Augmented Reality is blurring the lines between what is real and what is computer generated by overwhelming our senses on how we experience different things. We firmly believe that AR has catapulted its importance everywhere. According to a report, the international market for AR products will increase by 80%, to reach $165 billion by 2024.
This leaves no wonder why everyone today is working on some kind of augmented reality for his or her brand or product, with currently over 543 startups listed under the category of Augmented Reality on AngeList.
Apart from the traditional AR applications, what about the prospect of using Augmented Reality for marketing, and why do brands need to pay sudden attention to AR now more than ever?
If you are wondering how helpful or effective Augmented Reality is for marketing and increasing brand proposition, here is the answer; AR enables brands to cash in on a plethora of opportunities that create immersive experiences for customers to extend the brand-consumer relationship beyond what traditional TV and print advertising.
While online shopping assists people to make purchases anywhere, being able to visualize the product in a physical space is crucial, whether it is to try on a pair of glasses or match a new set of curtains to your home decor. The ability to see and feel the product online is one of the main reasons why people still want to go to a store for their shopping needs. Augmented reality if done correctly has the power to change that. It has the potential to help brands drive tangible business outcomes at scale to create memorable experiences for their customers that make them coming back to a brand.
In the digital world of today, deploying AR cannot only position a brand as cutting-edge over its competitors but also provide content that customers would want to share with their friends and contacts on the go. This is a move which will result in organic customer growth. It can also give the customers an incredibly powerful new way to enhance their shopping experience, helping them to make decisions they otherwise would not be able to make while shopping online.
Early studies as reported in the Harvard Business Review point to AR marketing being a novelty for consumers, making technology an important factor to distract them. However, over time, that novelty wears off with repeated exposure to AR technology, with AR marketing becoming more about the product being marketed.
It is correctly said that-
“The more effective your marketing strategy is in grabbing your customer’s attention, the higher is your customer engagement”
AR is the sparkling element that pulls customer engagement through the roof. Companies that are focused on campaigning dynamic promotional campaigns deploying AR are of the opinion that-
Effective marketing and advertising are majorly about the good stories. Augmented Reality brings the user closer to that story
As soon as a customer witnesses a brand or product providing an AR experience, they instantly develop a must be a great brand perception and are inclined to at the very least checking the product out.
This is a prized catch as in this process the customers end up buying a product that they do not intend to, and there is your advantage as a brand promoter. This is the way how AR pushes people down the purchase tunnel a move that has been very effective of late.
In our view, Augmented Reality should not overwhelm people with complex instructions and unnecessary clutter instead; the experience should be intuitive replicating behaviors the customers are familiar with. Eventually, it is not only about sharing an image or a video; rather it is about the customers taking action. Brands should focus more on whether AR made it easier for them to implement a strategy?
Are your customers scheduling a test drive or are inquisitive to receive more information, is all you need to know to think and plan what your ultimate desired business strategy is. AR is phenomenally influencing the digital shopping experience and the same principle can be applied to an in-store shopping experience. Because from personal experience, that there have been times where I bought the wrong furniture and then struggle to get a refund order issued.
AR is the new Brand Strategy
By using AR, you can save your customers from regretting the choices they have made, a move that will enable you to have more satisfied and loyal customers for your brand. Statistics suggest that 61% of consumers go for stores that offer AR experiences while 40% of them are willing to pay more for a product if they can personally experience it through AR.
However, not every customer you encounter will be the same as there are people who like to take their time before they commit to a product. These people search and search and when they are done the searching, they tend to compare their options before making the final purchase. According to the market estimates 69% of the consumers aged between 18 to 39 searches about the product on their mobile devices before they purchase them and this figure applies to people worldwide! Imagine an untapped opportunity.
For this group of people who are on their phones and the internet, retailers could leverage AR through the innumerable mobile apps to overlay product information on products.
I can think of no better example than the Blippar app to justify my point and bring clarity to what I am talking about. Using this app, you can find all the information about anything from a bag of groceries, clothes to even a cup of tea.
Have you ever come across the phrase, Content is the King?
AR can very well display the same content that comes with an extra interactive, attention-grabbing, and compelling edge and garners a wider reach of customers. The customer connections that AR can create are multi-fold.
AR not only connects people with your brand but also inter-connects people with each other who in turn connect with your brand. This capacity to connect people with their favorite brands gives them the ability to actually get more brand loyalty and getting things done at a faster and more efficient way. Brands have to pay more attention to Augmented Reality more than ever, as it promises higher sales for them and ensures higher satisfaction for your customers.
This will be a win-win situation for all!
The Way Forward
And this is just me talking about reserving your resources, there are so many other brilliant ways how AR could boost your sales and generate revenue for your brand.
AR is great and no doubt about that it holds limitless possibilities for the world in terms of brand engagement and brand positioning, but it is still in its early stages and a lot needs to be done.
How you use it to enhance your brand value will primarily define how beneficial it becomes for you. So, in the first step, analyze your marketing needs first and then incorporate an Augmented Reality touch to your customer experience which will make your brand and revenues soar higher than they did before.
AugRay works to make the customer experience more interactive, rich and engaging so that it can add value to the service, creating brand awareness and customer loyalty. If your company is planning to incorporate Augmented Reality into their day to day or promotional and marketing activities to enhance customer experience, then contact AugRay today to get the most suitable AR solution for your brand.
The post Why do brands need to pay attention to Augmented Reality now more than Ever appeared first on Augray Blog.
Wall Street’s credit default swaps have found their way to DeFi
- Opium.exchange has brought credit default swaps to crypto.
- The firm’s newest CDS product is tied to wBTC.
New stablecoin awaits approval from Kenyan regulators
Members of the Young Entrepreneurs Network Africa in Nairobi, Kenya are developing the YENTS stablecoin, a native token of the entrepreneurs’ Network which is expected to launch in November this year, according to the report. YENTS token will be pegged to the Kenyan shilling or equivalent US dollar amount, on a one to one basis, the report stated.
The Network’s CEO Kamau Nyabwengi, told that the YENTS token will be used for investment projects such as a planned golf course in Kenya, in about 18 months’ time. But initially, the network’s community will use YENTS to “pay for participation in sports events.”
Nyabwengi further said they were currently testing the YENTS project in Kenya’s regulatory sandbox, which according to Nyabwengi would help them acquire “regulatory approval within Kenya.” Nyabwengi also aimed to further the use of YENTS stablecoin to other African countries, as well.
However, Nyabwengi, who was all praise for blockchain tech believed that crypto-regulations in Africa still needed improvement to realize the full potential of the coin and its use-cases in financial investments via blockchain.
Moreover, a study from blockchain analyzing firm, Chainalysis, found that Kenya ranked fifth worldwide and was even ahead of the U.S. in terms of crypto adoption. Additionally, South Africa and Nigeria were in seventh and eighth places, as seen in the image below:
In other news, Luno’s general manager for Africa, Marius Reitz, said in a report that strict regulations stifle innovation within the crypto sector in Africa. Many believe that its strict crypto regulations could have been introduced to safeguard traders from the region’s infamous crypto-scams. However, the study from Chainalysis found that only a small number of traders fell for such scams compared to Africa’s western and eastern counterparts.
Avalanche, the latest staking network to launch, already has more than $1 billion staked
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- The networks C-Chain was made EVM-compatible in order to attract Ethereum developers, allowing them to switch over with little friction.
- The recently launched PoS blockchain has roughly 234 million AVAX or slightly more than $1 billion staked across 491 validators.
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