We preach a lot on this blog about do’s and don’t’s of implementing new technologies. At the top of that list of commandments is this: Never implement technology for the sake of technology. Every decision should be driven by customer needs and backed by data–full stop. If you don’t have those two boxes checked before you start to implement a new piece of technology, then I hate to say it, but your strategy is doomed. Enter the latest tech trend you’re likely considering: AR (Augmented Reality). It’s making waves in industries like sporting venues and teams, restaurants and QSRs, and CPG–and if you’re in any of those industries, this technology is likely on your radar. So, in order to help you make sure that this tech is right for your business and, most importantly, your customers, let’s decode a couple of common AR stats that are being thrown around.
The AR/VR market will grow to $200 Billion by 2022
This stat seems pretty telling at first glance, but if we dig a little deeper we can glean some even more meaningful insights. First, most of that number is predicted to come from consumer spend, AKA, people buying personal AR/VR devices like Facebook’s Oculus Rift and Sony’s PlayStation Virtual Reality. So, although this number is big, it’s not exactly telling of the spend for B2C brands. What is more telling is the fact that retail alone makes up about $1 Billion of that, meaning that industry is still expected to very much lean into this new technology.
So, AR isn’t for everyone. But, it’s definitely making waves for certain industries, consumer segments, and use cases. And, as with all technologies, you should really consider the facts and your consumer’s appetite for new tech before you charge head-first into a new strategy based around that technology. As far as AR goes, brands in industries like retail, CPG, sporting venues, and restaurants should definitely start laying the groundwork for where they could start piloting AR-driven campaigns. For brands in other industries, it’s never too soon for early adoption–but make sure you’re doing your research, and keeping a pulse on your customers every step of the way.