Virtual Reality (VR) has been slowly creeping into the mainstream lexicon as its prevalence is becoming more apparent. The result is a new world of possibilities in the public mindset and with it a revolution in the relationship between businesses and their customers. Innovative VR applications like the ability for Live Nation to stream a concert or Lowe’s to showcase potential renovations in VR is leap in the future that has been anticipated for generations.
What was once merely a pipe dream is quickly becoming a reality and the businesses of today must turn to tomorrow to keep up with the future. Here are 3 reasons why companies should embrace virtual reality:
1. The Market Is Expanding
The sales numbers for VR were initially not encouraging but as time has gone on and the prices have dropped, we are seeing a market rising to formidable heights. Google is even offering cardboard VR headsets to drive the market even further while increasing affordability for everyone. This means one simple thing, that the market is creating a large customer base and with that a whole new host of possibilities.
In 2016 major VR shipped about 1.7 million units but that number may double in 2017 which will definitely create broader innovations. The least of which is the revelation that profit is now possible in a broader way. Virtual Reality is shifting away from being purely for gaming or media and is now in the world of tourism, shopping and experience. Innovations in this space are seemingly unending and with that will be ways of interacting with the world that excite businesses, customers and everyone else in the world.
2. The Connection With The Customer
People using Virtual Reality are not simply window shopping but rather experiencing on a deeper level of sensory communication with their interactive arena. When Tom’s shoes did the “Walk in their shoes” campaign to take people on a journey through Colombia they were interacting with their customers and the public on a much deeper level.
In VR we can experience what it is like in the corners of the world and feel the environment all while being in our living rooms. When watching an ad or viewing a billboard businesses rely on temporal communication but with Virtual Reality they can go beyond the eye and illicit a far deeper range of emotions. This creates a relationship with the customer beyond buying and selling, something that will truly last. The goal of business is not just to turn profit but to affect lives positively.
3. Business Operation Consolidation
One of the more exciting but less discussed innovations in Virtual Reality is how it can affect businesses in operational capacities. For instance, a company needs to train an employee in piloting an aircraft. They could spend hundreds of thousands of dollars on a physical simulation or they could just purchase the simulation application and train them in VR. The same goes for just about any situation from training Python programmers to training retail specialists there is an application in Virtual Reality.
On the other side VR can help immensely in R&D and manufacturing as the need to physically build prototypes or potential products is no longer necessary. Instead a business can simulate a product in VR and test it without the cost of production weighing them down. This is especially helpful for smaller businesses without the cash flow for testing before launching an initial product to market. Virtual Reality can also be used to simulate organizational meetings or massive presentation while having a present audience from around the globe. This creates a fully integrated employee base while not requiring physical offices for structure.
Conclusion
Though Virtual Reality started out slow, the market is building rapidly and isn’t slowing down anytime soon. VR brings with it possibilities once thought to be pure science fiction and it’s revolutionizing how we do business and interact with the world around us. For businesses VR means a whole host of new innovations that will undoubtedly change the way we do business for the better. Businesses will be able to connect with their customers cerebrally and bring new products to market in a cost effective way.
About the author: Lisa Froelings is a business and productivity consultant with over 4 years of experience in human resources working for a major retailer in the country before she decided to build her own business. Her interests include technology, mindfulness as well as time management.
Edited by
Ken Briodagh
