Augmented Reality (AR) Glasses have emerged as a breakthrough innovation with continuous technological advancements. This proposal focuses on innovative NEXTLENS AR glasses, prioritizing their ability to shape the engagements of individuals in the digital world. The sections of this proposal discuss the reasons for selecting NEXTLENS AR Glasses, background research and feasibility studies and highlight the targeted audience, marketing strategies, advertising proposal and a budget projection.

2.0 Reason for Choosing NEXTLENS AR Glasses

According to Pierdicca et al. (2020), NEXTLENS AR glasses have revolutionary abilities as they efficiently integrate the digital and physical world, providing users with an immersive experience. The NEXTLENS are used in various industries such as healthcare, education, gaming and retail due to their ability to improve productivity, enhance the learning experience and enhance entertainment, thus becoming a key product to promote.

3.0 Background Research- Feasibility Studies

The Smart Augmented Reality Glasses market was approximately USD 14.72 billion in 2023, expected to reach USD 16.85 billion in 2024, and forecasted to reach 39.72 billion in 2030. The growth in the NEXTLENS AR market is facilitated by higher adoption in healthcare, manufacturing, and customer applications (360iResearch, 2024). However, technological advancements like improved display resolutions and gesture recognition have been adopted to solve the previous weaknesses; thus, NEXTLENS AR glasses are becoming more attractive and user-friendly, which has increased their adoption in various industries. Based on feasibility studies, there exists a rising acceptance of AR technology in Malaysia, with the country’s AR and VR market expected to attain revenue of US$103.9m by 2024 and an annual growth rate of 10.71% between 2024 and 2028, according to CAGR, thus a projected market volume of US$156.1m by 2028, therefore the NEXTLENS AR Glasses emerge as key products with a significant market capability (Statista n.d).

4.0 Target/intended audience

NEXTLENS AR Glasses has a vast target audience comprising individual customers, businesses and organizations. The product’s target audience is segmented into tech enthusiasts, professionals, gamers and the tourism sector (Siddiqui et al., 2022). Technology enthusiasts are those who adopted early technology and aspire to use and experience the latest innovations. The product targets businesses and professionals aiming to increase productivity and efficiency in education, healthcare, retail, manufacturing and design. The gaming community also prefers glasses for an exclusive and interactive gaming experience. Tourists and travelers are also key target audiences using NEXTLENS AR Glasses to improve navigation, information and cultural experiences.

5.0 Marketing and Advertising

When effectively conducted, marketing and advertising are vital aspects that provide a significant opportunity for product success. NEXTLENS AR Glasses needs a multi-dimensional strategy comprising online and offline strategies such as digital marketing, traditional marketing and online presence.

5.1 Digital Marketing

The digital marketing strategy will entail social media campaigns and influencer partnerships. Social media campaigns will be conducted through social media sites such as X, Instagram and Facebook, where the features and significance of the product will be showcased through interactive content and videos, thus raising awareness among the vast social media population. Besides, partnerships with influencers and specialists in their sector will be key in generating genuine reviews and reaching a wider audience who value influencer and expert endorsements.

5.2 Traditional Marketing

The traditional marketing strategies will include in-store demonstrations and print advertising. In-store demonstrations comprise partnerships with electronics retailers to create NEXTLENS AR Glasses exhibitions, enabling potential customers to experience the product firsthand. On the other hand, print advertising involves using tech magazines and newspapers to reach a wider customer segment while illustrating the real-life uses of NEXTLENS AR Glasses (Peddie, 2023).

5.3 Online Presence

In product marketing and advertisement, the strategies to be adopted include website development and search engine optimization (SEO). The product website will be user-friendly, with AI recommendations illustrating the features, benefits and purchase options for NEXTLENS AR Glasses. Besides, search engine optimization will ensure potential customers access product information easily, thus improving convenience and saving time.

6.0 Projected Budget

A well-developed budget, as provided below, is crucial for the success of the NEXTLENS AR Glasses.

Activity	Allocated cost in RM
Marketing and Advertising	200,000
Research and Development (R&D)	250,000
Production and Manufacturing	500,000
Partnerships and Collaborations	180,000
Distribution and Logistics	250,000
Miscellaneous and Contingency	90,000
Total	1,470,000

7.0 Funding

Venture Capital Funding	Explore investment from venture capital organizations interested in innovative technology products. Venture capitals offer funds in exchange for equity thus suitable for startups such as NEXTLENS AR Glasses thus helping in marketing and production costs.
Government grants and subsidies	Seek government programs promoting technological advancements. Most government provides grants or subsidies to enhance innovation, which provides a significant financial boost thus supporting aspects like research and development (R&D).
Crowdfunding platforms	Utilize crowdfunding sites like Kickstarter or Indiegogo obtain funds directly from interested people. Crowdfunding enables potential customers and supporters to contribute financially, increasing the product acceptability in the market, while raising initial capital to support aspects like contingency and miscellaneous expenses.

8.0 Conclusion

With the growing shift towards AR and VR technologies, the NEXTLENS AR Glasses has a significant success opportunity. The product proposal outlines an excellent roadmap to be pursued to ensure NEXTLENS AR Glass’s success in the competitive technology market. Therefore, the product will surpass customer expectations and develop new standards for augmented reality experiences.

References

360iResearch, 2024. Smart Augmented Reality Glasses Market by Type (Optical See-Through, Video See-Through), End-User (Gaming Industry, Healthcare & Education, Military & Defense) – Global Forecast 2024-2030. Available at: https://www.giiresearch.com/report/ires1413516-smart-augmented-reality-glasses-market-by-type.html. (Accessed 28 January 2024)

Peddie, J., 2023. Key Applications. In Augmented Reality: Where We Will All Live (pp. 135-225). Cham: Springer International Publishing. Available at: https://link.springer.com/chapter/10.1007/978-3-031-32581-6_6 (Accessed 28 January 2024)

Pierdicca, R., Prist, M., Monteriù, A., Frontoni, E., Ciarapica, F., Bevilacqua, M. and Mazzuto, G., 2020. Augmented reality smart glasses in the workplace: Safety and security in the fourth industrial revolution era. In Augmented Reality, Virtual Reality, and Computer Graphics: 7th International Conference, AVR 2020, Lecce, Italy, September 7–10, 2020, Proceedings, Part II 7 (pp. 231-247). Springer International Publishing. Available at: https://link.springer.com/chapter/10.1007/978-3-030-58468-9_18 (Accessed 28 January 2024)

Siddiqui, M.S., Syed, T.A., Nadeem, A., Nawaz, W. and Alkhodre, A., 2022. Virtual tourism and digital heritage: an analysis of VR/AR technologies and applications. International Journal of Advanced Computer Science and Applications, 13(7). Available at: https://www.researchgate.net/profile/Ahmad-Alkhodre/publication/362504120_Virtual_Tourism_and_Digital_Heritage_An_Analysis_of_VRAR_Technologies_and_Applications/links/639e1e86e42faa7e75cec376/Virtual-Tourism-and-Digital-Heritage-An-Analysis-of-VR-AR-Technologies-and-Applications.pdf (Accessed 28 January 2024)

Statista, n.d. AR & VR – Malaysia. Available at: https://www.statista.com/outlook/amo/ar-vr/malaysia (Accessed 28 January 2024)

NEXTLENS AR Glasses Business Proposal

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1.0 Introduction