The metaverse is coming, and it should be open source. The metaverse is a virtual world that will include all kinds of virtual reality (VR) applications. You can think of it as the internet for VR, but with an emphasis on user-generated content that’s augmented by AI and machine learning technologies. It’s still early days, but this future has been imagined by sci-fi writers for decades—we’re finally getting close to seeing what they were talking about come to life.
The metaverse has been talked about for decades, but now it is finally happening. This is a good thing: the world is becoming increasingly decentralized and open-source, and we should embrace that shift by embracing an open-source metaverse. Open source enables greater diversity of ideas, creativity, and innovation because anyone can contribute to it. It also allows interoperability between systems while avoiding vendor lock-in (where you are stuck with whatever your service provider offers).
For example, if someone comes up with a great idea for a new virtual reality game or social network inside the metaverse then others won’t have to wait for permission from some centralized authority before being able to adopt this new technology into their own systems within the metaverse—they can just take it from them directly as long as they give credit where credit is due!
What it could look like in the future
The metaverse as we want it has a decentralized identity layer, but the challenge is that it is still too centralized in terms of the application layer. In order for VR to become truly open-source, there needs to be interoperability between different applications. The way this can be achieved is by creating an open source standard that all developers must comply to when building their applications. This will ensure that your data won’t be trapped within certain platforms.
Augmented Reality is a technology used in eCommerce businesses to provide customers with an immersive shopping experience. It is done by overlaying digital images on top of the real world.
The first use case AR was in the retail industry, which provided customers with information about products they were interested in. However, these days it’s being used for much more than just advertising products and has become an integral part of the retail experience.
For example, Amazon uses AR to provide shoppers with information about products they are looking for and allow them to see how different items would look on their bodies. This way, potential buyers can make better-informed decisions before buying something from Amazon.
Let’s take a look at augmented Reality in the eCommerce Business.
Stats for Augmented Reality eCommerce Business
According to PwC’s Global Consumer Insights study, 47% of customers preferred to purchase in-store non-food products, roughly equivalent to 30% who purchased mobile phones Before the deadly virus.
According to another PwC report, there has been a significant increase in online shoppers using smartphones and laptops and a rise in the percentage of people who buy online using their mobile phones, reaching 45%. Due to the Covid-19 pandemic, consumers have changed their shopping and increasingly rely on online retailers.
According to Insider Intelligence, by June 2020, 35% of US citizens prefer to use AR to simulate home furnishings or vehicle add-ons.
According to another insider intelligence report, 20% of people would invest in AR or VR to boost sales of their company’s online store, an increase of 8% from the previous six months.
How Augmented Reality differs from Virtual Reality?
Augmented Reality is a live direct or indirect view of a physical, real-world environment whose elements are augmented by computer-generated sensory input such as sound, video, graphics or GPS data. Virtual Reality is an artificial world that can be explored and interacted with through digital means.
The difference between Augmented Reality and Virtual Reality is that Augmented Reality is a live direct or indirect view of the physical world, whereas Virtual Reality is an artificial world.
You need to put on a headset and hold controllers in your hands to experience virtual Reality. To use AR, all you need is a smartphone and AR glasses. To experience this cutting-edge technology and take part in its adventures, you wouldn’t need to clear the room because you would be fully aware of your surroundings.
How AR/VR is helping eCommerce businesses
AR and VR are changing the way we experience things. They are making our lives easier and more entertaining.
The use of AR/VR technology in eCommerce is on the rise. This is because it provides a better customer experience, enhances brand trust, improves conversion rates and boosts sales. With AR, we can see how a piece of furniture might fit into our home or what a new car would look like parked in our driveway. With VR, we can see how that same car might feel to drive or what those new shoes would feel like on our feet.
Companies like Nike, IKEA and Zara have already used AR/VR technology in their marketing campaigns to create an immersive customer experience for their shoppers.
AR and VR are helping eCommerce businesses in many ways, such as:
Merchandising: AR can be used to display products in a more realistic way to customers by using their current view as a reference point. This is especially helpful for clothing stores that want to show people how clothes would look before they buy them.
Marketing: AR has been used by companies like Ikea and Wayfair to help customers design their own home or office space without leaving their couch.
Usage of Social Media Filters
If you’ve recently used Instagram Stories, Facebook Video Call, TikTok or Snapchat, you’ve probably used an AR filter. A rise in the number of brands using social media filters to participate in augmented Reality has happened since these filters were first used for amusement.
Here are some of the advantages:
It’s an excellent way to promote a new product by allowing people to see how it will look on them.
AR filters’ novelty factor can increase audience engagement and motivate people to tag you in their content.
The “wow” factor can assist you in standing out from the crowd of brands on social media and highlighting what makes you unique.
The Advantages of Using Augmented Reality in Your Online Store
Augmented Reality can help your business stand out by using this technology in your online store. This will help you make your product more accessible and give customers more information about it before they purchase it.
Let’s discuss some benefits of using Augmented Reality in your eCommerce Business.
1. Improve Customer Relationships
Augmented Reality can be used for various purposes like marketing, advertising, education and training, and entertainment. It enhances the customer experience by providing them with information about the product or service they are interested in.
For example, it can be used to create an interactive product catalogue with 3D models, or it can be used to give customers a virtual tour of the store by guiding them through the store’s layout.
Retailers using augmented reality (AR) technology during the Covid-19 pandemic are reporting a 19% increase in customer engagement, according to research from Facebook’s AR partner Vertebrae.
2. Help Companies Reach More Customers
Augmented Reality has become a big hit in recent years and has been used in many different ways. One of them is helping companies reach out to new customers by enabling them to place an advertisement in front of their eyes at any time and place.
Companies are using it to reach new customers by making them feel like they are part of the product or service instead of just seeing an advertisement. This helps companies increase their conversion rates by showing them what they will be able to do with the product or service and how it will improve their lives, like with Pokémon Go, where you could see the Pokémon characters in your surroundings.
3. Reduce Customers Return
One of the most popular ways AR is used today is in online retail stores. Customers can use their smartphones or tablets to view an item and see how it would look on them with different colours, sizes and styles. This helps customers make informed decisions before they buy the product and reduces customer return rates.
Steps to bring Augmented Reality into your eCommerce store
Define the purpose of your AR app.
Create a user storyboard or wireframe of your app.
Identify what technology you will use to create an AR app.
Identify the business problem that you are solving with this AR app.
Develop a strategy for how to market and distribute your AR app.
Determine what content can be used with your AR app (e.g., videos, images, animations).
Choose a platform for your AR app (e.g., iOS, Android).
Develop an estimate for how much time it will take to create the prototype and beta version of your application and test it with users before launching it in the store or on other platforms.
FAQs
How can Augmented Reality help businesses gain a competitive advantage?
Augmented Reality is a new technology that has the potential to help businesses gain a competitive advantage.
Here are some ways in which Augmented Reality can be used to help businesses gain a competitive advantage:
Augmented Reality can be used as an interactive marketing tool. For instance, it can create an interactive and engaging experience for customers visiting the store.
It can also be used as a training aid for employees.
Augmented Reality is also a great way of educating students about complex topics, like biology and geography, by animating them in 3D space, making it a more immersive and visual experience.
It can also be used to create virtual tours of buildings or places which people may not have access to go.
How can businesses profit from an Augmented reality app?
Companies can use an AR app for marketing purposes and create their own AR game. They can also use it to make the experience more interactive for the customer. For example, if the company sells cars, it could design an AR app that shows what it would be like to sit in the car and try out its different features. This would make customers want to buy the car more because they feel like they know what to expect.
Why is AR important for eCommerce business?
Augmented Reality (AR) in eCommerce is not a new concept. In the past, it was used mainly to give customers more information about the product they viewed. But now, AR has created a more interactive shopping experience.
For example, some retailers use AR to show customers how a product will look when they wear it or how it would look in their homes by virtually placing it on their walls or furniture. This is one of the reasons AR is essential for an eCommerce business. It allows consumers to see and experience products before they buy them.
Happy to hear your thoughts!
Definitions
AR stand for Augmented Reality, which I have described in more detail here.
E-commerce is the activity of electronically buying or selling products on online services or over the Internet.
VR 360 degree videos is a booming trend in the world of video production, during the pandemic we saw tours being offered through VR headsets as well as museums and other attractions. They are immersive and offer a more realistic experience for the viewer than a fixed VR experience.
The immersive nature of these videos makes them ideal for many different industries, including retail, real estate, education, tourism, entertainment and more.
These types of videos are a great way to promote a product or service, especially in the tourism industry. It allows viewers to see what it would be like to visit the location and gives them a sense of what it would be like before booking their travel.
It is also an excellent way for companies to show their products or services in action without purchasing expensive equipment and hiring actors. In this article, we will discuss everything about VR 360 degree videos.
Augmented reality (AR), virtual reality (VR), extended reality (XR), and the metaverse are terms you’re probably hearing more and more. They’re also all interrelated, with AR and VR being specific types of XR and the metaverse referring to the virtual world made possible by these innovations. These technologies have not yet reached their peak potential. Each has only just begun to see adoption and use cases in the real world.
Despite this, we know that these trends are primed for success because they are applicable to our everyday lives. They provide us with new ways to experience the world and improve it at the same time. The way that AR, VR, XR, and the metaverse will impact our future is extensive and positive, so let’s take a look at how these emerging technologies can help reshape our planet and society for the better.
AR and VR in the Real World
Virtual reality is the creation of digital environments that we can experience through headsets and computers. On the contrary, augmented reality places generated graphics in the real world, where AR users view these artificial graphics in the real-world environment using a device like their phone. Both applications include video games, education and training, and tourism. AR and VR in the real world are still a work in progress, but they show great promise.
musings of a consultant 