AR & VR New Engagement Models

Goals

To establish how AR & VR will create new engagement models for
Merchants & Banks as well as;
Define AR & VR
Provide consumer usage of AR & VR.
Market usage of AR & VR
Establish what is preventing mass adoption
Provide where AR & VR has been successful
Use case studies of merchants & banks using AR & VR to determine the results
Identify government/ Political concerns of AR & VR
Establish set up costs for a merchant/bank to get an AR and VR solution live
What Hardware is required and its availability in markets
Identify the hardware creators and weigh if the price point ready for mass adoption.

Early Findings

AR & VR

  • Augmented Reality (AR) and Virtual Reality (VR) have always been discussed on the same platform, especially when measuring both their market capabilities.
  • Both AR and VR share a lot of commonalities even though they have key differences. AR, for instance, allows users to experience a digitally augmented or enhanced real world, while VR extracts the user from real-world experiences and replaced these experiences with simulated ones.
  • Both AR and VR technologies continue to increase interest in their capacity for marketing, gaming, entertainment, and brand development.
  • Studies show that close to 90% of the companies with annual revenue ranging between $100 million and $1 billion have in the recent past embraced both AR and VR technologies.

Consumer Usage

  • According to an article published by Forbes, the global market for both VR and AR is estimated to reach $1.6 billion by the year 2025.
  • Given the huge potential market, consumer usage through retail businesses must eventually adopt these technologies.
  • Reports indicate that close to 2/3 of American adults (61%), augmented reality has influenced where to shop.
  • AR has raised spatial awareness in the beauty industry, furniture retail, employee training, content marketing, as well as fashion and footwear.
  • AR has also improved customer satisfaction and customer return rate in many businesses.

Proposed next steps:

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