VR for entrepreneur – how to increase revenue with Virtual Reality
Updated: May 12, 2021
Virtual Reality used to be associated only with the technology connected with the game industry. Nowadays its benefits have transferred into the wider business sphere. The applications of VR and AR (Augmented Reality) as well, are limited only by our imagination; you can use them in several ways - to get more benefits. Keep in mind, that using VR in business has at least several advantages. It does not only support the growth of your enterprise but also it’s a great marketing tool to promote your products or services.
You may now wonder, how can you benefit from implementing Virtual Reality in your business strategy?
1. Cutting costs - increasing revenue
Training employees, especially the new ones in specialized skills, is for many companies challenging. Workplace training often is costly, time-consuming, and in some cases dangerous work on location. Employees hired to operate critical equipment that cannot be taken offline for training, or those hired to work at height or high voltage electricity, often need to train in hazardous situations.
Implementing Virtual Reality into your enterprise can significantly reduce costs and risk by placing your employees in immersive virtual environments, without any need to put your employees in any kind of danger.
2. Improving the service quality at your enterprise
Using Virtual Reality in your company you can also improve your employees' soft-skills and consequently enhance the quality of providing services.
Without the costs and logistics of in-person training, you can provide your employees with many immersive pieces of training eg. sales staff training, negotiation training, or even customer-facing experiences. Companies using VR can train employees significantly faster and more effective:
Also due to the PwC report employees who are trained with VR were:
4 times faster to train than in the classroom
275% more confident to apply skills learned after training
3,75 times more emotionally connected to content than classroom learners
4 times more focused than their e-learning peers
3. Promoting your product - increasing sales
Providing Virtual Reality into your business is a great way to increase your brand awareness.
Currently, it’s hard to find more eye-catchy tools to promote your products than Virtual and Augmented Reality. This technology is still unusual, for some the experience is feeling unreal. Besides the immersive experience that it provides, people connect, understand, and remember things more deeply when their emotions are involved and that’s why customers will talk about you and share their feelings on Social Media.
A great example is Ikea- the Swedish furniture giant that launched in the 2016 VR application, which is available via Steam and AR app “IKEA PLACE” available on App Store and Google Play. These Virtual and Augmented Reality experiences have significantly increased Ikea’s revenue.
Ikea’s head of digital transformation Michael Valdsgaard described potential uplift in sales from AR as a “dream scenario” for Ikea, which is targeting €5 billion ($5.9 billion) in online sales by 2020, up from the €1.4 billion ($1.6 billion) it generated in 2016.
We encourage you to take inspiration offered by the provided Virtual Reality solutions for business. Virtual Reality is one of the fastest developing technology, offering its audience a new, immersive way of experiencing brands and taking them to a different reality.
If you have some questions, need more information, or are interested in business collaboration with us feel free to contact us! We will be glad to answer your questions.
Be sure to visit our vr business projects page, if you are interesed in co-opperation!