L’Oreal, JP Morgan, and Walmart have THIS in common
What could a beauty products company, a massive investment bank, and an international chain retailer possibly have in common?
They each recognize that XR (Extended Reality) needs to be part of their strategy ASAP.
And even though it’s easy to think that these massive companies can only create these experiences because they’re big, influential, and well-resourced — but that’s not the whole story.
They’re all using tech that’s available to any CEO or business owner right now.
Let’s break down the *very* different ways these companies are utilizing XR to make money now and claim a slice of this upcoming multi-trillion-dollar market.
L’Oreal is using AR in-app and magic mirrors in-store to maximize sales.
L’Oreal’s Nail Genius and Make-Up Genius apps bring their products into their customers’ world from anywhere.
Both apps leverage AR tech that identifies a user’s location and then overlays the desired effect on that area. Obviously there’s plenty of technological voodoo that we don’t have to get into.
Here’s the important part: 15 years ago, this was wildly complex, required a tremendous amount of processing power, and took mountains of code. But not anymore.
Google and Apple’s AR libraries (ARCore and ARKit, respectively), paired with the existing tech built into their smartphones, automatically provide developers the required information about the user’s location in 3D space. The hard work is signed, sealed, and delivered right to a developer. Developers can just pick which body part on which they want an effect or overlay applied.
Lipstick, nail polish, foundation, blush, eyeshadow… you name it, they apply it.
Selling a product is essentially the process of helping a customer see how your product fits into their life.
Beauty products, clothes, shoes, and even sunglasses have always relied on dressing rooms, in-store style consultants applying make-up, and (more recently) costly “free” returns to close that gap.
Virtual try-on not only makes that experience accessible from anywhere, but also no longer depends on inventory.
Every customer wants to be the main character in the purchasing story; instead of purchasing something because it looks good in general, AR helps them purchase because it looks good on them.
But they’re not stopping with the app — using the same technology combined with interactive “magic mirrors” developed by Alibaba, L’Oreal is inviting customers to enjoy the experience of seeing themselves wearing any product in a real mirror.
And, to top it all off: customers can purchase directly on the mirror and bring it home or get it delivered if it’s not in stock.
Now THAT is full service.
So, how can you do something similar?
If you have customers who want to see your product…
- on their body
- in their space
- in a showroom
- in its natural/intended environment
… then you should seriously consider how you could utilize AR.
Here are a few examples to get you started:
- Restaurants can add 3D models of their food to an online or in-person menu. Stats show that any visualization of the food item on a menu greatly increases sales.
- If you already sell a plant on your website, why not make it a 3D model that can be used in AR so clients can see how their whole garden could look in their actual space?
- If you sell jewelry, why not make it into a Snapchat or Instagram filter so clients can try it on and do free marketing for you?
- If you sell toilet paper why don’t you just… well let’s skip the brainstorming on this one. Bit too cheeky…
Bottom line:
Customers need to SEE it to buy it — now you can make that happen.
JP Morgan is turning economic theme analysis into an immersive learning experience.
For 17 years, JP Morgan has released a quarterly report called Guide to the Markets, helping financial professionals create more meaningful client interactions.
Now for the first time, JP Morgan is offering an augmented reality (AR) experience to help users and clients engage with an abbreviated version of the Guide in an entirely new way.
Here’s what Kathryn Ferrero, CMO of Asset Management Americas and Global Head of Brand Experience, had to say about this move:
“AR has demonstrated its value not only for consumer entertainment, but for captivating and engaging investor audiences around complex economic and market topics. With Dr. David Kelly’s unique ability to explain complex economic and market issues in a language that financial professionals can use to communicate to their clients, the GTM AR experience can help the advisor community reach the next generation of savvy investors.” (source)
JP Morgan knows that the more immersive an experience is, the more compelling it is.
And the more compelling it is… the more memorable it is.
The best part about the technology that JP Morgan is using is that there’s no app needed — it’s all happening in a mobile web browser. It’s incredibly accessible and nearly frictionless!
Now, if you are familiar with this web application, or you’ve gone to check it out, you might be confused because it seems to be not much more than a video played in 3D…
…and you are totally right.
AND that is the point!
It’s a single step above what traditional methods use today — and in a fiercely competitive marketplace, that is often exactly what you need.
What complex topic do you tackle that needs to be brought to life? What do you want your customers to remember about your brand, your content, or your product?
An AR experience like this one can give you the edge over your competition.
How can you do something similar?
Instead of recreating the wheel here, head over to a previous article where I lay out the high-level elements and steps of creating an AR or VR experience like this.
Walmart is using VR to optimize training scenarios for employees.
Using 360° video from inside their stores, Walmart drops employees into fully immersive virtual reality (VR) experiences that keep their attention and prepare them for real-life encounters.
They challenge them with interactive interpersonal conflict situations, difficult customer interactions, and real-life drama.
They even foster empathy by turning the tables on employees and placing them at the back of a long line, just in time to receive a text from their spouse, asking them why they’re late for dinner!
VR turns intellectual training into full-body preparation.
Instead of imagining how you’d feel with a heated customer yelling at you, you can come as close as possible to actually feeling it. This level of immersion prepares employees in ways that manuals and videos cannot.
And not only that — it also allows managers to watch, assess, and train in directed ways based on real information instead of waiting for real-life scenarios and on-the-job mishaps.
How can you do something similar?
Sure, you can create interactive training simulations for use in a VR headset — and you should absolutely head in that direction!
But you don’t have to start with a fully interactive virtual environment — you can begin by creating training videos with a 360° camera and playing them in a VR headset for employees!
The more immersive the experience, the more memorable it is.
What environments, situations, or dilemmas do you want to immerse your employees in, so you can prepare them as thoroughly as possible?
Sure, L’Oreal, JP Morgan, and Walmart are massive companies that have the resources to push the envelope with new and innovative tech.
But that’s not why they’re doing all this: it’s because they know…
there’s money to make right now
there’s ground to take right now
there’s exposure to claim right now.
So what are you waiting for?
Do you need further guidance on how to navigate this for your business specifically? DM me on LinkedIn and we can chat!
