“VR is a way to escape the real world into something more fantastic. It has the potential to be the most social technology of all time. ” —Palmer Luckey

Virtual reality (VR) has been around for many years now, in spite of this it is a very underdeveloped technology. It holds a vast potential outside of entertainment, it has taken over various aspects of our lives right from the way we shop, experience, converse and even ways to conduct business.

With time this technology has gained popularity with many powerhouses, which has encouraged them to invest profoundly in VR technology. It has become more and more accessible for users, with manufacturers having already released household sets and are continuing to do so.

The recent advancement in the VR technology has made it more accessible for the general public. Due to this, it has had a remarkable impact on the business world also. The sole aim of the technology is to change human perception using virtual systems. The adoption of VR by users is still in its nascent stages and has gained popularity, and more and more Businesses are coming up with VR based solutions. The reducing prices of VR headsets have also posed to be an advantage for the consumers as well.

It has also posed to be an advantage for the consumers as well, with the reducing prices of VR headsets. This has proved that VR is a tough and emergent market, with great scope for platforms which can allow businesses to leverage VR for process development and advanced marketing.

Businesses are Using VR to their Benefit

VR has the potential to become the most important tool that businesses can leverage to add on to their success. Established businesses are taking the help of VR to train their new employees in a more cost-effective and efficient way. With the help of VR, one can have an employee in Los Angeles meeting with the one in London as if they were/ are in the same room.

VR offers an added advantage when it comes to the outward focus of the businesses; it allows a novel way to connect with customers. The company can build up a more story driven way of marketing which draws people into the company’s brand, in a tangible and relational way. Virtual reality has potentially transformed the world of media. It has opened doors for businesses; to advertise in a way they had never imagined before.

Consumers are now  equipped with the ability to test out and experience products, that they intend to purchase, in an entirely new way. It allows you to precisely visualize how a piece of furniture or painting would look in a particular room, or even test different makeup styles without leaving the room. A structured assessment, planning of the future of businesses, and with the right data VR can even give a valuable insight into the success of the business.

VR is now being used to simplify and reduce the cost of the process of product prototyping. Since VR has made it very cost-effective for businesses to design a product or an intricate component of an outsized machine virtually than actually build the prototype, the use of VR in this sector is likely to develop quickly. VR and AR have also advanced the area of Computer-Aided Design (CAD). Prototypes can now be shaped within the virtual space, allowing designers to accurately pin down its working way before the resources to build the product are acquired. This has eased the process of testing the product while saving both money and time.

The major setback that the e-commerce industry faces is the sales; customers are reluctant to buy products that they haven’t tried. With the help of VR, the consumers can potentially try out and visualize demonstrations for various product categories.  Allowing a more clear vision of how their post-purchase experience will look like.

Novel business opportunities

“There are as many applications for VR as you can think of; it’s restricted by your imagination.” — John Goddard.

Virtual Reality has numerous businesses perspective; not just by providing innovative features to the business products, but also in helping innovators create novel businesses with these technologies at the core.

Just like old-fashioned cafes, VR cafes would soon be a hit. These places will be a social gateway for people looking for augmented and virtually enhanced experiences. VR cafes would offer choices on diverse virtual reality equipment, comprising of games, videotapes, team-building exercises, social media practices, 3D books and content experiences, and virtually enriched meditation.

In real estate markets, VR platforms permit house tours to people from anyplace around the globe. People can design and even paint their homes with this technology as they would in real life setting, to provide an outlook into the future look of their homes.

Cars like Audi R8 offers a VR-powered “test drive” experience. Similarly, even Airbus has introduced aircraft tours for its airline executives, which allows them an enriched experience and tour of the aircraft without actually visiting it.

The Future Looks Promising

As VR and AR carry on development, more and more knowledge about how it can be efficiently incorporated into the businesses has come to light, this amalgamation of new with the old will potentially have a huge positive impact on every sector. New entrepreneurs, startups, and businesses should surely keep an eye out for this technology, as it has become an integral part of marketing and businesses processes in the near future.

Bearing in mind how several industries and businesses are quickly validating and accepting virtual reality, the estimate is that it will take over the business scenario almost completely, isn’t bloated by any means.

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