Written by Charlotte Mia on behalf of RWinvest.

Businesses all over the globe are using advances in technology, including virtual reality, to continue delivering their products and services to customers.

This has been the case for several years but has progressed rapidly over the last few months due to the Covid-19 outbreak forcing companies to trade online. 

A recent study concluded that the augmented and virtual reality (AR/ VR) market amounted to roughly $18.8 billion in 2020, and is only going to continue expanding, which is why businesses all over the world are implementing this technology into their strategies. With the continued use and further developments in VR technology, it’s estimated to generate a further 161.1 billion dollars by 2025 according to Globe Newswire.

Businesses that utilise this technology will not only make their products and services more accessible to people, but it will also enhance the customer experiences that they offer, introduce more interactive strategies and produce some crucial consumer analytics to ensure your business continues to thrive in the future.

Some Key Points to Consider

  • Introduce an interactive marketing strategy – the new age of technology offers a more immersive experience to customers giving companies a great try before you buy approach. People want an omnichannel encounter, a play on their senses and an authentic experience where they can be transported anywhere, and experience a product or service in real-time.
  • Elevate the customer experience – people want the full package, authentic shopping experience as opposed to witnessing a hard sell. In order to make your products and services more interactive, you can use VR technology to make use of consumer senses so that they focus on the product, which should subsequently result in a purchase.
  • Utilise consumer analytics – in order to take your business to the next level, you need to be able to use data to evaluate the market as well as the performance of your service or product. Modern advances in VR allow businesses to collect in-depth data that will provide crucial information when it comes to revising strategies and making improvements.

How Some Sectors Are Taking Advantage

Property Businesses

Property investment companies such as RWinvest provide virtual reality viewings on many of their developments to investors not just in the UK, but worldwide.

By providing virtual tours to both new and existing clients, it has helped with an increase in sales during the global pandemic by helping to speed up the property buying process. 

By providing a three-dimensional visualisation of what a property will eventually look like, it gives property developers a true feel of what’s to come that they may not get from traditional blueprints.

Retail Businesses

Retail giants L’Oreal are using augmented and virtual reality to create the ultimate in-store experience for customers. In-store beauty advisers are helping clients use the company’s Nail Genius and Makeup Genius apps to digitally apply L’Oreal products such as lipsticks and nail polishes.

The digital features enable customers to take photos of themselves using their smartphone to see how different shades will look on their skin without the hassle of trying makeup samples on.

Homeware Businesses

IKEA is one of the most well-known brands that has implemented VR technology, allowing customers to visualise their home improvements before buying and putting together the flat packs.

This company was one of the first to use Apple’s ARKit technology and used it to showcase three-dimensional designs to potential customers looking to make renovations to their home.

Summary

To conclude, we hope we have provided several clear reasons as to why you should use virtual reality for your business, highlighting just some of the benefits that can be used across multiple sectors.

By using VR you can heighten the customer’s experience to build higher levels of interest around your products and services in order to increase the number of sales

[Image – Photo by Martin Sanchez on Unsplash]