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Competition with companies that physical goods through XR. Should you be scared?

It is well known that competition helps to develop a market. Segment that promotes physical goods through XR is actual to that. Large companies like Pepsi, medium and small business, are always looking for original ways to present their products through XR.

The main task of such companies is:

• to simplify the purchase process,
• to show how product works in a clear and entertaining way.

XR technologies provide an opportunity to:

• demonstrate the benefits of the product visually,
• to convey a deeper understanding of product features.

To clarify, according to the research, 46% of companies perceive mobile technology. It helps optimizing product information. Everyone who does not understand this trend is losing their growth potential. And in the near future are at risk of becoming but a runner-up.

How to keep an upper hand?

• Study what other companies are doing. Think about how this practice applies to your business.
• Match the needs of your target audience.
• Find examples of XR technology realization. Take useful notes for the future.
• Explore the potential of in your company. How complicated this process will be? How quickly the investment will pay off?
• Evaluate the features of existing XR platforms. Analyze, which one is more suitable for product promotion.

Why applying physical goods through XR is not so smoothly in practice?

First challenge

First of all, great difficulties arise due to the lack of competence of employees in XR. The insertion of the technology is quite timid, because of the lack of a proven success. So, employees act as a pioneers in their segment.

Above all, business owners do not fully understand how much time and money it takes to apply the technology.

The gaming industry still occupies a leading place, when it comes to usage and development of XR. But reproduction of such results in other industries requires a lot of time and involvement of highly qualified specialists.

Second challenge

On the other hand, many companies regard skeptically in promotion physical goods through XR. They assume this consumer technology has no place in the commercial world. Traditional apps and web projects have already adapted nicely. They took a firm place in the shopping habits of the buyers. So, all companies have learned to cope with a budget needed to run web projects. However, in order to add an XR element, much larger investments are required.

Overall, XR improves B2B sales. It helps creating dynamic sales presentation material. The old model was used to provide sellers with brochures, flyers, a PowerPoint presentation.

How to achieve results in the XR applying? An employee training is one of main tools:

• hold virtual meetings,
• stimulate research,
• receive and analyze information about the working process, using XR hardware devices.

Third challenge

Despite the lack of standardization, different XR platforms are being actively developed all over the world already. Meanwhile:

• the hardware can not display realistic images,
• potential users are more likely to suffer from a lack of quality training content.

Despite the difficulties, the cost-effective XR applying is growing by slow, but steady steps. So, the technology is becoming more easy and affordable.
Nevertheless, the optimal time for launching your products in the XR format is right now. During a period of moderate competition in the segment.

Moreover, according to the forecasts, by 2024 the market will grow by 65%. Therefore, in the coming years, an effective start will become more difficult.

How to save money in applying physical goods through XR?

• You should not immediately test the entire applying scale. This is a direct way to gain extra expenses. Besides, it is the least practical method to test whether the concept is working or not. 
• Before applying, design and test the interface of all your resources carefully. You don’t have to like it. Especially from the visual point of view. A simple yet functional interaction design is needed. The aim is the smoothest experience for a user. So, this is the main requirement to achieve the final goal.

There is a conservative category of customers. They are still timid to use even virtual voice assistants and chat bots. Not to mention XR technology. Before new product is applied in the client‘s daily life, it goes through the stage of adaptation. An usable interface will help to speed up this process.

• Work upon the quality of the content. XR technology brings benefits either to business or to clients. Tell them about it in a simple language.
• Do not create a long-term strategy for the XR realization.
• Do not allocate an overly large budget for it.
• Monitor market changes, adapt to them.
• Act on the situation.

Instead of a conclusion

A demand for immersive technology is growing. It is driven by the use of:

• AI;
• growing IoT cloud.

XR is already losing its sole entertainment role. It is taking confident steps towards becoming a powerful tool for design, marketing and advertising. A virtual image becomes more realistic. This helps customers to immerse in XR in a smooth way. Become attached to it.

XR is a young technology, but there are:

• high involvement of customers;
• increase in efficient time management;
• reduction of human errors.

Your competitors are using these benefits right here and right now.

To sum up, write your own opinion on promotion physical goods through XR technology in the comments. We will be glad to hear about your unique experience.

Please, read the first part of the article called “How XR technology changes the market”