May 27, 2019

How to leverage VR content to gain a competitive advantage

Serious young man in suit using virtual reality headset over night cityscape background - Scatter

Virtual Reality has the power to revolutionise all industries. A recent study on industry trend concluded that the market value of virtual and augmented reality technologies would be a whopping $15.6 billion by the year 2020. It has also been projected to hit $215 billion by the year 2021! VR is coming, and it is coming fast. Companies that are not already involved in VR must become early adaptors. They should begin thinking about how they can improve their business performance while having a competitive edge. Let’s look at some ideas and examples that might help spark thinking, discussion, and experimentation. 

1. Fashion 

Like technology, the fashion industry grows at a notoriously fast pace. It has embraced this innovative technology with open arms and retailers have begun to implement it in stores to draw in more customers. 61% of customers prefer to shop in stores that offer AR (augmented reality) technology! 

The smart mirror technology created by Neiman Marcus and his team allows an individual to view clothes, they are trying on, in different colours. It also records how one looks in them from different perspectives.

Fashion e-commerce is a booming industry, and one of the biggest challenges it faces is showing customers how the clothes look on them. 

Gap has taken note and experimented by creating a virtual dressing room which lets shoppers try on outfits on their phone. Visualising clothes has never been easier than with a virtual mannequin with personalised measurements. 

2. Real Estate

A realtor spends most of his time arranging visits, displaying properties and negotiating prices which are time-consuming tasks. With the advent of VR, a realtor can now showcase multiple properties through headsets, and potential buyers can enjoy a three-dimensional tour. 

It doesn’t matter where a buyer lives, for VR helps realtor showcase properties to long distance and international buyers as well. 

Realistically exploring the space is one of the key advantages, unlike a photo. A buyer can also get a feel for the area, size and layout through VR. 

3. Marine Life

Imagine yourself completely immersed in the ocean without getting wet! Virtual Reality can do just that by transporting you to the coast and underwater, where you can take a dip and absorb sights and sounds of the sea. You can now get a chance to scuba dive with whales and even hang out with penguins in Antarctica. 

Vevers’, along with Google, was able to create an underwater map that would take you through every nook and cranny of the ocean floor. Their main aim was to raise awareness about the ocean and get people acquainted with this uncharted and mysterious world. The possibilities for diving are endless and exciting with VR. 

4. Adventure Sports

Always wanted to go bungee jumping, but were too afraid to put your life at risk? Have no fear, for VR allows you to experience the thrilling sensations of an unforgettable adventure without any real threat. 

Red Bull has jumped on the bandwagon and introduced its own VR platform that requires a strong gut. Their focus is extreme sports, ranging from skiing, cliff diving, urban exploration and helicopter acrobatics. The replication of these outdoor experiences is truly electrifying for all those armchair fans. 

5. Facebook Spaces

When Facebook purchased Oculus, Mark Zuckerberg said that virtual reality is possibly the next biggest social platform and could connect over a billion people. 

Facebook Spaces was introduced to allow people to hang out with one another in a virtual space and interact with them, as if all were in the same room. Users can create their life-like avatar and create groups to chat with their friends and play games.  

As technology advances, VR will be an excellent platform for people to express themselves more easily and authentically, and that is the aim of spaces! 

Virtual Reality goes beyond all our imaginations as we can see through its many applications. Exciting times are upon us, and a slow introduction into VR can surely help improve business outcomes. As you foray through this innovative path, you are creating a unique experience for your customer that directly conveys your brand message. You won’t be able to replicate the emotional bond created with your customer through VR anywhere else. The technology has undoubtedly grown in popularity and capability in a short period. We wonder what the next five years hold! 

Sources 

  1. https://online.colum.edu/how-ar-vr-is-changing-the-future-of-fashion/
  2. https://www.translatemedia.com/translation-blog/how-fashion-industry-embracing-ar-vr/
  3. https://www.businessoffashion.com/articles/fashion-tech/virtual-reality-growth-engine-for-fashion
  4. https://www.linkedin.com/pulse/6-ways-virtual-reality-provide-competitive-advantage-howland-ph-d-/
  5. https://medium.com/@chrismtan/6-unfair-advantages-vr-gives-top-brands-3299ff7af3a8
  6. https://hackernoon.com/how-virtual-reality-can-help-you-take-customers-from-competitors-9c6826863343
  7. http://proptechaus.com.au/benefits-vr-technology
  8. http://unvr.sdgactioncampaign.org/tag/marine-life/
  9. https://www.livemint.com/
  10.  https://arvrjourney.com/new-possibilities-of-vr-extreme-adventures-sport-e78302254eee
  11.  https://www.independent.co.uk/life-style/gadgets-and-tech/news/red-bull-new-vr-platform-extreme-sports-cliff-diving-virtual-reality-adrenaline-a7558096.html
  12.  https://newsroom.fb.com/news/2017/04/facebook-spaces/
  13. https://www.news.com.au/technology/online/social/the-way-we-hang-out-on-social-media-could-look-and-feel-very-different-soon/news-story/06324534d7531057a08fdff01d113616

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