The first time I was visually introduced to a world where people use technology at every step of their daily lives, was in 2011; my Commerce tutor had shown me a YouTube video titled ‘A Day Made of Glass… Made possible by Corning’ (link attached at the bottom of the post). I still remember the state of euphoria I was in after watching that video. Coming from a country that is still in its early stages of development, the video left me mesmerised at the thought that one day I might be use of technology to such a great extent, in my daily life.
Internet of Things (IoH) was what I explored in the digital marketing context this week. And the reason behind blabbering about the video is because my research made me think how close we are to living what seemed like a distant dream at that time. In an article published by iamwire, Ashish Trikha reported that by 2020, 26 billion devices will be connected to the internet and the global IoT market is projected to be worth $1.29 trillion as reported by The Economic Times.
The statistics are not unbelievable, given Wired’s report on Alphabet (Google’s parent company) providing internet services to Peru and Puerto Rico via balloons as part of their ‘Project Loon’ and with Singapore’s objective to become the world’s first smart-city state, as reported by The Drum. Therefore, with business’ efforts of broadening internet accessibility across the globe combined with the national initiatives, the day, when our days will be made of glass is a distant dream no more.
Marketing in the digital age evolves at a fast pace. Period. Marketing using VR technology seems to be one such evolution that’s gaining prominence. VR allows something that other types devices such as mobile phones, tablets and computers fail to provide customers digitally- an experience. Consumers using VR technology can experience being in an environment which they cannot using other forms of devices.
Builder reports that home builders are using virtual reality (VR) to show potential buyers how an empty space would look with different furnishing options. As a result, customers are able to see the potential result of a future investment before proceeding with the actual purchase. Fielding Home, a California based builder said adapting such “cutting-edge” technology had allowed them to instil confidence in their customers, as customers feel that if Fielding Home is using such advanced technology, they must be “cutting-edge” as well. Fielding Home also reports that since they have adapted this technology, their social media clicks have experienced a 300% increase, which further shows how powerful this technology can be if incorporated properly, from a digital marketing perspective.
Apart for builders, retailers are also incorporating VR technology in their marketing campaigns. As per Forbes, hardware retailer, Lowe in the USA allows its customers to look at how a remodelling project would look like using the items that they are interested in or have selected to purchase, using VR headsets. Tom’s, a shoe and accessories retailer has also made of VR technology in their stores, where customers wearing the VR headsets are taken aboard a virtual journey to Peru where the company is seen giving away free shoes to children in need.
In my point of view using VR technology can help a business greatly in its digital marketing campaigns. When purchasing, customers are subject to risks which leads them to question if they are making the correct purchase decision- this is something that can be eliminated though this technology, if implemented properly.
Have you seen other types of retailers adapting VR technology as part of their digital marketing? If yes, please share the links in the comments section.
Cadillac has introduced an app called, “BOOK by Cadillac”. The app allows users to subscribe to Cadillacs for USD 1,500 per month, however, there is a one-off membership fee of USD 500 when you register on the app. It’s cancellable at any time and a vast range of the current models can be subscribed to. Once subscribed the models can be swapped for one another for up to 18 times per year.
The app is currently a beta version and Cadillac is currently only offering this service in the New York Metropolitan area. Costs such as maintenance, registration, taxes and car detailing are covered and other costs such as fuel, fines, toll changes are to be borne by the subscriber. A premium is not being charged as part of the service therefore, the monthly subscription of USD 1,500 does not vary based on the model that the subscriber has chosen or swaps.
Business Insider reports that the pricing may be revised when the subscription offering is more widely offered in the United States.
While subscription fee is not within everyone’s reach, it does provide customers who are unable to purchase a luxury car, a chance to get the feel of driving one for a fraction of the price.
While subscription is a popular revenue model for eCommerce, it’s quite refreshing to see a car manufacturer adapt to such a strategy.
Do you think other luxury car manufacturers will follow suit? Have any of you come across similar subscription revenue models being adapted by businesses in the luxury sector through their digital marketing platforms? If yes, please comment with the link below.