Extended Reality (XR) Reinventing the Customer’s Experience

January 2024

As consumers spend more time online, businesses need to utilise XR to offer a more innovative and captivating experience to engage with their customers or risk losing them (online and offline).

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Key Findings

Companies are still convinced by XR in driving additional revenues

Despite companies like Meta cutting down on their investments on XR as the economic situation took a toll on their earnings, many companies like Microsoft, Apple and Nike are still bullish about the potential of XR in driving additional revenues.

Gamers are early adopters of XR technologies

Gamers on gaming platforms like Roblox and PlayStations are early adopters of XR technologies to play games and to interact with other gamers. These gamers will be the catalyst in driving XR experiences and helping to get the technology to maturity for mass consumers.

Generative AI to make XR experiences even more personalised

Consumers are spending more time online and companies need to engage with their customers in the digital domain. Generative AI can generate digital experiences that are much more engaging, personalised and customised based on individual preferences.

XR technologies will drive sales of both virtual and physical goods

XR technologies are poised to generate additional revenues for companies via NFTs, virtual goods like clothes for the user’s avatar. Sales of physical goods will also be stimulated as the boundary between physical and virtual merges.

XR technologies will elevate the online user experiences

Users will enjoy elevated, immersive and interactive user experiences. The new experiences created by XR will generate new revenue streams in digital assets and jumpstart sales of existing physical products.

 

Scope
Key takeaways of Extended Reality (XR)
Exploring extended reality (XR)
XR allows companies to engage with different consumer demographics
Extended Reality (XR) uncovered
Cost of headsets will continue to drop and XR content become widely available
Generative AI can generate XR experience according to the user’s personal preferences
Roblox creates the largest metaverse with user-generated content (UGC)
Ocean Park banking on immersive experiences to combat declining tourism spending
Metaverse offers an interactive and immersive experience for consumers
XR will reinvent home entertainment (hometainment)
Consumers are willing to pay for premium and exclusive experience like XR
Barbie debuts on the silver screen as Mattel transforms itself into an entertainment giant
Apple Vision Pro reinventing the user experience
Hometainment trend is set to continue as consumers start to enjoy being at home
XR will change the way companies engage with their customers
Minecraft x Burberry brings high fashion to the masses in the metaverse and physical world
Central Retail embraces new ways to bring the mall to customers on digital platform
XR will revolutionise how brands engage with their customers
Key takeaways of Extended Reality (XR)
XR: How to win
Evolution of Extended Reality (XR)
Questions we are asking

Consumer Appliances

Consumer Appliances is the aggregation of major appliances and small appliances. Major appliances are an aggregate of the following categories: refrigeration appliances, home laundry appliances, dishwashers, large cooking appliances and microwaves. Small appliances are an aggregation of the following categories: food preparation appliances, small cooking appliances, vacuum cleaners, irons, personal care appliances, heating appliances and air treatment appliances.

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