04
Mar

Virtual Reality For 2021 Business

Did you know that the virtual reality global revenue is forecasted to grow from $829 million to $4.26 billion by 2023?

Virtual Reality is the most promising enterprise technology your business can adopt today.

In business, virtual Reality’s emerging reputation is overcoming the old myths like it is futuristic, cumbersome, and aimed at entertainment consumers. Virtual Reality is overgrowing, and startups are measured at more than $36billion on paper. The pace of its growth is positioned to transform organizations, not just tomorrow but starting today. For 5 years, the development of virtual reality platforms has surged. The steady advancement in technology and a substantial price drop have made it omnipresent. Virtual reality booms in the business amid the pandemic due to its excessive application for work meetings, training, or better customer service.

For the same reason, the business sector uses VR meetings to recreate employee interaction amid Covid 19. With 90% of the workforce at some of the world’s prominent organizations now working at home, more companies experiment with VR than before.

Virtual Reality is technically impressive and offers a wide range of prospective business and consumer applications that are yet to be explored. Inspiration and engagement are among the leading reasons why major brands create VR experiences. Considering the following benefits of VR in business, your company will stand out at the technical forefront and will grab all the attention:

Reduced Business Travels & Efficient Business Meetings:

VR technology reduces the travel and communication gap, which ultimately revolutionizes businesses. A few years back, distributed teams were considered to be highly inefficient due to the costs associated with international business trips. With the emergence of advanced technologies and infrastructure, this gap has been reduced. Virtual Reality is further reducing the gap boosts businesses by successfully conducting virtual meetings involving different teams worldwide.

Virtual Reality Business Meetings

Zoom Fatigue:

VR headsets allow one to communicate and see others in the same digital room, and body movements, such as nodding, turning one’s head, corresponds with how the person’s avatar moves in the room. Recreating the feeling of human interaction has provided an impetus for the VR push.

Executives are combating the Zoom fatigue – exhaustion caused by the daily barrage of meetings, video conferences, and messaging via Zoom or Microsoft Teams. The VR technology is aimed to resuscitate team spirit, especially when the company brings in new employees.

When you wear VR headsets, you are transported to a giant meeting room and join your other colleagues in brainstorming ideas.

The emergence of Virtual Stores:

“All the torts that you can commit in person you can commit rather easily in the VR world.”

-Schuyler M.Moore

As opposed to a conventional product launch or physically opening a new store, businesses can now seamlessly and confidentially launch a virtual store. It is much more convenient than setting up a physical store. In addition to setting up a virtual store, marketing tactics can also be accelerated using VR technology. This will help a business stay ahead of its competitors.

Improved Recruitment Process:

With Virtual Reality, organizations can conduct online interviews with potential candidates that live anywhere across the globe- and still can view the person’s mimics, reactions, and body language, as if they both are sitting in the same room. International companies that use outsource labour to develop individual projects are steadily adopting VR in their recruiting system for the same reason.

Boosts the Future of Retail:

With VR, firms invest in extensive research and development to identify several social, cultural, and consumption trends among customers. It ultimately helps them understand business forecasts. Therefore, VR will have a huge impact on retail business in the coming future, as it helps businesses understand consumer behaviour, current trends, and product consumption patterns better.

Making Virtual Tours Possible:  

Virtual reality booms in the business due to its ability to provide virtual tours of different locations across the globe. This is specifically useful in the real estate industry where the realtors can provide a virtual tour of multiple properties to their clients. Such virtual tours help customers to visualize the architectural plan in a better way. With VR technology clients can get a 3-dimensional view of the house they intend to buy or rent.

The Future of VR in Business Looks Like:

VR is expected to gain more popularity in the coming future. Almost 80% of the leading tech companies have already invested in VR, which is predicted to grow. Among all the businesses gaming industry is the most popular domain that uses VR, but the technology is no longer limited to this industry. We will witness the massive increase in VR adoption by various other industries, such as marketing, real estate business, etc.

Many businesses were sceptical in the past due to the high cost of VR technology. Today, with a wide range of VR headsets available at affordable prices, businesses are steadily entering the virtual world. As the number of individuals using VR increases, businesses will have numerous possibilities to incorporate them into their working operations and reap the benefits.

Future of VR in Business