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September 22, 2022 02:08 AM

What are the Business Benefits of XR (Extended Reality)?

What are the Business Benefits of XR

Technology has the potential to revolutionize how we function in the real world. We are in a digital age where physical and virtual worlds are merging, and technologies are modernizing many industries. The COVID pandemic and the shift to work-from-home have only accelerated this convergence since we spend most of our time in front of screens. Extended reality (XR) technology is offering us fascinating ways to interact with products and services, boosting consumer engagement and satisfaction. XR technology was once seen as a sci-fi concept, but it is gaining prominence in many industries. The global XR market size valued at $31 billion in 2021 is expected to grow to $300 billion by 2024. In this blog post, we will discuss what extended reality is and explore how businesses can benefit from it.

1. What is Extended Reality (XR)?

Extended reality is an umbrella term used to refer to well-known immersive technologies such as virtual reality (VR), augmented reality (AR), mixed reality (MR), and any other immersive technologies that may emerge in the future. All immersive technologies 'extend' the reality we experience by combining physical and virtual world elements or creating a fully immersive experience.

extended reality

2. Five Fantastic Benefits of Using XR in Business

The potential of extended reality in business is immense. Here are some advantages of utilizing XR technology in your business:

2.1. Enhanced Customer Engagement

XR technology can revolutionize the shopping experience by introducing a "try before you buy" concept. With XR, customers can take a closer look at the product in a virtual environment and get detailed information about it. XR technology enables buyers to try various products in different combinations and test color patterns before purchasing them. For instance, IKEA's AR-based application named IKEA Place enables users to 'place' furniture in their space. It helps people determine whether the furnishings fit in their home/workspace and match the design and functionality of their room.

XR can increase consumer engagement, attract more customers, and provide an engaging shopping experience. A Forbes study revealed that 40% of shoppers are willing to pay more for a product if they can experience it through AR.

2.2. Improved Communication and Collaboration

XR technology can significantly improve collaboration. Teams can use XR applications to collaborate on projects even when they are not together in the same room. For instance, remote team members can collaborate in real-time, allowing products to be co-designed simultaneously. VR conferences and interactive 3D avatars simplify communication between remote teams and improve efficiency.

2.3. Better Data Analysis

Data is pivotal to ensure success in today's digital world. In the past, analysts depended on surveys, questionnaires, etc., to get user feedback. With specialized metrics like eye-tacking, biofeedback, heart rate monitoring, etc., XR makes it possible to collect data on customers' behavior directly during their immersive experience.

In marketing, data collection can be a game changer. XR helps you identify a customer's bond with a product, what influences their purchase, and what type of content attracts them the most in a marketing campaign.

Further, key performance indicators (KPI) in XR-based training programs help organizations measure the effectiveness of a training activity and observe the trainees' ability to perform in stressful/high-risk scenarios.

2.4. Safe Training Environment

One of the best ways to use XR technology in business is as a tool to train employees. Extended reality (XR) in training can enhance training outcomes, increase employee engagement, and make training more effective. Potentially hazardous training activities, such as military training, surgery practice, rescue drills, etc., can be simulated in a safe virtual environment. Trainees can sharpen their skills and learn from mistakes without worrying about the consequences. XR technology also helps people learn faster, thus reducing new employees' onboarding time.

2.5. Better Customer Experience

Customer experience is at the heart of any successful business and is vital for the success of any marketing strategy. XR technology's capability to deliver immersive content will help companies connect with their customers better and establish a deeper emotional connection. In a survey, 63% of customers said extended reality technology would improve their shopping experience.

3d VR Shop

XR can 'teleport' people to different places and allow them to attend live events from the comfort of their homes. XR can help companies organize virtual marketing events and product demos, allowing them to better showcase their products.

3. Takeaway Thoughts

Embracing extended reality in your enterprise can help you deliver exceptional immersive experiences that people will not easily forget. XR technology is making breakthroughs in finding new ways to enhance customer experience and is quickly becoming the platform for interactions between businesses and consumers. With XR at the heart of your corporation, you can facilitate a culture of digital changeover and increase efficiency, productivity, and profit.

Do you want to embrace XR technology in your business? At HoloPundits, we enhance your experience through extended reality technologies. We are experts in developing cost-effective immersive technology solutions that bring your ideas to life.

Contact us for a free consultation on your extended reality business needs

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