How can VR be used in business
As virtual reality (VR) continues to fuel a transition towards a digital era, more and more businesses are starting to understand the endless opportunity waiting behind a headset.
In previous years, such technology was solely associated with gaming, but with its integration now seeping into business, global spend on VR in 2022 has reached a whopping $9.2 billion.
Much of the hype has largely been around the new and exciting opportunities virtual reality offers to corporate training. Free from the shackles of traditional teaching methods, users immerse themselves in an environment of unlimited learning and discovery.
And its practical application doesn’t stop there. Because as well as giving new life to business presentations, meetings and sales pitches, VR has become essential kit for over 80,000 job roles in the US alone.
With that said, let’s take a look at how VR can be used in business in 2022.
Examples of businesses using VR today
Any physical task carried out in day-to-day business can be simulated using VR. Whether it’s attending a meeting, running a training event or operating heavy machinery, just slip on a headset and away you go.
And with production costs of VR hardware and software becoming more affordable than ever, the implementation of its technology has created limitless opportunities across more sectors than you might’ve realised.
For inspiration, here are some exciting ways businesses have used VR to generate more revenue.
Sales and marketing presentations
If you want to wow your prospects by delivering content in an immersive way, virtual reality tops the list.
Because unlike the usual methods of slide decks and spreadsheets, VR allows your clients to roam environments where they can interact with your products and services.
For budget-friendly options, businesses can also set up and create VR apps to help their products standout ahead of the competition at tradeshow events.
Real estate virtual viewings
Virtual reality property viewing is making buyers and estate agents’ lives easier – saving them both time and money. Instead of disturbing a vendor with in-person viewings, buyers can view a property from the comfort of their own home.
Its implementation is so convenient for buyers, it’s proven to increase leads by 49% and, on average, helped to sell properties up to five times faster.
For global brands, the integration of VR has created new and exciting digitally-focused connections with customers.
In recent years, its implementation has including virtual event planning at Marriott International, brand storytelling with TOMS and virtual car shopping with Vroom, to name but a few.
Of course, the possibilities are endless, and depending on your brand strategy, a bespoke VR experience can be created to immerse your customers like never before.
By leaning on VR for testing, production-driven businesses can alleviate the expense of unnecessary prototype manufacturing.
Instead, product parts, processes and mechanisms can be accurately tested all through the power of the headset – and from any locations across the world with Wi-Fi.
Aircraft designers, Boeing and Airbus, are prime examples of virtual prototype testing by working on new features and models before they are signed-off for production.
Employee safety training
At the other end of the scale, VR has enabled employees to immerse themselves in lifelike health and safety scenarios they might experience in their job role.
Unlike the restrictions of classroom-based training, the addition of VR means users can put theory to practice with bespoke training programs that can be played-out as many times as necessary.
What’s more, delivering training through headsets means employees also bypass the expense of hiring dedicated training rooms and external training professionals.
For business models like TOMS®, who are vocal about doing good in the world, incorporating virtual reality into the retail experience is a creative way to share their values with customers.
By slipping on a headset, users are transported through a “walk in their shoes” campaign which shows how purchasing a pair of shoes from TOMS® benefits less fortunate children around the world.
TOMS® founder, Blake Mycoskie, says: “VR is the greatest technology I’ve seen to create empathy”.
After a property, buying a vehicle is likely to be the second biggest purchase you’re ever likely to make. However, not everyone lives near a garage, so how can you make sure you’re buying the right vehicle?
By using VR, customers are afforded the opportunity to take a vehicle for a spin before committing to a purchase. Volvo were one of the first to use the technology by developing an app to test drive the XC90 SUV. Take a look.
The use of virtual reality in construction has come a long way over the past decade. By using bespoke platforms, architects can now walk clients through a property before it’s even built.
As well as providing an opportunity for feedback and alternations, it also instils a sense of assurance with clients by showing them what their designs will look like in real life.
A new era for business
Gone are the days where virtual reality was thought of as simply gaming technology. Because over the past decade, immersive technology has played a crucial role in business evolution.
According to Statista, the virtual reality and mixed reality market is expected to reach $300 billion by 2030, with more exciting developments continuing to transform industry landscapes.
Whether it’s retail, gaming, manufacturing, real estate, training or construction, the practical application of VR is quite literally limitless and has already proven to save time and money on budgets, whilst boosting employee performance, business revenue and customer experience.
In the coming years, the use of virtual reality is only set to grow. And eventually, it will become a standard concept your employees and customers will come to expect in the workplace or as part of their retail experience.
So instead of asking yourself “should my business incorporate VR?” perhaps the real question is “how can we use VR in business?”.
If you’d like to learn how VR can boost your business revenue, feel free to get in touch to book a demo.