Basically, augmented reality can be considered as a modern type of virtual reality. When there is simulation of physical aspects of real world with imaginary thoughts using touch, sight and sound creating computer generated 3D settings, it is known as virtual world. Imagine you are in a store and see products using 3D system on the computer screens where you can point any product and move it in every angle. This is a marvelous experience indeed! This is the latest technology ruling the marketing world, and since past four years it has been given the name as Augmented Realty. Presently, AR is not just limited to be a promotional tool, as it is now creating brand and building customer relationship. Almost every company has started using AR as a major tool for introducing products / services in the market and to create their own brand image.
Due to the lack of academic literature as well as research studies in the area of Augmented Reality marketing, this article will begin by emphasizing on the little research as well as small number of research papers associated with experimental marketing that creates the basis and elements of this research study. Economists hypothesize that the modern world connects itself strongly to the elements of "experience economy", which means that customers are more inclined towards experimental consumption. In this type of behavior, customers usually consider functional utility as an irrelevant aspect. This is the stage where experiential marketing comes into effect and treats consumption as a kind of holistic experience as well as recognizes consumption's rational and emotional drivers.
The significance of experiential marketing is seen as a method of building value for the end consumers, which in turn would provide an added advantage to the companies, particularly in the future. In addition, it will also encourage consumers to make quicker and more optimistic purchase decisions. Nevertheless, even though the new advertising orientation is broadly agreed to symbolize the future of marketing, it is still not completely understandable. And, for this reason it needs more assorted range of research techniques in order to understand the consumers in a better way.
The making of experiential value hinting towards consumer's view point on service / products through direct or indirect scrutiny has been lately shown by two quantitative researches. The two studies focused on US brands and their consumer's view points in the market of Taiwan. In addition, these researches have demonstrated that the experimental value build can attract consumer satisfaction Nevertheless, more studies is required to reproduce their outcomes on other cultures as well. And, it is also necessary in order to further look into the links revealed through qualitative researches. The link between consumer satisfaction and values is additionally endorsed by various research outcomes which suggest that experiential advertisement should deliver functional value, emotional value, and positive consumer satisfaction as well.
Despite a clear and broad agreement on the straight link between consumer satisfaction and value, there is no consensus when it comes to the elements that build up the consumer's perceived value. On the other hand, if the consumers are satisfied with a particular product then usually they would purchase the product again as well as stay away from purchasing from rivals in the market. Consumer satisfaction is mostly viewed from two different viewpoints, which are – cumulative aspects and transaction-specific. Even though the cumulative aspect of consumer satisfaction is believed an entire condition only after purchase, a recognized value takes place at different stages during the process of purchasing, which includes the pre-purchase stage as well.
Augmented reality is modernized version of VR or virtual reality. There are several benefits of Augmented Reality applications, some of them are:
• Though the originality of these applications diminish after much use, however at present the onus is with brands as they can now take advantage of this technology and create more products with ease. Augmented reality is getting increasingly popular with many companies, with every new creation there is the possibility of additional advancement and exposure.
• With Augmented reality one can upload their version of media like images or other creativity. Companies can come up with their own piece of innovation for their users, one can choose from images and videos as they include x-factor.
• Companies can improve their creation and share them with networks; one can even include attractive contents.
• It is pretty common that many users do not have the ability to create professional videos; however with augmented reality apps one can reach to a greater extent.
• When it comes to high quality of content and other aspects, these apps are highly satisfactory. One needs to try them to know their usability and product-ability.
Augmented reality experiential marketing would be considered to primarily affect the stage of pre-purchase. In this step, as per the purchasing decision making route the customer is analyzing their selections before making the final decision. Customers can browse through a wide variety of products before purchasing including those that are out of stock. They have option to select from large quantities. Advices, recommendations and inspiration are available always for customers.