It’s one of the best times to be an entrepreneur today. With evolving technologies being made available to support almost any business ideas, the possibilities remain endless and businesses are exploring new trends and innovations. A great example of this is the increasing popularity of Augmented Reality and Virtual Reality, combined with the ready availability of necessary tech-support such as cameras and blue-tooth on everybody’s mobile phones, enabling businesses to provide state-of-the-art services, on the go. Statistics reveal that the AR/VR market, worldwide, crossed the USD 18.8 billion in the year 2020 and is estimated to become a USD 50 billion industry in near future. Establishing ground-breaking interactions among the two worlds, AR and VR aim to bridge the wide gap between the physical world and the virtual/digital world.
The AR/VR industry was initially limited to the field of entertainment and gaming but is now expanding at a swift rate, making its way into businesses and even small start-ups. It is capturing diverse industries including tourism, real estate, healthcare, fashion and design, and also education and training.
So how is AR/VR changing the start-up scenario? Read on to discover:
Enhancing customer experience like never before
Since staying online has become the new normal, it is vital to provide customers with the best possible user experience. For instance, the concept of online shopping has evolved into a much more personalized experience for customers in recent times with access to high-end features like virtual fitting rooms and 3D virtual environment headsets.
Supporting innovative approach to new business ideas
AR and VR are helping entrepreneurs come up with innovative ideas, to cater to the changing needs of today’s customers. This has given rise to completely different business ideas which would not have even been considered a few years back. An example of this is introduction of AR/VR in healthcare technology to provide better medical facilities. E.g. Telehealth Start-ups.
Helping advertise better
It’s a boon for startups to get the advertising support of technology. After all, every start-up needs as much advertising as it can get. Making customer experience more interactive, tech-savvy food start-ups portrayed AR-enabled menus for their customers to see the dish on their tables through mobile phone cameras, before ordering. 3D holographic billboards and digital signages have also become a common sight in most of the airports and malls around the world, providing cost-effective advertising options for start-ups, with great returns.
Augmented Reality and Virtual Reality are clearly taking over all spheres of life and it is a great time to invest in these technologies. For Saransh, working on new capabilities and exploring potential of these technologies is something that we pride ourselves on. You can also read about one of our experiences, where we helped a leading floor manufacturer company in US to create a completely new marketing acumen with easy-to-use mobile app solution developed on AR/VR capabilities.
With the emergence of Mixed Reality (MR), which fuses AR and VR together, there is a lot of scope for new ideas and business models to be born. Using them in start-up businesses would definitely reap the rewards as they are evidently the future of pretty much everything.