Now that virtual reality (VR) has entered the consumer mainstream, it is beginning to fulfil its potential as a game-changing technological advancement.
In fact, the revenue forecast for VR and augmented reality has been forecast to reach $120 billion by the end of 2020, and this is something that businesses are increasingly keen to leverage in the years ahead.
The potential, commercial applications for VR and endless, and the key is for entrepreneurs to determine precisely how to use the technology to drive their ventures forward.
Companies Can Create New Experiences in Real-time
In simple terms, VR technology has the potential to create three-dimensional, physical environments from scratch. This can be utilised by businesses to seamlessly replicate new and real-time experiences for consumers, reducing marketing costs and negating the need to build physical surroundings for the real world.
This has particular relevance in the travel sector, where specific industry specialists have been closely watching the impact of Virtual Reality in their sectors for months now. By leveraging VR technology, estate agents and airlines can offer customers virtual tours to potential locations, which in turn allow for informed decision-making and should drive higher levels of sales conversions.
VR Can Provide Genuine Insights Into Consumer Behaviour
In recent times, companies have adopted an increasingly data-led approach to sales and marketing, utilising defined metrics to drive their spending and achieve a superior ROI. Much of data is focused on the behaviour of consumers, which enables firms to build detailed consumer profiles across multiple demographics.
VR can perform a similar role for businesses, but within artificial and fabricated environments. In fact, the correlation between virtual store sales and physical retail sales is recorded as .9 or higher, so VR allows firms to analyse various, real-world scenarios with far greater flexibility (without compromising on the quality of the data).
This has particular relevance in terms of product development, as brands can now gain insight and gain feedback prior to the launch of a new item.
Eventually, VR Will Allow for the Creation go Custom, E-commerce Stores
If we keep the former point in mind, there is another, obvious advantage for e-commerce businesses. After all, if VR can deliver accurate insight and data pertaining to consumer behaviour, it can also create the type of virtual, e-commerce store that sells the most in-demand stock and optimises the eventual rate of conversions.
These stores would deliver incredible levels of profitability over time, while they would also drive a seamless and convenient consumer experience where only the most desirable and in-demand products are sold.
While this is a development that may be a little way off for now, it is one that has the potential to reduce commercial costs, maximise sales and change the way in which customers shop forever.
In many ways, this serves as the embodiment of VR, and the incredible potential that it has within the commercial world.