Title:
Future of Marketing: AR, VR & Metaverse
Presented by:
Jigyasha Hemant Joshi, (JDBIMS)
Jankidevi Bajaj Institute of Management.
1.Objective:
To know the future of marketing by introducing Artificial Intelligence & movement towards technology.
2.Introduction:
Based on the Literature that were reviewed, the author represents the framework of AIM i.e., Artificial Intelligence Marketing that allows a sovereign machine to receive big data and information, uses AI to generate knowledge in accordance to enhance the market & relationship in a knowledge-based environment for customers. The order in which organisations and firms are marketing their goods & services are being refurbished by advance technologies as the world move forward towards sustainability. Virtual Reality (VR) & Augmented Reality (AR) are the components of Artificial Intelligence (AI). These new innovations are providing digital marketing a platform to experience real life environment. The findings of these Literature Review are to highlight how the consumer experience and Organizations developing experiences and tools to enriched by AR & VR.
3.Literature Review:
3.1. Foundation of AR, VR:
F A R Ekmeil (2021) & Role of AI 12(12) (2021) describes AR & VR have potential to alter the way of entertainment, shopping of the products, healthcare activities, creative skills are perceived. AR is also termed as mixed reality i.t the mapping of virtual objects onto the real world whose elements are augmented using sensory inputs. This environment is presented to and accepted by user as a real environment. Both are combined to attain certain goals.
Definition of AR- Augmented reality (AR) is an enhanced version of the real physical world that is achieved through the use of digital visual elements, sound, or other sensory stimuli delivered via technology. It is a growing trend among companies involved in mobile computing and business applications in particular.
Definition of VR- virtual reality (VR), the use of computer modelling and simulation that enables a person to interact with an artificial three-dimensional (3-D) visual or other sensory environment.
Definition of AI- Artificial intelligence (AI) is the ability of a computer or a robot controlled by a computer to do tasks that are usually done by humans because they require human intelligence and discernment.
Definition of Meta verse- The metaverse is a digital reality that combines aspects of social media, online gaming, AR, (VR), and cryptocurrencies to allow users to interact virtually. Augmented reality overlays visual elements, sound, and other sensory input onto real-world settings to enhance the user experience. In contrast, virtual reality is entirely virtual and enhances fictional realities.
3.2. Brand Buzz through Customization:
Personalization plays paramount role in managing the customers choices & preferences & precisely customized goods & solutions. AR reality software will make it happen for the customers to manage such indispensable demands. It will give approach to real time like this information can be transferred to digitally to retailer, fabricating a lucid feedback chain that leads consumers to get just what they desire and vendors can deliver it for them. Interactivity and material quality are distinctly distinct thanks to augmented reality and virtual reality, and customization is possible.
3.3. How NLP effects the customer buying process?
Sentimental analysis or opinion mining classifies customer emotions into three levels: the sentence level, document level, and entity level. Natural language processing (NLP) is a fundamental technique for inducing sentimental analysis. It is a sub-domain in AI that focuses on understanding the unstructured content found on social media platforms and organizing it to make it easier for sentimental analysis. It helps the computer-aided system to assess and understand the various languages spoken by customers. NLP is also a key component in opinion mining. It helps people process a large amount of information from unstructured data by analysing the sentence structures and computing it into the sentence or document level using linguistic databases such as treebanks and WordNet.
3.4. Emerging opportunity of VR & AR:
Pranav, P. (2020) says planning to business value with augmented reality and virtual reality: Both types of encounters are a treasure chest of knowledge for tech firms that can be ethically gathered and processed to offer even better experiences in the future or target consumers with targeted advertising according to their tastes. Augmented reality and virtual reality play roles in healthcare, beauty industry, manufacturing etc. Estimate budget for augmented reality and virtual reality: both are inexpensive technologies, but when you quantify a virtual reality and an augmented reality software creation project, you will have to weigh the costs of labour, technology, and tools development.
Goldman Sachs (2016) gives the data of diverse potential of VR & AR Applications used in different industry with huge inputs and outputs valuation of total of $35b.
3.5. Applications of Products selling via Technology:
Maiorescu, I., & Vaio, A (2020) concludes that on the other hand, Snapchat is an example of a marker-based application which in addition to AR, uses image recognition Google and Android, Google Augmented Reality Centre and Augmented Reality Spark Studio, have also supplied their respective similarly the IKEA uses the AR method for the perfect home décor & interior perspective. Familiarity with Lenskart & Nike also runs through these Models.
3.6. How VFR system helps to buy the product?
The introduction of virtual equator chambers (VFRs) has taken AR to a much higher level. These VFRs allow one to try on clothes without being in the store. This concept can also be applied to store purchases, which make the customer feel comfortable and convenient. A combination of various technologies, such as environmental integration, 3D scanning, 3D models, and features found throughout the social network, have been used to make the VFR concept a great success.
3.7. Science behind the AI introduction to market:
3D sensors are used to scan a user’s body to create a 3D avatar-type model, which is then integrated with other data, such as gender and different retailers. The gesture estimation step familiarized the system with general gesture functionalities such as “try next cloth”, or ‘dislike’, or ‘like’. The final post-processing step was necessary, to add final touches to the output. In this method, a human was detected from the background using light variations. Frame extraction, blurring, Red, Green, Blue (RGB) to Hue, Saturation, value (HSV) conversion, current frame subtraction, thresholding, Binary Large Object detection, gesture estimation, and post-processing were the steps that made up the desired system.
3.8. Global acceptance of Technology:
Léo-Paul (2022) highlights the concept of globalization has expanded due to certain technologies that led to internalization of markets. Relational capital refers to intangible assets that can be acquired through the relationship between foreign companies and customers, and reflects an organisation’s ability to interact with a wide range of external stakeholder. The review had a research based on 5 hypotheses in which the most relevant to this topic found was H1 (mentioned below) that examines the effects of international markets and new digital technologies on business innovation by the partial least squares’ structural equation model.
Hypothesis 1 (H1): Digital technology has a positive relationship with business innovation. A positive and significant relationship between digital technology and business innovation is founded (β1 = 0.536, t = 7.579, p < 0.001), thus indicating that H1 is supported.
3.9. Effects of VR-AR on Human Development in Businesses:
Abuselidze, G (2021) writes that John Maynard Keynes the Economist put forward that the introduction of technology in the market will causes a decrease in jobs for humans and developed his “technological unemployment theory”. The ancient time of industrial revolution brought between 19th and 20th century have developed the demand for low or unskilled labour, increasing concerns of rapid change in technology. Some researchers ponder upon the employment that will be brought by the introduction of technology within the years. The increase in productivity caused by technological change will help expand income and demand.
3.10. Virtual Commerce or Metaverse:
Shen, B. (2021) ponder the gravity on A virtual commerce application is an ICT artifact for commercial activities such as retailing and marketing, with MR providing the immersive virtual environments that contributes to numerous improvements over existing e-commerce. For example, using low-immersion VR such as virtual try on (VTO) systems, product presentation in retailing is more realistic and interactive compared to the text and images presentations in web-based e-commerce. High immersion VR was perceived to bring a real-world shopping experience into e-commerce and was applied to shopping, marketing, consumer behaviour research, and so on.
4. Conclusion:
Innovation has always been the main engine of an improved standard of living throughout history. However, the process of innovation can be highly disruptive as it makes conventional technologies obsolete. AI, IoT, big data, machine learning, cloud computing, data science are emerging technologies which originated years ago but neither of them were conventional or commercially applicable until now. Today every field have employed these technologies into their game. Certain paramount factor must be pointed for this upgradation like advancements in computer technology, high-performance computing, grid, and cloud computing, a large number of open-source software etc. Most recent, the effective and highly use of these technologies in every filed including healthcare, automobiles, finance, gaming, environmental monitoring, agriculture, sports, energy management, security, etc are changing the way, human beings, live, work and amuse themselves. Further advancement of these technologies can contribute to develop hyper-automation and hyper-connectivity, which would bring us at the dawn of the Fourth Industrial Revolution or Industry 4.0. Recent inclination in scientific research and the development of information technologies cover more and more areas of business
References:
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