Augmented reality and virtual reality are the major emerging technologies that will affect the economy and your life. According to Goldman Sachs, the two technologies are estimated to grow a $95 billion worth market by the year 2025. Your business operations will change as you try to integrate with the new technologies.
Software availability will increase, and hardware costs decrease, forcing you to incorporate the two technologies into your daily business activities. You’ll, therefore, require both vision and imagination to comprehend these changes. Here are four ways the two technologies will change your business world in 2020.
1. Retail
If you work in the retail industry, you’ll be competing on giving your customers the best buying and digital experience. With the existing blurring lines between physical and digital shopping, augmented and virtual reality will enable your business to bridge the existing gap.
You’ll need to offer your customers new ways of shopping and trying out items online before they can buy them. You’ll also need to replace your traditional retail shop with virtual showrooms.
For instance, introducing AR and VR in clothing stores will enable your customers to view clothing items in 3D format and virtually try them online. You’ll also need to provide your customers with the chance to try out new haircuts or tattoos without permanent commitments virtually.
2. Real Estate and Construction
The construction and real estate sector will be one of the major beneficiaries of the AR and VR impact. If you work as a construction professional, electrician, or plumber, you’ll be able to walk through a VR building and identify problems in design or drainage. This will positively impact project management, reduce construction costs, and save time.
If you have a real estate business, you’ll be able to offer potential buyers a VR tour of the building you are selling or leasing, without them being present.
3. Manufacturing
Incorporating AR and VR in the manufacturing sector will change the number of jobs that will be performed. As a technician in the manufacturing sector, you’ll receive virtual support from remote staff or gadgets. This will help you point out errors and indicate markings, thus reducing guesswork witnessed in manual work.
You’ll also be able to streamline the manufacturing processes to produce quality products at a cheaper cost. This will reduce human error, increase training efficiency, and save manufacturing time.
4. Training
If your work involves hands-on skills, AR and VR will help you do a better job with excellent safety and fewer errors. If you own a company, both technologies will allow you to create training programs that are consistent with each employee. This enables them to develop confidence and competence in their work.
For instance, if you are a trainee surgeon, virtual and augmented reality will enable you to practice surgery with a 3D human replica, before operating on live patients. This will, in turn, provide you with a platform where you can make mistakes and learn from them, as you perfect your skills.
Augmented and virtual reality technologies will lead to a business revolution in the coming years. You should align your business with the technologies if you are to stand the test of time. However, as you incorporate AR and VR technologies, you should take into account customer satisfaction, enhancement, and fulfillment.
Guest PostAbout the Guest Author(s)
Max Rotter
Max Rotter is a Marketing Associate for Hummingbird Networks, a small woman-owned network equipment company in Simi Valley, CA.
