October 27, 2020 4 min read
This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.
Opinions expressed by Entrepreneur contributors are their own.
By Aldana Aón, Head of Marketing & Comms Wayra Argentina, Chile & Peru
The current context of the pandemic , the restrictions on interaction and the number of people within stores, have exponentially promoted technologies that propose solutions and transform the shopping experience of consumers. One of them is augmented reality (AR) , a solution that allows adding digital elements to the real world, creating a new dimension and ways of exploring, which makes it one of the technologies with the greatest potential for growth and innovation.
Reporter Linker, in its Global Mobile Augmented Reality (MAR) Industry publication, estimates that the mobile augmented reality market will close with a value of 10.7 billion dollars in 2020, and that it will reach the value of 230.6 billion dollars by 2027 , growing at an annual rate of 55 percent. Without a doubt, this technology powered by Facebook , Snapchat, TikTok and Amazon will be a key resource for businesses, becoming a global phenomenon.
One of the most profitable industries that incorporated this technology into their processes is advertising; allowing you to view products in 3D and provide immersive experiences when interacting with brands, is no longer a “Wow!” to become a solution that brings results and good performance metrics, especially in recent months, where stores were forced to close their doors and the most realistic way to approach a product is through augmented reality.
One of the main advantages is that it does not require hardware (more than the mobile phone), nor does it require a downloaded application, the consumer can access directly from the web browser, which eliminates entry barriers and amplifies integration opportunities and broadcast, the results are exceptionally encouraging to drive conversions.
With the arrival of 5G, it is expected that the immersive technologies industry will be strengthened, as connectivity in mobile devices is improved and latency is significantly reduced, the user experience when browsing this type of content will be much more satisfactory, allowing a flow of data in real time.
A great novelty was revealed in the recent launch of the iPhone 12 Pro in which Apple introduced LiDAR ( Light Detection and Ranging ) technology, a scanner that understands the world around us and builds an accurate depth map of the scene, this enables the scanning of objects and spaces and a precise placement of augmented reality objects within the user’s environment, opening up a new creative dimension to increasingly link the digital world to the physical world.
That same week, Amazon launched its app to scan the QR codes included in its shipping boxes, in order to offer new interactive experiences to its consumers.
The main augmented reality markets are in China, the United States, Japan and Germany; in Latin America we have companies that are promoting this technology, such as CamOnApp , a startup that is part of Wayra , the venture capital of Telefónica Movistar, which scaled its technology globally during the pandemic, by providing solutions for brands to create shopping experiences, enhance advertising campaigns, communication actions and sales strategies.
The startup managed to awaken interest in e-commerce companies, automotive, mass consumption, beauty, machinery, interior decoration, household appliances, art, technology and fashion, by boosting purchase intention and reducing operating and logistics expenses, also through The development of virtual fitting rooms, the brands continued their business by offering the consumer a practical and innovative alternative to see a real sample of the product.
Faced with the suspension of events and the search to continue generating entertainment experiences, CamOnApp recreated from virtual installations to actions with gamification or any immersive branding content that promotes participation and dissemination of the event, but from the user’s home and using only their devices mobiles.
Today more than ever, it has become more important to support key sectors, innovation and incorporation of new technologies such as augmented reality, it can help the digitization of small and medium-sized companies, to solve problems in processes, open commercial opportunities and, above all, to adapt to this new scenario where the virtual world became more important.
