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How Can Virtual Reality Affect Your Business?

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how virtual reality can affecet your business

Just when we thought that modern technology reached its peak, virtual reality hit the mainstream. We hear the word everywhere. The affordable and easy-to-use headsets have the potential to change the world. Just imagine them in every household.

No, we’re not just talking about playing family games in virtual reality. It’s getting in every single aspect of people’s lives. We know it’s already changing education: students visit campuses and get all kinds of lessons in virtual reality. But people are also turning the process of learning about businesses into a VR experience. Soon, we’ll all be trying on some clothes without going to the store. Take a moment to think about that!  

This brings us to a question: how can virtual reality affect a business? If it’s about to change the way people shop, it will certainly change the way you do business. Oh no; more investments to please this demanding audience? Well, this is an investment you’ll actually like!     

Through VR, you’re going to offer a personalized experience to a tech-savvy audience, and you’ll win the battle for becoming the coolest brand in the industry. It’s as simple as that.

What Is Virtual Reality and How Does It Change People’s Lives?

Virtual reality is a pretty interesting concept since it releases the user from the physical boundaries of their body. It allows them to perceive themselves surrounded in a digital environment. This 3D digital environment seems realistic since the user can interact with it. Remember The Matrix? Yeah, that!

virtual reality business

Are you wondering why VR took so long to take over the world? It’s because of the equipment. The most sophisticated pieces are too expensive for an average household to afford. An HTC Vive Pro, for example, costs more than $1000. Plus, you need a powerful computer with a dedicated graphics card for a nice VR experience, so we’re looking at around $2000 of an investment.

However, cheap options, such as Samsung Gear VR and Google Cardboard, are changing the way things work. Depending on that, an average family will soon be able to afford virtual reality,, so an average business has to think about reaching the customers that way. To envision the reach of VR technology, think about this for a moment: Sony’s VR device shipments are expected to reach 2 million units in 2018.

So how can virtual reality affect a business? Kenny Yang, head of the IT department at BestEssays.com.au, gives us an answer: “Think of customers who want to try clothes without the need to get dressed or even leave their homes. Think of those who’d like to see how a particular piece of furniture would look in their interior. Think of interviewing people in virtual reality. These are only the most straightforward examples, but you get the idea. VR is going to change the way businesses and customers make decisions.”

How Are Businesses Using VR Technology?

Here are few examples of businesses already relying on VR technology:

1. Lowe’s, a home improvement company, created the Holoroom – a tool that lets you visualize how the home of your dreams would look like.

2. Live Nation, an events promoter and venue operator, enables people to attend concerts through VR technology.

3. Thomas Cook, a travel company, encourages you to try a virtual holiday experience before you pay for the real deal.

4. The New York Times invites you to experience stories as being reported by award-winning journalists. Ever wondered what it would be like to live in Ethiopia and deal with devastating earthquakes? Now you can know.

The competition in journalism is huge, and The New York Times is winning the battle of the giants. The fact that it implements VR technology in reporting makes a huge difference.

As we can see, virtual reality is a very versatile technology that can find its role in all industries. You just need to have an idea.   

2018 Augmented and Virtual Reality Survey Report by Perkins Coie LLP ranked the industries that are expected to see the greatest investments dedicated to AR and VR technology: gaming, education, healthcare and medical devices, real estate, marketing, live events, military and defense, movies and television, retail, and manufacturing and automotive. We already know how VR makes a difference in gaming, education, healthcare, and military training. But hey; we see some business potential in this report, too! Real estate, live events, retail, and automotive – can you imagine how this technology is going to make a change there?  

How Can VR Affect Your Business?

“If I invest in VR, what benefits will I see?” If you asked that question, then you’re thinking like a true businessman. Of course, you’re concerned about the ROI.

Look; we cannot write a business plan for you. What we can do, however, is scratch the surface of the growth you’re about to unlock if you implement virtual technology in the way you do business.

1. You May Offer a Personalized Shopping Experience

People like shopping from home, but there’s a problem with that approach: they can never be sure if the products are a good fit. Whether it’s about clothing, shoes, or home decoration items, they have no idea how they would look when combined with other clothes or decorations. With VR technology, a business can fully personalize the shopping experience and reinvent the marketing funnel.

Think of Lowe’s example we mentioned above. That visualization tool gives homeowners an intuitive experience of the design they would like to implement. It makes them more convinced they are making the right purchasing decisions.

2. You’ll Attract a Tech-Savvy Audience

Are you aiming too young, fashionable, and tech-savvy people as your target audience? These people are not easy to please! A VR will definitely change the way this audience perceives you.

Think about it: tech-savvy people are leading digital lives. They like to put on a headset and launch themselves into another reality. If they are thinking about buying a new car, they would love to try it just by putting the VR headset on.

3. You Can Carry Out Any Process in Virtual Reality

The best thing about virtual reality is its versatility. You can find many ways to implement it, so you’ll always be unique regardless of what your competitors are doing. From hiring decisions to marketing and customer service, VR can find its place in all aspects of your business.

It’s not just about making the shopping experience more attractive to your end users. Your business can also benefit from this technology during the prototyping and design stages. You can test the performance and reliability of prototypes through VR. It’s a much cheaper, quicker, and safer way to do that.

Architects are already working on creating design concepts which will allow their clients to explore the design in virtual reality before they make their final decision.

4. You’ll Stand Out From the Competition

Think of any industry and try looking for brands that use virtual reality to make the experience better for their users. You’ll find only a few examples. Maybe you won’t even find practical implementations of VR technology in some industries.

Can you think of an interior design company that lets potential customers envision how their home would look and feels like? Sure; they all send sketches before they make a deal. A VR experience, however, would drastically change people’s decision. In a way, that benefits the company; of course!  

This makes us realize: if a brand implements VR now, it will definitely stand out. This approach is a nice way to make one giant step into the future of content marketing ahead of everyone.

Conclusion

Yes; developing a VR program for any aspect of your business will require an investment. When done properly, however, VR technology is definitely going to improve the processes.

You want that in clearer terms? You’ll be selling more!

This investment will give you a competitive advantage in the industry. The audience will start perceiving you differently. This will be that modern brand that’s bringing changes in the industry. That’s the status you’ve been striving for.

So what can you do now that you know how important VR is for the future of your business? For starters, think about different ways to implement it. You already got some cool ideas while reading this article, right?

Joan Selby on FacebookJoan Selby on Twitter
Joan Selby
Joan Selby is a content marketer, former teacher, and fancy shoe lover. A writer by day and reader by night.
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