Nearly two thirds of potential consumers drop out of the purchase journey of telco products and services due to friction.
Ubiquitous connectivity with wireless data accesses anytime anywhere is the foundation for immersive technologies. Globally, it is expected that the total AR market will reach USD114 billion and the total VR market USD 65 billion by 2021. The AR/VR sector in India is also expected to grow rapidly, led by increased adoption in gaming, media and entertainment and other sectors.
India Inc has adopted 4G mobile network and is at the cusp of moving to 5G. 5G technology will not only provide an enhanced customer experience in terms of speed and latency but also act as a catalyst for faster adoption of other emerging technologies like wireless networks of the future, driverless cars and connected home products.
VR-AR present a great opportunity for telcos as well to enhance their digital services footprint while exploring new revenue streams. Telcos are exploring applicability of AR to improve maintenance, business intelligence, and inventory management.
There are multiple studies that show that more than 2/3rd of the customers leave websites without making a purchase, indicating a gap between what online retailers offer and what customers are looking for as they are apprehensive to make purchase of the “unknown”.
Going forward, the adoption of AR and VR technologies is expected to gain major traction across businesses. Technologies such as Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), AR/VR, etc. are likely to not only reshape business models, but also hugely enhance user experiences.
By 2022, the Indian immersive media is expected to reach the size of USD6.5 billion. Innovation and disruption in India's start-up ecosystem may well see a significant shift as companies focusing on technology-driven consumer models attract substantial investments.
While the current investment and focus is on creating an enriched omni-channel experience for customers, our research and experience show that face-to-face video communication, automation and trust that are going to reshape the customer experience over the next five years. Welcome to the new immersive world !!
(A version of this article appeared in Telecom.com from The Economic Times on Jan 24, 2020)