Businesses all around the world are now integrating technology to enhance products and services and keep up with the times. The anticipated new tech trends for 2020 are leaning towards incorporating expanded reality options such as Augmented Reality (AR) and Virtual Reality (VR) into numerous industries, especially in Retail. Having more info about how to learn such a business application and the virtual reality companies that make them is definitely useful.
Why Use VR in Business?
There are a number of benefits for business when using VR tech. In 2018, the AR/VR market was valued at around $12 billion, and it is forecasted to rise to more than $192 billion by 2022.
1. Enhanced Customer Experience
VR and AR allow for a more immersive and focused shopping experience. Consumer senses are engaged and able to immerse themselves and focus on the virtual experience without external distractions. This allows consumers to experience the product in the virtual environment.
2. Immersive and Interactive Marketing Strategies
VR technology allows businesses to have a great deal of flexibility in utilizing the ‘try before you buy’ concept. With VR, product marketing revolves around creating an immersive first-hand experience of the product. VR is capable of transporting people to anywhere, real or imagined. This technology shifts marketing from telling the story of a product to showing and letting consumers and investors experience the product themselves.
3. Advanced Business and Consumer Analytics
VR allows consumers to evaluate the marketability, performance, and quality of the product. Businesses are able to collect more robust information on how products are received by consumers. Marketers analyze more robust data that can be used to improve product quality and increase customer loyalty.
Virtual reality provides numerous possibilities for application across various industries. Marketers are able to build anticipation and interest by providing potential customers and investors the opportunity to experience the products or services provided, such as travel and space renovations. The use of VR as part of the products and services offered by the company enhances both the company’s product diversity and the experience that customers have with their products.
Marriot Hotels uses VR to let their guests experience their various branches all over the world. While Wildlife Trust of South and West Wales provides VR set use and 3D videos to immerse their visitors in the experience of visiting their site and enjoying the wildlife. VR in tourism has also proven to be profitable for the companies involved. The collaboration between Thomas Cooke and Samsung Gear VR had a 40 percent ROI within the first three months of its launch.
Home improvement companies such as IKEA, John Lewis, and Lowe’s Home Improvement have also utilized VR. The technology enables their customers to visualize their desired home improvement plans in 3D. Not only does this strengthen their vision for their homes, but they are also able to improve upon their plans and play around with their ideal space using the products provided by the company.
TOMS retail stores that use VR allow customers to travel with their shoes and follow how the proceeds from their purchases go to donations in Central America. Automotive companies like Volvo provide their potential customers the opportunity to test drive one of their new models through their VR app. McDonald’s used their Happy Meal Box and turned it into a VR set Happy Goggles that consumers can use to play games and engage with.
Real estate companies, such as Giraffe360 and Matterport, provide virtual property tours to their clients. Staging properties has also been elevated with VR, and it has increased agent and client engagement and interest. Marketing plans and layouts have become a more interactive and immersive experience for clients and agents with VR strategy and technology.
Expanded Reality is the Future
With the continued expansion of VR technology development and use, it is estimated that one third of the total global consumers will be using VR by 2020. And with more people having access and utilizing such technology, businesses will surely follow by providing VR-compatible products and services. Harnessing such technology to be accessible for businesses enhances products, services, marketing strategies, and customer loyalty.
By Anastasia Stefanuk
Updated June 03, 2019