns that incorporate both VR and AR to showcase their products. Not only is this trend enjoyable, but it can also help increase brand awareness and boost sales.
Sephora’s “Virtual Artist” tool lets customers try on makeup without ever having to enter a store, allowing them to experiment with different shades of lipstick, eye shadow, and other cosmetics before purchasing anything.
As VR and AR technology continues to advance, more brands will leverage these innovations to craft immersive experiences that delight customers. These interactions help improve buyer awareness, enhance personalization, and expedite the buying process.
Healthcare Industry
The healthcare industry is one of the major players in virtual and augmented reality. It provides various services such as medical training, diagnosis, rehabilitation, performing surgeries and providing health care education.
These services are projected to grow significantly over the coming years due to technological advances in healthcare, favorable government initiatives and an increasing use of AR & VR technology during surgical procedures.
These technologies enable a fully immersive experience (VR), or incorporate sensory elements into a real-world setting through AR (think Pokemon GO). Platforms like these can foster connections with patients, provide more personalized care, and improve outcomes even when physical contact is limited.