A New Frontier: How Can You Profit from Augmented and Virtual Reality?

Business.com / Technology / Last Modified: February 22, 2017

Virtual and augmented reality is ready to be taken advantage of and many are starting to use this new technology.

Virtual and Augmented Reality are ready to be taken advantage of, and many are starting to use this new technology. Companies are getting in on this new marketing avenue and are already reaping its benefits.

Zipcar has started offering free rides to players of the hit augmented reality game, Pokémon Go, which has already made record numbers in terms of users and is expected to make Apple three billion dollars in the next one to two years.

Coincidence? Most likely not. As more and more youth and adults are gravitating toward technology it was just a matter of time before such a feature which was usually only seen as "futuristic technology" could actually be used as an everyday, relatable technology.

If you are looking to advertise with or utilize virtual or augmented reality in your business, there are a couple of things to know:

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The Profitability of Virtual and Augmented Reality

Both Virtual and Augmented Reality are considered similar but they both have their own qualities. Augmented Reality is able to literally get potential consumers into physical buildings, which is why it is a valuable marketing strategy. Because once in the store, the potential consumer is more likely to then make a purchase. This is a great resource for physical brick-and-mortar stores.

The difference with Virtual Reality is that a store can come to you. An example would be, when placing an order, customers can be transported in the privacy of their own homes to an actual store where they can actually see what they want to purchase and also be able to view more options which gives greater convenience.

How You Can Use Virtual and Augmented Reality

  • Communication: Meetings can become a more real experience even when long distance. The ability for interactive communication can be made even more precedence than other ways which are available.
  • Collaboration: Being able to transport virtually to a given location will give users the ability to work together and also allow the ability to cooperate together.
  • Visualization: Prototyping a product or space to where you can see it live before its actual creation will give users the ability to save time and resources especially if changes will be needing to take place. With AR, users will have the ability to place objects in the real world and have the ability to see what its like in a real environment.

Note that speed is the number one factor and getting in on it early can make sure your business will be given greater priority. Big chains like McDonald's has partnered with an augmented reality giant already, and will be expected to see an increase in profits.

The Rise of Virtual and Augmented Reality Users

The 2016 Greenlight VR survey has shown mostly positive results of the more than 1,200 consumers surveyed in respect to virtual reality; Many of which have favorable results. This shows that people are trusting and accepting  of this new technology and may be open to using it in the future.

Recently, Apple has announced that they will be investing in AR companies in the near future. They’ve made investments in AR companies before and Tim Cook the CEO of Apple has said; “We are high on AR for the long run, we think there’s great things for customers and a great commercial opportunity.”

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Investors have already invested one billion dollars + in both VR and AR in the 1st quarter of this year. As the users rise, this will become a lucrative marketing endeavor and more ways to utilize this will be expected to become available.

Leveraging

Stores such as Ikea have taken on AR already and have used it as a way for consumers to visualize items in their own homes before making a purchase. As it grows, VR and AR will continue to expand and its genre of business will as well.

Moreover, real estate firms have created interactive tours of homes with AR and auto companies have created VR to repair cars as well as help create them. As new companies keep adding these features, more consumers will become acquainted with the technology. It is expected to be so mainstream eventually that potential customers will have the ability to look into the window of a store with their smartphones, see an item, and purchase the item right then.

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VR and AR are expected to earn revenues of 100 billion + dollars. As its users rise, there will be an influx of new advances which will give business owners the ability to market their businesses like never before; and not only that but will create new ways of revenue and convenience as well.

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