Virtual Reality and It's Impact on Business
Virtual reality comes as rescuers in the COVID-19 period. We consider it is only beneficial for the gaming industry but it is changing the future of businesses and impacting in unique ways.
What is virtual reality?
The concept of virtual reality basically includes the three-dimensional images that appear kind of life-sized to the users. The application of virtual reality or the virtual reality device basically tracks the head and eye movement of the user. It further adjusts the on-screen display of the same so as to change the perspective. One must know the fact that virtual reality does not necessarily need to be just about the visual experience but is also adjusted by the movement sound and device.
Generally, people relate the concept of virtual reality to games and headsets, but a lot of people are unaware of the fact that this concept of virtual reality in business also has a great value. With growing technology businesses nowadays are coming up with newer and innovative technologies to survive and prosper in the market. Virtual reality is incorporated by people with the process of routine business so as to make their business operations more productive and efficient. So, virtual reality has an overall positive impact if considered from the point of view of the business.
REDUCTION IN BUSINESS RELATED TRAVELLING AND POSSIBILITY OF MORE EFFICIENT MEETINGS THAN BEFORE – this tremendous technology has reduced the travel and communication gap and has revolutionized business. The cost associated with business travel has reduced drastically. It also helps in the successful conduct of the business meetings all across the globe just over the screen of the laptop.
INCREASE IN E-COMMERCE ADVERTISING – E-commerce these days has become a vital platform for advertising for companies. Not just the promotion but it also provides the facility of e-shopping and has given the purchasing cycle a new direction.
COMPETITIVE ADVANTAGE FOR BUSINESS- Despite investing in the launch and physical building of the stores, now one can set up business in a virtual store and earn a great amount of money. It is much easier than physically setting up the stores.
EASY CONDUCT OF INTERVIEWS - With the use of tremendous applications of virtual reality, interviewing candidates for different profiles has become quite easier. A face-to-face interview is possible even when the interviewer and the candidate are sitting at different poles of the globe.
AN IMPROVISED LEVEL OF PRODUCT PROTOTYPING - with the improvement in the field of visual reality, the product being developed in the market can precisely be designed and can be modified multiple times if necessary, before starting with the actual production. It quickly detects the drawbacks in designs and hence, the problems can be dealt with in time. Therefore, post-production complications can be avoided.
FUTURE OF VIRTUAL REALITY IN BUSINESS
It is expected that Virtual reality in the future will grow at a considerable speed. Stating the figures, it is expected that the virtual reality industry will cross around 1 billion dollars by the end of the year. As for now, almost 80% of the top technology companies have already invested in the field and the future of virtual reality is expected to grow with great acceptance. Once in the future, as people start to move more towards this concept the opportunities for them will eventually grow.
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ABOUT THE AUTHOR
Rory Jansen, Social Media Manager, and writer at the solution nation with more than 5 years of experience.