The Transformative Power of Using AR and VR in a Commercial Setting
Virtual Reality (VR) and Augmented Reality (AR) are no longer just buzzwords in the tech industry; they’re rapidly becoming essential tools across various commercial sectors. Whether you’re in retail, real estate, healthcare, or manufacturing, VR and AR offer a host of benefits that can revolutionise your business operations, enhance customer experiences, and drive growth. In this blog, we’ll explore how you can leverage these technologies to gain a competitive edge.
According to the Worldwide Augmented and Virtual Reality Spending Guide published by International Data Corporation (IDC), European augmented reality and virtual reality (AR/VR) spending will reach $4.8 billion in 2024. AR/VR spending will record a 21.9% compound annual growth rate (CAGR) over the next five years to reach $10.2 billion in 2028. Stronger-than-expected growth is driven by increased spending for VR following the launch of new devices on the European market.
So, like business fusion that we covered in a previous article, this is not a passing fad.
Top virtual reality statistics in 2023
- In 2022, VR users grew to over 171 million users
- Over 10.8 million VR devices are sold in 2022 (23.8 million by 2025)
- Global market size is expected to hit $252 billion (10x growth from 2021, 28 billion)
- 23 million jobs will rely on VR
- Consumer spending on AR/VR is expected to reach $72 billion by 2024
Enhancing Customer Experience
One of the most significant benefits of VR and AR in a commercial setting is how they can enhance your customers’ experiences. Imagine being able to offer your customers the ability to visualise products in their real-world environment before making a purchase. In retail, AR allows this, particularly in industries like furniture and home décor. Your customers could use an AR app to see how a new sofa or painting would look in their living room, boosting their confidence in their purchases and reducing the likelihood of returns.
VR takes this a step further by creating immersive shopping experiences. You could develop a virtual store where customers browse and shop from the comfort of their own homes. These VR environments can replicate the in-store experience, complete with personalised assistance, without the need for your customers to physically visit. Offering such unique and innovative experiences can help you attract tech-savvy consumers and set yourself apart from competitors.
As a fun exercise try out new glasses or sunglasses on your own face at either Misterspex or Designhubz.
Watch this video to see how transformative AR can be in the restaurant business:
Training and Development
When it comes to training and development, VR and AR are game-changers. In industries like manufacturing, VR simulations allow you to train employees on complex machinery and processes without the risks associated with real-world training. Trainees can practice in a virtual environment, make mistakes, and learn from them without any real-world consequences. This not only speeds up the learning process but also ensures your employees are well-prepared before working with actual equipment.
AR can provide real-time guidance during training. For example, an AR headset could overlay instructions directly onto a machine, guiding your trainee step-by-step through the process. This hands-on learning approach is far more effective than traditional methods, as it allows your employees to learn by doing rather than just observing or reading.
In healthcare, VR is being used to train medical professionals in everything from surgery to patient care. Medical students can practice surgeries in a virtual environment, gaining valuable experience without the risks associated with real-life operations. This technology not only improves the skills of healthcare professionals but also enhances patient safety—a win for both your staff and your patients.
Marketing and Branding
VR and AR offer incredible opportunities for marketing and branding. Their immersive nature makes them powerful tools for creating engaging and interactive campaigns that captivate your audience in ways traditional media simply cannot. For instance, if you’re in the automotive industry, you could use VR to offer virtual test drives, allowing potential customers to experience your cars’ features without stepping into a dealership. This not only creates a memorable experience but also increases the likelihood of a sale.
AR can also take your print and digital marketing campaigns to the next level. By scanning a QR code or using an AR app, consumers can interact with your advertisements in a more engaging way. For instance, if you’re a beauty brand, you could use AR to let customers virtually try on makeup products. This level of interactivity not only grabs attention but also provides you with valuable data on consumer preferences and behaviour.
Storytelling is another area where VR and AR can truly shine. You can create immersive narratives that allow consumers to experience your brand’s story in a personal and impactful way. This deepens the emotional connection between your brand and your audience, fostering loyalty and advocacy that’s hard to achieve through traditional means.
Improved Collaboration and Communication
In the era of remote work, VR and AR offer innovative solutions for collaboration and communication. Imagine being able to create virtual meeting rooms where teams from different locations can gather as if they were in the same physical space. VR allows you to do just that. These virtual environments can be customised to suit the needs of the meeting, whether it’s a brainstorming session, a product demo, or a training workshop. The level of immersion that VR offers can enhance communication and collaboration, making remote work more effective for your teams.
AR can also play a crucial role in improving collaboration, especially in technical fields. For instance, an engineer on-site could use an AR headset to share their view with a colleague in a different location. The colleague could then provide real-time guidance, overlaying instructions or diagrams onto the engineer’s view. This real-time collaboration can significantly reduce downtime and improve problem-solving efficiency, helping your business run more smoothly.
Real Estate and Architecture
The real estate and architecture industries are among the biggest beneficiaries of VR and AR technologies. If you’re in real estate, VR offers your clients the ability to take virtual tours of properties from anywhere in the world. This is particularly useful for international buyers or those relocating to a new city, as they can explore multiple properties without the need to travel. Virtual tours also allow for a more detailed exploration of properties, as users can view the space from different angles and even customise aspects like paint colours and furniture.
For architects and builders, AR can overlay digital models onto physical spaces, allowing clients to see how a design will look in the real world. This capability is invaluable during the planning and construction phases, as it enables you to identify potential issues and make adjustments before construction begins. Your clients can also provide feedback in real-time, ensuring that the final product meets their expectations and reducing the likelihood of costly changes later on.
- Over half of prospective buyers, specifically 54%, exclude homes from consideration if they don’t offer a virtual tour.
- Properties with virtual tours generate 48% higher interest among home buyers compared to listings that rely solely on photos and videos.
Cost Savings and Efficiency
Incorporating VR and AR into your business can lead to significant cost savings and increased efficiency. In the manufacturing industry, for example, VR simulations can reduce the need for physical prototypes, which are often expensive and time-consuming to produce. By creating virtual prototypes, you can test and refine products more quickly and at a lower cost.
AR can improve operational efficiency by providing real-time data and guidance to your workers. For example, in a warehouse setting, AR glasses could display picking instructions directly in the worker’s field of view, reducing errors and speeding up the picking process. This not only improves productivity but also reduces costs associated with mistakes and inefficiencies.
In marketing and sales, VR and AR can reduce the need for physical showrooms and demos. Virtual showrooms and AR product demonstrations can reach a wider audience at a fraction of the cost of traditional methods. Additionally, the data gathered from VR and AR interactions can provide valuable insights into consumer behaviour, allowing you to optimise your marketing strategies and improve ROI.
Conclusion
Integrating VR and AR into your business offers transformative benefits that go far beyond mere novelty. From enhancing customer experiences and improving training to revolutionising marketing and collaboration, these technologies are reshaping how businesses operate and interact with their customers. As VR and AR continue to evolve, their adoption in commercial sectors will likely increase, providing you with innovative tools to stay ahead in an increasingly competitive market. By embracing these technologies today, you’ll be well-positioned to lead in the future, driving growth and innovation in your industry.
Finally, here is a short list of some of the many uses of these technologies:
- Retail and E-commerce: Virtual fitting rooms, AR product visualisation, virtual showrooms.
- Real Estate: Virtual property tours, AR-enhanced architectural visualisations, virtual staging.
- Healthcare: VR surgical training, AR-assisted surgeries, patient rehabilitation using VR.
- Manufacturing: Virtual prototyping, AR-guided assembly, maintenance, and repair.
- Training and Development: VR simulations for employee training, AR real-time instructional overlays.
- Marketing and Advertising: Immersive VR marketing campaigns, interactive AR adverts, virtual product demonstrations.
- Education and Learning: VR-based immersive learning environments, AR-enhanced educational materials.
- Tourism and Hospitality: Virtual travel experiences, AR-enhanced city tours, VR hotel previews.
- Entertainment and Media: VR gaming, AR-enhanced live events, immersive storytelling experiences.
- Automotive: Virtual test drives, AR-enhanced vehicle manuals, VR design and engineering reviews.
- Interior Design: AR visualisation of furnishings and décor, VR walkthroughs of design concepts.
- Remote Collaboration: Virtual meeting spaces, AR-enhanced remote assistance.
- Event Planning and Exhibitions: Virtual trade shows, AR-enhanced exhibitions, VR event previews.
- Logistics and Warehousing: AR for real-time inventory management, VR training for logistics staff.
- Construction: AR for site planning and management, VR simulations for safety training.
- Fashion Industry: AR for virtual try-ons, VR fashion shows, personalised virtual shopping experiences.
- Fitness and Wellness: VR-based workout programmes, AR-guided fitness routines, immersive meditation environments.
- Cultural Heritage and Museums: VR tours of historical sites, AR-enhanced exhibits, interactive museum guides.
- Military and Defence: VR for tactical training, AR for real-time battlefield information, immersive mission simulations.
- Urban Planning: AR visualisation of urban development projects, VR simulations of infrastructure designs.
- Insurance: VR and AR for risk assessment, virtual property inspections, immersive claims processing.
- Human Resources: VR onboarding experiences, AR-enhanced recruitment processes, virtual team-building exercises.
- Food and Beverage: AR-enhanced menus, VR food and drink tastings, immersive dining experiences.
- Customer Service: AR for remote troubleshooting, VR training for customer service representatives, virtual customer interaction platforms.
- Telecommunications: VR for network planning and design, AR for field service support, immersive customer demonstrations.
Where should I get my solution from?
The best resource you can have for any journey is a guide. You need someone who knows what is worth having and what you should avoid and, more importantly, how to combine everything into a seamless package.
That’s where companies like VirtualFirst comes in. We can use our expertise to build you a package that meets your exact needs. We take away the worry and potential pitfalls and provide you with a solution that is both bespoke and expandable.
