How Firms Can Capitalize on Augmented Reality Opportunities

How Firms Can Capitalize on Augmented Reality Opportunities

Augmented reality allows people to get more context and more details about items in the real world. It’s also being used to enhance human capabilities, which is changing customer and employee experiences across the value chain. To take advantage of AR opportunities, businesses need to think about their strategy differently.

Most AR applications overlay digital data onto the real world. Some AR applications are straightforward like an GPS overlay over the road view, or information about restaurants close to the user. Others are more complex and require more advanced technology, like SLAM or depth tracking. These technologies can track a user’s location and can identify physical objects or elements (like an album cover or product label landmarks), recognize their structure, and thereby trigger an augmentation.

AR lets customers try on clothes and jewelry without having to leave the store. This helps save time and allows customers to make purchases that are right for their needs. Brands can differentiate themselves by offering experiences that allow shoppers to interact with products in their own space, thereby reducing return rates and improving conversion. For employees, AR can support training and knowledge transfer by enabling employees to work in a safe virtual environment. This can reduce costs and risk, particularly when working in highly risky or hazardous situations like manufacturing. For instance, it could permit workers to replace costly equipment by using virtual simulations for training and testing purposes. It can also aid in the assembly of complicated machinery with step-by-step instructions. This can improve the productivity and quality.

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