Basically, augmented reality can be considered as a modern type of virtual reality. When there is a simulation of physical aspects of the real world with imaginary thoughts using touch, sight, and sound creating 3D computer generated scenarios, it is known as a virtual world. Imagine that you are in a store and you see products using the 3D system on computer screens where you can point to any product and move it in all angles. This is indeed a wonderful experience! This is the latest technology that rules the world of marketing, and for four years now it has been given the name of Augmented Reality. Currently, AR is not limited to being a promotional tool, as it is now creating a brand and building a relationship with the customer. Almost all companies have started to use AR as an important tool to introduce products/services in the market and create their own brand image.
Due to the lack of academic literature and research studies in the area of Augmented Reality marketing, this article will begin by emphasizing the little research and small number of research papers associated with experiential marketing that creates the foundation and elements. of this research study. Economists hypothesize that the modern world is strongly connected to elements of the “experience economy,” meaning customers are leaning more toward experiential consumption. In this type of behavior, customers often regard functional usefulness as irrelevant. This is the stage where experiential marketing kicks in and treats consumption as a kind of holistic experience and recognizes the rational and emotional drivers of consumption.
The importance of experiential marketing is seen as a method of generating value for end consumers, which in turn would provide additional advantage to companies, particularly in the future. In addition, it will also encourage consumers to make faster and more optimistic purchase decisions. However, while it is widely accepted that the new ad targeting symbolizes the future of marketing, it is still not fully understood. And for this reason, you need a broader range of research techniques to better understand consumers.
Two quantitative investigations have recently demonstrated the creation of experiential value that hints at the consumer’s point of view about the service/product through direct or indirect scrutiny. The two studies focused on US brands and their consumers’ views on the Taiwanese market. Furthermore, these investigations have shown that experiential value creation can drive consumer satisfaction. However, further studies are required to reproduce their results in other cultures as well. And, it is also necessary to delve into the links revealed through qualitative research. The link between consumer satisfaction and values is supported by several research findings that suggest experiential advertising should also provide functional value, emotional value, and positive consumer satisfaction.
Despite a clear and broad agreement on the direct link between consumer satisfaction and value, there is no consensus regarding the elements that build the value perceived by the consumer. On the other hand, if consumers are satisfied with a particular product, they will generally buy it again and steer clear of buying from rivals in the market. Consumer satisfaction is mainly seen from two different points of view, which are: cumulative aspects and specific transactions. While the cumulative aspect of consumer satisfaction is considered a complete condition only after purchase, a recognized value occurs at different stages during the purchase process, which also includes the pre-purchase stage.
Augmented reality is a modernized version of VR or virtual reality. There are several benefits of Augmented Reality applications, some of them are:
• Although the originality of these applications diminishes after much use, today the responsibility lies with the brands, as they can now take advantage of this technology and create more products with ease. Augmented reality is becoming more and more popular with many businesses, with each new creation there is the potential for further advancement and exposure.
• With augmented reality, one can upload their version of media such as images or other creativity. Companies can create their own piece of innovation for their users, one can choose between images and videos as they include the x factor.
• Companies can improve their creation and share them with networks; You can even include attractive content.
• It is quite common that many users do not have the ability to create professional videos; however, with augmented reality applications it can be achieved to a greater extent.
• When it comes to high-quality content and other aspects, these applications are very satisfactory. One needs to test them to know their usability and product capability.
Augmented reality experiential marketing would be considered to primarily affect the pre-purchase stage. In this step, according to the purchase decision path, the customer analyzes 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 the option to select from large quantities. Tips, recommendations and inspiration are always available to customers.