Immersive Tech: How Businesses Are Generating Returns
Nov 28, 2018, 12:00 ET
NEW YORK, Nov. 28, 2018 /PRNewswire/ -- Since the launch of HTC Vive in 2016 and ARKit in June 2017, a lot of companies have tried their hands on immersive technologies. Many industries have been using it and have been fairly successful in getting the Returns on Investment (ROI). Quytech sees demand coming from across industries. But there are some industries where the ROI is clearly seen.
Some of the industries have already tasted success and have a first mover advantage in using immersive tech to get a competitive edge.
Publishers: Publishers have reportedly got a good return on investing in Augmented Reality. Publishers are reporting engagement rates up by 30% and engagement time up by 100%. Most of the immersive content is being generated for Ads. Brands are willing to pay more for AR based ads. Also, the consumers find a much better way to learn about the product or brand when seen in AR or VR.
E-commerce: This is probably the largest market for AR, and is seeing a big boom in AR investment. E-commerce companies are reporting a 2-3% increase in conversions and a whopping 25% decrease in returns. Consumers are lapping up options where they can try and buy virtually before placing the orders. Using AR a consumer can try out a product on her and see how it looks before making the purchase.
Ikea's Place app generated a tremendous response from consumers. It hosted 2000 products and provides a very accurate way to visualize and size the furniture for the end user.
CPG (Consumer products): Consumer products are using AR primarily to push the brand identity and create a connection with an off the shelf product. Product packaging is an ideal way to connect with the consumers and relate the brand story in an entirely different way. Brand managers and marketers love the engagement that such experiences bring in and the additional data they can collect which was not possible earlier.
19 Crimes is a big case study here. Relatively a small brand, their AR campaign has generated huge attention worldwide. This has brought the brand story out to common people who may not even have their hands on the real bottle.
Training: The production floor and the service departments are making huge investments in AR. Training programs are the ones getting most of the investments. Companies are reporting an increase in retention rates by 60% while using AR or VR based training programs. The cost reduction range from 40% to 90%, depending on the cost of real training.
Transport for London (TFL) is already reaping benefits of using Virtual Reality to reduce the costs of training.
Maintenance and Repair: This is the biggest area of investment in immersive technology in the Enterprise. For equipment manufacturers and service department, the biggest overhead is sending their precious senior technicians on site for fault analysis and repair. AR-enabled systems are helping such companies increase the productivity of their senior technicians by 60% and reduce maintenance costs by 70% simply by enabling them to remotely get the equipment repaired. It reduces costs and decreases the time taken to fix the issues.
Boeing has reported a 30% increase in time spent and a 90% improvement in first-time quality by using immersive technology.
Real Estate: Real Estate was the first sector that invested in immersive technology. VR headsets can be seen in every developer or broker's office. From 360 views to 3D scanned homes, this sector has reaped huge returns from the immersive technology. Developers find it easier and cheaper to give a virtual walk-through of the property to their clients.
There are other industries where immersive tech is making breakthroughs. It won't be long before this is counted as a major investment focus by Enterprise in their digital transformation.
About Quytech:
Incorporated in the Year 2010, Quy Technology Pvt Ltd provides bespoke Augmented Reality and Virtual Reality Development Services.
Our end-to-end augmented and virtual reality development services include everything from 3D modeling/animation/rendering images to spatial audio and frontend/backend development.
The company delivers complex AR/VR projects across multiple verticals including Publications, Manufacturing, Real estate, Retail, Marketing, Education, and other.
Our clients are from across the world mostly from US, UK, Europe, Australia, and India. We have delivered more than 250+ projects, for our clients worldwide.
Contact Quytech
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Related Links
Augmented Reality in Publishing Sector
SOURCE Quytech