Why Does the Retail Industry Need to Embrace Digital Transformation?
The term digital transformation in the retail industry means disruption, new services, and improved functioning of the existing system using technology.
As the customer journey is evolving, retailers have to adapt and evolve as well. Also, with the shift towards personalized shopping, retailers have to go beyond focusing on a single technology in order to create new and innovative business models.
Location-based services, mobile apps, and big data analytics have brought about a significant change in the retail industry. This post details the significance of Digital Transformation in Retail.
What does digital transformation mean for retail?
Retailers will have to look beyond marginal enhancements and redefine processes to create a connected engagement using technology. Digital transformation is not only about agility, innovation, data intelligence, customer centricity, and new value propositions but also about streamlining processes, reducing costs, and improving productivity across the transactional cycle.
Now, more than ever before, retailers have to rethink every aspect of their business. Right from sourcing, pricing, inventory planning, employee training to customer experience management, retailers have to find new ways to drive revenues and create innovative business models.
McKinsey states that COVID-19 has accelerated the adoption of digital technologies in the retail industry. According to their report, e-commerce penetration in the United States which was supposed to reach 24% by 2024 has rapidly grown from 17% to 33% in just two months since the lockdown.
“Contactless retail that leverages digital transformation technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and Virtual Reality (VR) increases customers’ confidence to shop during the COVID-19 pandemic”, says GlobalData. With changes in consumer behavior and consumption patterns, retail digital transformation trends are only likely to continue in the future.
Simply put, digital transformation in retail can improve customer retention and satisfaction by offering products and services according to their needs.
What are the benefits of digital transformation in the retail industry?
While digital transformation is not an easy one, a well-thought strategy can bring in the desired results. Also, it comes with several advantages such as:
1. Improved operations
Using cloud technologies helps improve operations within the company and enable the retail staff to respond to customers quickly which eventually improves client support. Availability of real-time data helps predict demands ahead of time and stock goods in advance.
AI tools are helping customers to shop without a cashier and enabling retailers to sell their products in physical stores as well as websites and mobile apps. Thus, AI-powered automation of retail processes such as locating items, tracking inventory and replenishing stocks, remembering customer preferences, etc. will enhance the customer experience.
Read more: AI To Solve Today’s Retail Profit Problems
3. Better communication
Retailers can form a better connection and improve their communication with their customers via social media, mobile apps, websites, chatbots, etc.
4. Enhanced customer experience
Digital transformation influences customer experiences and makes them better. Technical tools help increase the productivity of the employees and make services more efficient. This helps customers get not just high-quality services but also ensures a pleasant buying journey. While digital transformation is customer-centered, it also helps your business become better and stay ahead of the competition.
5. Boost revenue
Digital transformation offers retailers a chance to reach a wider target audience and thus increase their channels of income.
Why is the retail digital transformation more relevant now?
While the shift towards e-commerce is not new, the COVID-19 pandemic has only accelerated it. In the United States alone, approximately $600 billion represented online sales that accounted for 56% of overall retail growth in 2019.
Here are some more reasons why businesses have to mandate digital transformation and tweak their customer journey to respond effectively.
1. Life post-COVID will see a surge in online shopping
With increased emphasis on social distancing and personal safety, there will be several changes in consumer demands, saving patterns, spending style, and buying channels. Business leaders must plan their digital transformation and make profits in the post-COVID era. Business recovery and sustenance will depend on digital channels during the social distancing phase. Businesses should consider establishing digital channels and improving presence, invest in data, and improve models for customer demands. Additionally, business leaders can integrate pandemic outbreak models with supply chain demands and empower employees to work from home efficiently.
2. Transparency in supply chain
The pandemic has affected the supply networks across the globe and has caused many retailers to be unable to meet consumer demand for their products. So, retailers will have to be more transparent about their inventory and plan their online and offline customer experience.
3. Retailers with a digital presence will be more successful
Given the current pandemic situation, most people are indoors and spending only on essential items. So, retailers having a digital presence are already ahead of the competition. Such retailers are taking advantage of the pandemic situation and capturing the market share through innovation and customer acquisition. Businesses need to continue with their digital transformation program instead of closing their business and filing for bankruptcy.
4. Customers are rooting for their favorite brand
Most people are affected by social distancing, maintaining personal hygiene, queuing up for entry in stores, and other restrictions. So, customers are rooting for their favorite brands and expecting them to provide better services while taking safety measures. This increases the demand for digital transformation of retail more than ever.
Top 3 retail digital transformation trends to embrace
Retail digital transformation has already started and many companies have benefited from it. However, digital transformation is not a short-term process as technologies keep evolving and retailers will have to keep track of the latest trends. We have shared some of the latest trends to watch out for.
1. Augmented Reality (AR)
AR technologies and tools are helping customers to try and view things from the comfort of their homes. For instance, Toyota’s Augmented Reality shopping experience allows you to try 10 different cars before selecting the right one.
Another great example is IKEA. They let their customers choose furniture using their app. Customers just have to point the camera to the right place at home and the app will suggest options that suit your decor.
2. Mobile applications
Mobile apps help you connect with customers in a better way. It allows customers to check on the products, read reviews, etc. Additionally, customers can contact the support team in case of any issues.
Mobile apps are also good for further development as they allow you to add new features and enhance the services you provide.
3. Virtual Reality (VR)
Virtual Reality technology has immense potential to develop and grow in the retail industry. VR can enhance customer experience and take it to the next level as it will allow customers to check homes, cars, etc., without even stepping inside. The retail giant Walmart employs VR headsets in over 4,500 of its stores for managing grand shopping events like Black Friday. VR training has boosted the confidence and productivity of Walmart’s associates and has increased their rate of retention.
It can be said that simply having a retail store will not help you anymore. You must integrate digital transformation from your physical store to your online store and social media accounts.
Instead of spending days researching your options, we can help you save your time and money. Let us know about your retail business needs and we’ll come up with the best digital transformation strategies suited for you. Contact us today.
Stay up to date
on whats new
Get a free
Talk to our experts today
about your business
What Are Cobots?
Cobots have been around since the 1990s. Cobots operate in conjunction with humans to perform given tasks. They are built to interact physically with humans in a shared workspace.
In other words, cobots or collaborative robots can be defined as the hardware version of Augmented Intelligence. Rather than replacing humans with their autonomous counterparts, collaborative robots augment artificial intelligence technologies to physical bots. According to Barclays, cobots can revolutionize production. This is effective, especially for smaller companies, that account for 70% of the manufacturing industries, globally.
Cobots help in improving human capabilities in performing tasks with greater strength, accuracy, and data capabilities. The first collaborative robot was a device used to directly interact physically with a manipulator that was computer-controlled’. It was invented by J Edward Colgate and Michael Peshkin in the year 1996. Later, Kuka Robotics launched its first collaborative robot in the year 2004, named LBR 3.
How Are Cobots Useful In Various Industries?
Since Cobots are capable of performing tasks alongside humans instead of replacing them, there is a multitude of ways in which Cobots are used in different industries for varying purposes. The major ones are as follows:
1. Hand–guiding: This cobot has an additional hand – a pressure-sensitive device at the end of its arm. With this arm, the human operator can teach the collaborative robot how to hold an object or how to move, or how fast to move, and so on. It also ensures that nothing gets damaged.
2. Speed and Separation Monitoring Cobots: This particular cobot operates in safety zones. Instead of stopping to perform its task when it senses an outsider’s presence in the safety zone, this cobot slows down and then tracks the location of the human. It stops as the human gets too close.
3. Power And Force Limiting Cobots: These collaborative robots are designed to frequently interact with humans. This specific cobot stops or reverses its movement on encountering any abnormality.
4. Safety Monitored Stop Cobots: These cobots are designed to work independently, but stop whenever a human needs to intervene. This cobot senses human presence and stops all movement until the human has left the safety zone.
How Collaborative Robots Offer Game-Changing Benefits
Cobots have been brewing in the web-space for quite some time. In general, robots have replaced human labor from the industrial workforce since the industrial revolution. Robots, but operated within safe environments. Cobots, on the other hand, help in putting away some of the major spatial and environmental dangers that robots may cause, whilst working alongside humans!
Cobots can also be easily reprogrammed. Many businesses and industries are skeptical about falling behind their competitors, especially in situations where irrecoverable disasters are likely to take place. Here is when cobots can be an effective solution. Let us walk through the major benefits that collaborative robots offer in various industries:
1. Increased and efficient Human-Robot Interaction
In any given industry utilizing bots for performing tedious tasks, time, cost, and floor space are the three major critical factors to be considered. This is because the operator can work alongside the cobot, without having to leave the workspace. Cobots are known to reduce idle time of human workforce by 85%.
Consider a traditional assembly line that is set up in a workspace. Here the human workforce sets up the mechanical robots with required parts to perform the rest of the tasks. The entire production will be put to halt for a long time or stopped from its current operations, in case of any required human intervention. While on the other hand, a collaborative robot works along with the human workforce, which increases the efficiency significantly.
2. Applicable To Small And Mid-Sized Industries
Strategies to optimize costs are a major concern in every industry. This is because larger industries that have a higher production volume prefer a robot to perform tedious tasks. On the other hand, smaller industries prefer manual labor.
Implementing cobots can be beneficial across a range of industry sizes, as these bots do not require a heavy set up process.
3. Safety In Handling Dangerous And Tedious Tasks
Preventing human error is critical in every industry. For instance, steadying the movement of tools used in surgeries is complex. The process needs to be highly accurate as well. Cobots ensure a safer working environment by preventing human errors that can hinder operation accuracies.
4. Increased ROI
Cobots can be conveniently relocated whenever required. This makes it easy to eliminate any non-productive activities during working hours. In addition to being highly efficient and flexible, cobots ensure increased ROI due to significantly reduced labor and maintenance costs. This also results in an increased profit margin as well.
Future Of Cobots
By the year 2020, cobot sales are expected to cross $3.1 billion. The sales of cobots are increasing every year. According to Barclays Equity Research, analysts state that the global sales of cobots have crossed US$120 million in the year 2015. This figure is forecasted to grow to $12 billion by the year 2025!
The figures above illustrate that the sales of cobots are just 5% of the total robot market. This figure is forecasted to grow exponentially as more industries start to explore the multitude of possibilities of these bots.
To know more about how cobots can be leveraged for your business, drop a call to our strategists right away!
Stay up to date
on whats new
Get a free
Talk to our experts today
about your business
5 Technology Trends Every Travel and Tourism Business Needs To Invest In 2019
If we look at the sheer number of customers involved, the travel and tourism sector is one of the world’s largest industries. Back in 2017, it was a USD 1.6 trillion industry worldwide and over 1.32 billion international tourist arrivals were recorded worldwide according to emigration agencies. With such a phenomenal target audience base, businesses that want to flourish in this sector from hotels to travel companies to flight and cruise operators are continuously seeking new differentiators to win customer loyalty and survive profitably in the face of intense competition. And the competition is not just from peers in the industry.
Today, there are thousands of technology companies that have transformed the conventional travel and accommodation experiences for the common man by shifting the power of choice to the consumer from the hands of the service provider. To remain viable, traditional players in this industry have also shifted their investment priorities to technology that helps them provide better services with lower costs.
There has been a paradigm shift in how the travel and tourism industry works. What was once a monopoly of travel agents, today an end customer has the freedom to chart their own travel itinerary, arrange every necessary and ancillary service throughout their journey and ensure hassle-free travel experiences anywhere in the world.
The best part is, they can accomplish all this from the comfort of their homes using just their mobile phones. The proliferation of smartphones and a large digital savvy guest base necessitates players in this industry to continually invest in technology platforms that help them connect with potential customers across all channels, be it booking offices or online portals.
Today, we shed light on the top 5 emerging technology trends that travel and tourism-related businesses need to keep a close watch and invest wisely if they want to remain successful. Here are our picks:
1. Mobile Friendly
Did you know that over 47.96 percent of global web page views have been from mobile devices alone? This implies, that irrespective of which travel or tourism service you offer, you need to ensure that every presence you have for your business on the internet needs to be mobile friendly. Additionally, businesses need to ensure that they offer customers access to critical services on their premises through smartphones. An example would be a hotel offering customers to book ancillary services like spa, cabs, recreational activities, restaurant, and in-room dining services, etc., through a mobile app rather than having to call up the reception to do so.
Check out the video to learn more about how hotels are embracing technology to provide better customer service.
This video is made using InVideo.io
Some of the world’s most premier hotel chains have gone one step further by creating smart room keys that help guests unlock their rooms with just their mobile phones or a wearable device like a smartwatch. Even more, if such services can be offered by integrating the hotel’s technology back-end with popular services that users already use will ensure greater customer satisfaction as they need not download another app on their mobile phones to use the new feature.
Related Reading: Find how realtors are winning tenants with innovative mobile apps.
2. Artificial Intelligence
Gartner predicts that by 2020, consumers worldwide will handle 85% of their interactions with a business without the need of a human agent. For the travel and tourism sector, customer engagement and the subsequent experiences are critical for continued success. AI can be a game changer in this regard. By serving multiple roles ranging from a virtual assistant or chatbot, AI enabled platforms to help businesses keep their businesses open to customer queries 24 X 7 without dedicated human staff.
Considering the fact that the travel and tourism industry is a global sector with business opportunities available without time zone restrictions, AI becomes even more special. By using machine learning, AI systems can study user behavior and offer automated recommendations and services during interactions for booking a cab or tickets to a nearby destination and so on.
AI can also help businesses automate much of their intense manual data management jobs like generating reports for management, staying compliant with local and regional laws, facilitating verification of guest background and biometrics and much more. The list is endless and in the coming years, AI will turn into a significant contributor to profits for key players in the travel and tourism industry.
Related Reading: Read on to know the top artificial intelligence trends of 2019.
3. Immersive Visual Experiences
What if you could offer a virtual tour of your hotel or resort or a popular tourist destination where your business operates, to a potential customer in another country? Well, this is possible today, thanks to the advancements in immersive visual technology like augmented reality (AR), virtual reality (VR) and mixed reality (MR). It can be used for virtual simulations of travel destinations and accommodation facilities and even for interactive content marketing campaigns. With hardware costs going south every year, more users would buy devices that facilitate such experiences.
The popular Oculus Rift that had a hefty price tag of $799 when it launched in 2016 now sells for just $199 and this is an indication that hardware hindrances will not deprive AR, VR and MR technologies of their worth in the coming years. Businesses can offer interactive opportunities for other ancillary service providers to market their services in their properties like for example, a hotel chain, allowing AR-enabled shopping from popular brands for their guests or running promotional campaigns of nearby attractions that guests can explore virtually before making a decision. The possibilities are limitless.
Related Reading: Check out which technology has a better future: AR or VR
4. Internet of Things
Today, technology is moving from the bounds of computers and smartphones and integrating into almost every physical environment surrounding us. The Internet of Things (IoT) paradigm has opened new possibilities for improving customer experiences considerably. The travel and tourism sector too can leverage the potential of IoT to serve their customers more efficiently. From hotels offering a smart room environment controls to guests and airlines facilitating smooth check-in and boarding through beacons within airports, the number of offerings in this segment is numerous.
With the advancement made in hardware sensors, it is possible to gather a large volume of data from a customer or potential customer’s physical surroundings and businesses can use this data to offer personalized services. With an increased focus on data security, today’s IoT platforms will assure end users of personalized services without the risk of unauthorized access by imposters. From an operational standpoint, businesses such as airlines and hotels can use IoT platforms to automate several key operational tasks such as maintenance activities to improve their efficiency, save costs and reduce manual labor risks in the long run.
Related Reading: Read along to know where and why should you invest in IoT.
5. Big Data Analytics
From the huge gamut of data generated by guests and travelers, businesses in the travel and tourism sector can derive insights that help them make the best decisions for growth. This is facilitated by powerful big data analytics platforms that are today available even on a subscription basis. This makes the proposition sweeter for even smaller businesses as they can now compete with the giants in their respective business community by gaining vital knowledge about customer behavior, their spending habits, and their interests.
By analyzing data on past travel experiences, hotels and travel companies can provide personalized recommendations to customers and aid their decision-making process considerably. These systems allow travel companies to suggest the most profitable itineraries for both them as well as the customer making it a win-win situation for everyone. It also allows them to segregate travelers, according to several criteria such as cost preferences, location preferences, interests and much more. This allows them to create personalized marketing and promotional campaigns for each segment and gain more business opportunities.
Related Reading: Check out how big companies are using Big Data to boost business
The travel and tourism sector will undoubtedly rank among the largest in the world when it comes to investment potential. However, the future of this industry will largely be decided by who makes the wisest technology investment decisions among competitors. By converging human interactions and technology, businesses in this sector can serve their customers better and run their infrastructure smarter.
The choices are numerous and it requires an expert advisory partner for travel and tourism companies to realize the full value from their technology investments. This is where our consultants can be your differentiator. Talk to us today to know how your business can survive and succeed in the age of digital disruption by investing intelligently in technology that matters most to your business.
Stay up to date
on whats new
Get a free
Talk to our experts today
about your business
A few years back, Augmented Reality (AR) and Virtual Reality (VR) sounded revolutionary, more like the utopian world of the Jetsons. But today, with miraculous capabilities of accomplishing seemingly impossible tasks, AR and VR are invading our lives. With the popularity of Google Earth and Pokemon Go, 2017 showed us remarkable growth and awareness of these technologies. According to Statista, the global augmented and virtual reality market size is expected to reach 20.4 billion U.S dollars in 2019.
Although AR and VR are rapidly transforming various industries, thoughts like-what exactly are these fast-moving digital wonders and which one would mainstream first, linger in many minds. Here are the answers to all!
Augmented Reality – Augmenting the Real World
Augmented Reality is an interactive technology that capacitates the power of augmenting the real world environment with computer-generated perpetual information. What’s amazing about AR is that it brings components of the digital world to the natural environment. With the capabilities of narrowing spaces between reality and technology, augmented reality is expected to revolutionize the world.
Fun Fact: Studies reveal that by August 2017, the total number of downloads of Pokemon Go from Google Play market alone was 100 million.
Augmented reality is known best from the Pokemon Go and Snapchat filters. The IKEA Place app has also managed to win hearts by enabling users to decorate homes using the AR technology. According to a Statista report, augmented reality is expected to generate a revenue of 118 billion U.S dollars from AR devices and 68 billion U.S dollars from AR services.
Fun Fact: The survey conducted by GlobalWebIndex in 2018 showed the following consumer’s perception of augmented reality’s potential in various sectors.
Augmented reality with its capabilities to deliver an interactive and enhanced experience, is expected to project its best in retail and marketing industries. Increasing the array of channels to guide purchases, AR can turn to become the next big thing for retail stores. With AR technology, advertising and marketing industries can also provide more fluid customer experience by utilizing real-time user preferences and data.
Related Reading: Augmented Reality is also growing its pace in the travel industry. Take a look at how innovative travel apps are mesmerizing customers.
Virtual Reality – Exhibiting an Artificial Reality
Virtual Reality is an immersive technology that lets you experience a three-dimensional computer generated environment incorporating a mixture of interactive hardware and software. This technology blinds you out from the real world and takes you to a virtualized reality or an artificial environment. Literally speaking, virtual reality possesses the power to make you believe that you are teleporting.
The most popular forms of virtual reality we witness today are the VR Headsets. Google Earth and the other 360 degree videos on Facebook and YouTube are also versions of the VR technology. According to Statista, the market size of virtual reality hardware and software is predicted to increase from 2.2 billion U.S. Dollars seen in 2017 to more than 19 billion U.S. Dollars by 2020.
Experts predict VR to project rapid growth in entertainment and education industry. Possessing abilities to provide an immersive experience and a unique level of interaction, VR has the potential to evolve faster in these industries. With virtual reality headsets and mobile games, VR has already marked a significant position in the entertainment field.
Fun Fact: According to a survey in 2018 conducted by the GlobalWebIndex, the following is an estimate of consumer’s perception of virtual reality’s potential in various sectors.
Although, adoption of VR in the education industry is very much in its infancy, yet it is expected to transform classrooms and the way students explore colleges in the near future. The one VR miracle that has already gained popularity among students is the Gear Up NC VR app that is enabling students to screen through North Carolina colleges hassle-free.
Fun Fact: Nearly half of the population (42%) predicts that the education industry will become commonplace for VR projects to grow in the next five years. 97% of the people who have used VR for teaching have agreed that VR has the potential to engage students better.
AR or VR – The Technology to Create the Big Impact
Although both the technologies have their own share of pros and cons, augmented reality has a lower awareness rate as compared to virtual reality. This, however, could be due to the age group engaging with the technology. According to a survey, both AR and VR technologies have engagements mostly clustered around the 25-34 age group.
Speaking of potential, although AR is statistically proved to be less popular, yet 50% of the population who have used both these technologies, believe AR to have more potential than VR. Only 47% of these technology users believe VR to create a big impact in the future.
With both augmented and virtual reality offering very different experiences, the fight on which technology ranks the best still remains as an unsolved puzzle. Like how Google’s Clay Bavor once tweeted – “VR vs. AR cheat sheet: VR can take you anywhere. AR can bring anything to you. Both are important. Neither will win”.
Only the future can decide on which technology would steal more hearts and create a big bang. Some experts believe that with the development of more equipment, the line that delineates these two technologies will probably start to get blurry. However, in today’s world, both augmented and virtual reality are equally transforming industries in its own ways. To learn more about how AR and VR can reshape your business, get in touch with our tech consultants now!
Stay up to date
on whats new
Get a free
Talk to our experts today
about your business
Augmented Reality is a hot emerging technology that modifies a real-world plain-sight view by superimposing a real-time computer-generated sensory image, sound, video, GPS data, or graphics, in a semantic context. Through such superimposition, Augmented Reality offers a composite view of the environment and an enhanced perception of reality.
Augmented Reality is riding high on a wave of expectations, and many experts tip the technology to transform many walks of life, including the workspace, like never before. Augmented Reality blurs the line between the physical and digital realms. It brings computer-generated graphics to life, making what the employee actually sees interactive and manipulative. The potential applications are endless, limited only by imagination.
1. Better Management of Work
Augmented Reality tool such as HoloLens allows supervisors and managers to remain in better control of the situation, as they are fed with real-time information in the actual context. Instead of taking time out to analyze the situation in a computer or smartphone, they gain real-time insights in the course of their work. They can also make changes and issue instructions using hand or head movements, and voice commands.
Augmented Reality enables trial-and-error, without the usual costs and time associated with the process. An interior designer, could, for instance, use an AR headset to test color schemes, or a jewelry designer could visualize an idea and share it with the customer, before committing to make it. An architect designing a new office could view a real size hologram from all angles, to optimize the settings. A salesman could share his product line with clients in 3D.
2. Better Insights
Using AR powered glasses could offer field technicians insight into the working of machinery, annotating the parts, making explicit fluid and other levels not easily discernable, identifying parts which have failed or not working to the set parameters, and more. Overlaid animations would guide the technician on what to do next. What hitherto took specialists with considerable years of experience and training could easily be handled by a novice technician.
Lockheed Martin is already applying such technology to good effect, employing AR to aid design and make production floor personnel familiar with procedures. DHL is using similar AR technology to make sure employees load carts in the most efficient way possible.
3. Improved Productivity and Efficiency
Augmented Reality delivers optimal and accurate information, in the ideal format, at the precise time, to increase efficiency and productivity manifold. While conventional technology may bring in all details about a customer who walks in at the computer console, AR technologies bring it in front of the worker’s eyeballs. Workers no longer need to stop what they are doing to seek the required information or worry whether the information they gathered is accurate. Gestures and voice replace the inconvenient keyboard, mouse clicks or swipes.
Moreover, the field of view information offered by AR may change dynamically along with the task being performed. For instance, a worker in the warehouse may be guided to the area where a requested item is stored. In a factory, it could notify workers of resource levels or problems on the assembly line on the fly. Conservative estimates peg a 32% efficiency increase when deploying AR.
4. Enhanced Training
AR transforms training, taking it to a whole new level. It enables enterprises to speed up the training process and make it more effective.
Google Expeditions, a virtual reality platform, offers an AR overlay, already allow students to take guided tours deep into the Amazon jungle, or watch a Viennese opera. Implementing similar tools in the workplace would allow trainees to learn the basics and delve into the advanced, in double quick time, with a real feel of things. New hires could be placed in a real-world situation, and be exposed to all possible scenarios, without the disruption and risks characteristically associated with on-the-job training. Augmate’s InstructAR platform is an early step in this direction, aimed at imparting tech and manufacturing training using AR.
Hyper-training with augmented reality facilitates shorter learning curves, better-trained employees, and an all-around more efficient workplace. Boeing trainees assemble a mock airplane 30% faster and 90% more accurately using AR-animated instructions, compared to relying on PDF guides.
5. Furthers Organizational Creativity
Augmented Reality opens the doors for limitless creativity and innovation in the workplace. AR tools may be used to simulate different cause-effect scenarios, to determine an optimal course of action, without having to go through the underlying risks. In an ultra-fast business world brimming with change, such options help business drive much-needed agility and adaptability.
The potential of Augmented Reality to drive innovation is unlimited, especially when blended with employee collaboration, field tests, and presentations. AR can immerse a remote team, bringing employees together from across the globe in a way that feels more real than ever before, boosting collaboration at a global scale.
Augmented Reality also helps enterprises devise innovative ways to effectively deal with contingency scenarios, such as how best to tackle hazardous workplace conditions, how to plan for a contingency such as a live wire falling to the ground in the construction industry, guiding the workforce on protocols in the eventuality of emergencies such as a fire, and much more. AR can take the remote workforce further than existing tools can.
6. Deepen the Engagement
Marketers leverage AR in many innovative ways, from embedding a product brochure with personalized messages to offering a snap preview of a new location, and more. Blippar, a New York-based advertising company has taken the lead in offering augmented reality games with everyday objects, offering ample scope to deepen customer engagement. One innovative Pepsi ad allows users to aim a ball to a goalpost with their eyes, and “kick” it with a quick gesture. The rich data collected on customer habits and behaviors are spin-off benefits.
While AR technology has been in existence for some time now, growth has been sluggish over the years, mainly owing to the limitations in enabling technology. The popularity and easy availability of wearable devices have however changed the scenario, and AR is all set to go mainstream in the near future.
Augmented Reality is all set to enter the boom phase. IDC estimates shipping 99.4 million Augmented Reality headsets by 2021, a tenfold increase from the 10.1 million shipped in 2015, indicating a compound annual growth rate of 58%.
As the adage goes the early bird catches the worm. Your business will surely be better off by introducing Augmented Reality technologies for both internal and external facets of operations. When you partner with us, you can leverage our highly skilled, talented, and experienced team to develop state of the art, cutting edge AR solutions. Get a free consultation.