Unlocking Eye Tracking Technology's Potential
What is eye-tracking?
Eye tracking is a technology which tracks and records an individuals’s eye movement and dilation of the pupil. This data allows an analyst to identify what captures an individual’s attention, how the individual engages with the environment surrounding the product, and what drives the individual to take action. The movement of an individua’s gaze can be visualised using a heat map, foggy map or map of gaze movements. These visualisation techniques help point out the areas of visual interest and areas where consumers commonly miss out on. By understanding these key factors, a company can then design its website interface to optimise customer experience.
According to a report by MarketsandMarkets, the global eye tracking market is expected to grow from USD 368 million in 2020 to USD 1,098 million in 2025, with a CAGR of 24.5% during the forecast period. This growth can be attributed to the high demand for eye trackers in the healthcare vertical, especially for the assistive communication application. Other drivers include the increasing penetration of eye tracking technology in the consumer electronics vertical, and high demand for eye trackers for personalized advertisements and consumer research purposes.
Application of eye-tracking in e-commerce
Eye-tracking technology can be used for neuromarketing, since it provides objective and quantifiable information about a consumer’s subconscious, real-time behaviour such as what attracts their attention, ease of searching for information and site navigation. Combined with data analytics and other artificial intelligence technology, easily interpretable results can be generated to allow web and UX designers to optimise the design of a company’s site interface. Furthermore, fixation points (areas where the audience looks at for a long time to perceive the image) can also be rectified. Lastly, online advertisements can be strategically placed to ensure it draws the attention of the user.
Application of eye-tracking in offline retail shops
Besides online retail, offline retail also benefits largely from eye-tracking in terms of store navigation, product packaging, clarity of signage and shelf-set up. These data can then be used to identify which products draw customers’ attention, which products are often glossed over, the shelf level which customers often look at, and whether the signage is strategically placed in a physical store. By doing so, popular products can then be placed at where most customers' eye level are to capture their attention while snacks and sweets can be placed at the lower shelf to cater to children’s height.
Application of eye-tracking in the gaming sector
Given the increasing demand for augmented reality (AR) and virtual reality (VR) devices to elevate the gaming experience, eye-tracking technology can be used to further enhance the user’s gaming experience. For example, eye-tracking can be integrated into headgears and PCs to improve image quality, helping reduce eye strain and improve the gamer’s focus. Immersive graphics can also be developed, such as the adjustment of lighting based on an individual’s gaze point or if you made eye contact with another virtual character, the virtual character might begin talking to you.
Restraint of the growth in eye tracking market
With the current Covid-19 situation, the supply chain of eye-tracking based device manufacturers have been disrupted. The major demand from retail stores, advertising agencies and research laboratories, which are currently non-operation, have also temporarily halt the demand for eye-tracking technology-based products and services. Therefore, this has led to a slowdown in the growth of the eye-tracking technology market.
The high cost of this technology as well as its limited application on certain devices is another hindering factor since it restricts its freedom of application. Current eye-tracking also requires lightweight glasses and high-resolution cameras, which users may not own or do not possess.
To conclude, the applications of eye tracking are endless, ranging from retail to the gaming and medical sector. By tapping into our sensors, the eye-tracking technology is able to provide a compelling human experience, benefitting our lives and online experiences. If your company has a similar technology which you believe will benefit the Chinese market, you may contact us for a free evaluation of your company’s technological fit and potential at email@example.com. Summer Atlantic Capital is committed to providing tailored solutions which tackle challenges faced by foreign companies looking to enter the Chinese market.
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