11 Ways Virtual Reality is Changing the Business Landscape
Virtual reality or VR is one of the most technological breakthroughs in the 21st century. It has a great impact on education, entertainment, and most especially, business. Basically, virtual reality is creating a vision of reality in the virtual space. The concept of virtual reality can be traced back to the early 19th century. But it was only in the beginning of the 21st century when virtual reality gradually dominated the market. Today, virtual reality can be best experienced through the use of VR headset. Since then, businesses have started integrating the virtual reality technology in their various operations.
According to the research firm KZero, this year 2018, it is expected that 171 million people worldwide will be using virtual reality hardware and software. In fact, virtual reality technology is projected to impact the economy of the United States to about $15.6 billion. Definitely, more and more individuals are using virtual reality technology in their personal life and most especially, in running businesses.
Let us know how the virtual reality technology changed the business landscape:
Technology has remarkably changed communication. Today, we have smartphones, social media platforms, high-tech computers, and VoIP telephony, among others which raised the bar of communication. Apart from these, a new player came – the virtual reality.
Virtual reality does not just settle for just video chat. But it actually brings you the person near your virtual space. It has helped businesses communicate with each other. There are various teleconferencing and telecommuting platforms that enable members of a company to gather and discuss corporate matters. It skips the hassle of going back to the office just to officiate or attend the meeting.
Virtual reality has also set high standards for education and learning. A few companies are already integrating virtual reality technology in their training programs. Apparently, virtual reality provides a more immersive opportunity for new hires, applicants, and employees to learn new skills and expand their knowledge. Because of this, employees are becoming more equipped which would help the business in terms of productivity and efficiency.
Apart from training, the recruitment phase has also changed. Before, the applicants are required to talk face-to-face with the employer or the hiring manager. According to experts, this situation reduces the applicant’s ability to sell his or herself. With virtual technology, applicants can confidently impress the employer even at the comfort of their home.
Due to the internet and technology, many people now are employed online. According to statistics, online freelancers within the European Union increases up to 45% from 2012 to 2013. India is among the largest online workforce in the world with over 15 million in population. They make up 40% of the world’s freelance jobs. Currently, UpWork and Freelancer are the largest online freelance marketplaces. With virtual reality in the market, online freelancing will rise. It will be much easier for freelancers to communicate with their employers.
One of the strongest capabilities of virtual reality is improving marketing and advertising. Before, promoting one’s business is limited to traditional media and popular internet marketing strategies. Now, some companies are starting to use virtual technology to introduce their products and services to the people. In trade shows, most enterprises are using virtualization to immerse the customers in the experience.
In relation to marketing, virtual reality offers a much better customer experience. Consumers can have a real-life experience with market’s offerings. But more to this, virtualization is also used for customer service. VoIP telephone has gradually replaced the traditional telephone line in answering queries and concerns. Social media and other internet marketing strategies also flourished for more accessible avenues for customers. To make it more unique and advanced, virtual reality makes customers feel like they are being served “face-to-face”. Some companies in the United States are exploring virtual reality in serving customers.
Companies now are using virtual reality and augment reality to visualize the products that they want to build in the future. Commonly, developers create dozens of prototypes and designs for a particular model of a product. Through virtual reality, they can save time and money by creating prototypes. It will also be much easier to delve into the characteristics and features of the products.
Some real estate agents are now taking advantage of virtual reality to present properties to their potential buyers and customers. It is now much easier to show residential, commercial, and industrial properties. Through virtual reality, customers do not just see the exterior of properties, but also the interior. Everything is much more detailed and vivid. According to Adam Blaxter, co-founder of Rentr, turning architectural and construction designs into virtual models is becoming part of a normal workflow in real estate business.
Apart from developers, it will be much easier for engineers and architects to visualize their projects through virtual reality. Apart from the designing software, virtual reality provides a virtual equivalent of a real structure. It is more convenient to design, alter, or change anything from a layout. Gone are the days when architects manually draw a blueprint. Now, virtualization takes engineering to a new level.
Entertainment is another form of business. Well, virtual reality has redefined entertainment. Businesses that specialize in gaming and entertainment are using virtual reality to bring their services to new heights. In the gaming industry, customers can feel like they are the real players. They are being exposed to the virtual gaming environment. On the other hand, the audience can also feel like they are part of the show or movie through virtual technology.
Lastly, the most important impact of virtual reality on businesses is its economic effects. Virtual reality reduces costs in running a business. It promotes efficiency and productivity. With all mentioned above, businesses clearly benefit from virtual reality. It has modernized the way business is done, opening more opportunities. This technological breakthrough really contributes to the growth and the development of the business.