Augmented reality (AR) and virtual reality (VR) are technologies that will continue to rapidly change the way businesses interact and communicate with customers for the foreseeable future, especially in the business-to-consumer (B2C) world.
Although these technologies are well beyond their emerging stages, they continue to play on consumers’ imaginations with promises of how immersive experiences will affect their lives.

By 2023, the global AR/VR market could reach $160 billion. As an entrepreneur and big fan of future technologies, I have seen firsthand that investor interest in AR/VR continues to grow, driving companies and platforms to develop immersive experience products. Surely, in the years to come, we will see more and more industries adopt these technologies, applying them in ways that might currently be beyond the public imagination.

These realities are fertile ground for entrepreneurs who are involved in AR/VR. The potential for success is great, but it is not without challenges, the most pressing of which is creating innovative products that appeal to the consumer. To that end, I’m sharing three essential tips for entrepreneurs to keep in mind when developing consumer AR and VR solutions.

1. Enhance experiences.

The line between using AR/VR to open the consumer’s curiosity to new experiences and going overboard with the technology and thus alienating the consumer is a fine one. Sure, it might succeed in creating new categories of consumers, but the reality is that consumers are exponentially more receptive when new technology is used to enhance their current experiences.

Entrepreneurs need to keep this in mind when creating new products in the AR/VR space. Improving existing experiences ushers in better adoption, which translates into better business results. Don’t be lured into wanting to create shiny new things with very small use cases.

2. Create connections with customers.

AR/VR offers many possibilities in exploring ways to build connections with customers, specifically in delivering an exceptional customer experience. The modern customer demands commitment, not only with and within their product, but also with the environment that surrounds it. They look for ways to integrate products with their daily routines, opening the opportunity for entrepreneurs to offer solutions that help consumers optimize various aspects of their lives. This is a win-win situation, as users benefit from better customer experiences, while vendors directly address the growing retention challenge.

We can see this growing in the fitness and health space. AR/VR solutions in these spaces can use their access to data points like moods and emotional cues to foster interpersonal interactions that involve the product in some way. By enhancing the user experience as they integrate the product into everyday interactions, VR/AR entrepreneurs can constantly engage their users, encouraging them to keep using their products.

3. Take advantage of mixed reality.

Mixed reality allows users to view virtual objects in real-world settings. As a combination of VR and AR, Mixed Reality does not occlude the real world, providing the stage for entrepreneurs to create solutions that enhance real-world experiences using AR and VR technology.

Here are two examples of how to mix the virtual with the real world to inspire you:

• Building

Technology is transforming the construction industry from project start to finish, increasing efficiency and reducing costs and risks at project sites. Today, with immersive AR pre-construction, it is possible to preview an entire project before starting with virtual reality simulators that can be used at different steps of a project.

For example, at my company, we are creating the first augmented reality app for the blue-collar worker. Our main goal is to help contractors and vendors get paid and secure their liens. A major challenge in this space is obtaining accurate information for legal forms such as notices and liens. We have a feature built into our solution that uses data and AR/VR to address this issue by enabling contractors and material vendors to automatically identify and display accurate property information using GPS and their phone cameras. Traditionally, claimants would have to go to the county clerk’s office or do their own digging to get accurate information.

• Real estate

House hunting is right up there on the most stressful list.”adulterating” activities. It is typical for hunters to take two to three weeks to visit 15 to 20 locations just to make a short list. This entire process can quickly consume 20-30 hours of your time. These days, virtual tours are very popular with clients, if not the standard. Data-rich virtual tours allow property searchers to filter locations based on their requirements and get a detailed tour of potential properties, all through their computers or phones.

The application of mixed reality in real estate has become widespread mainly because it has improved the experience not only for home seekers but also for agents. This technology has enabled agents to work remotely and serve customers in different locations 24/7. Mixed reality digital real estate platforms also allow agents to collect insightful data on consumer behavior, which they in turn use to improve their service offerings.

Doing business in the AR/VR space doesn’t have to be limited to products that create categories. You can succeed in conventional and traditional spaces where the door to improving and elevating the customer experience is wide open.