In the short space of time augmented and virtual reality has been with us, they have managed to steer up a lot of elements that the business world have never seen in a long.
Fintech companies are now looking at new ways to imbibe the clarity of purpose both reality programs presents.
While Augmented reality tries to mix what is an existing environment with a digital life, virtual reality hopes to completely transform the environment into a virtual world of the user’s imagination.
A lot has been said about augmented reality since the launch of Pokemon Go and its extreme success of raking up to $280million. The AR and VR are going to be worth over a $100billion in the year 2020 if the statistics we keep getting are anything to go by.
For businesses, it could mean leveraging on these great opportunities that have presented itself in the form of AR and VR. Both technologies can easily be used in the buying and selling, especially E-commerce.
It could also be applied in the service department as well to give customers a kind of do it yourself services. Let look at some of the examples where AR and VR could be beneficial financially.
Shopping online comes with its advantages and disadvantages. One of its widely known disadvantages is the question of ” will it fit if I buy?”
Because we deal with a unique way of ordering for products, AR and VR can help us clear those thoughts we have about a particular product fitting into our present environment. Thankfully with the help of AR, you can hold the picture of your room for example, and place the chandelier, lampstand, flowers you are trying to order online into your reality and see if they fit.
If they do, you can also use AR to find unique colors that can fit your room.
Such a game changer will make shopping very easy for most people. All they have to do is place a digital reality into an existing environment.
VR, on the other hand, will transform what the buyer wants his room to be like for example. If the imagination of a particular type of place is what he is thriving to achieve, virtual reality allows him to do it.
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Educating employees through AR and VR training programs
AR and VR were also created to educate students and employees.
Businesses have a hard time training recruits and further training existing employees among other tasks. To cushion the cost of spending so much money, AR and VR can be used to augment the little acquired knowledge those coming for the training have.
With augmented reality, a practical example of the how firms produce, package and sell to the general public is played out to the employees of the company.
In the wake of Pokemon Go, businesses started having an idea of the financial implication AR and VR provide. For example, Pokemon has 5 million daily users on the app, which converts to over 65 million active members monthly. Majority of people using the app have made in-app purchases at least once. If companies bring AR and VR into the business world like E-commerce, the same awakening statistics could follow businesses who take a leap of faith.