Jamaica’s economy has benefitted this type of technology in many ways. Economic growth as stated by Dave Ramsingh (2015 p.274), in “Economic Growth” published in Economics for CAPE is the long-term growth in the productive capacity of a country. This brings about the increase in the country’s Gross Domestic Product (GDP). GDP considers the country’s entire economic output, which includes all goods and services that businesses in the country produce for sale. This is regardless of whether they are sold domestically or overseas.
Extended Reality (XR) is an umbrellaing term used to describe extensions of reality which are depicted through sound and/or visual aid. These realities are Virtual, Augmented and Mixed, and these devices can be used in aiding Jamaica’s economic growth in several ways. However; the focus will on be on three ways and they are as such:
? Real Estate
Marketing is the act or business of promoting and selling goods and services. In this area XR can be used to add creativity to how companies advertise products and therefore boost sales.
Companies can creatively engage customers using VR and/or Augmented Reality (AR). In doing so it gives them an edge over companies that don’t use these methods, in that they stand out and can improve customer service and their approval ratings on the economic scale. Additionally, it can be used in training new-inexperienced staff and save companies money. Subsequently Extended reality can be used in Real Estate to help build the country’s economy.
Virtual viewing can help both real estate agents and home buyers feel so much more confident about buying sights unseen. All the perks of an open house without the need to attend one. Real estate companies can find huge potential in the use of both VR and AR. While Virtual Reality can serve as an alternative to open house, Augmented Reality might help potential customers visualize there for-now-empty-homes with furniture and decor. This can also save both parties the hassle of having to do more than one trips to different locations which saves time and money.
Another way in which XR can be used in economic grow is through Entertainment. Entertainment in Jamaica can be divided into three (3) main categories. They are Gaming, Sporting events (Various Sports matches) and Concerts/ Parties (Stage shows). Virtual Reality (VR) gaming would prove to be beneficial in Jamaica as it would provide people with a new experience by giving them a full-fledged immersive gaming experience. With the method it uses which displays advancements in modern technology it would be sure to intrigue the younger generations as they are more technologically involved. This could increase the rate of service sales in the island which is an aspect that facilitates economic growth, and if developers develop an island-based gaming programme it can possibly generate large amounts of foreign exchange income by ushering tourist who are fascinated with our culture into a new way of experiencing it. In addition to gaming Sporting events in Jamaica can benefit economically by XR. Being in the stadium or arenas to watch team match ups is a wonderful experience. The intense feeling that fills the atmosphere as tensions fly. The chants and bellows of spectators and fans echoing around the area is quite thrilling for some. Imagine being able to enjoy all of this in the comfort of your home. Investing in XR equipment would surely prove profitable as persons who enjoy the atmosphere at matches but can’t make it to a match or would just rather to not leave their homes can make use of this technology. Not only that but if venues reach their maximum capacity with the number of patrons that it can hold, companies with XR technology can facilitate those who did not reach in but still would like to view matches with the opportunity to do so. Telecommunication companies can also have a “Pay-per view” system where individuals can pay to view matches with XR equipment.
Another means of entertainment Extended Reality can be included in to gain income is at Concerts. Concerts can be enjoyed in a more electrifying way by using Extender Reality (XR) methods. This will be sure to boost the number of attendants and be a good investment as it would provide persons with a more thrilling experience. Thus; including Extended reality in these three areas would improve the economy through gaining income by its uniqueness and creativity. It would also save time and money in some areas.
👋 Hi! I’m your smart assistant Amy!
Don’t know where to start? Type your requirements and I’ll connect you to an academic expert within 3 minutes.get help with your assignment