Alexis Kestler
Virtual reality (VR) is an innovative technology that is transforming how businesses engage with customers. As someone passionate about emerging technologies, I wanted to provide you with an in-depth look at the business potential of VR.
In this post, we‘ll explore six compelling virtual reality use cases, from healthcare to product demos. I‘ll also share my perspectives as a tech geek on where I see VR heading in the future. Let‘s dive in!
The Rapid Growth of VR
First, let‘s level-set on what virtual reality is. VR utilizes interactive 3D environments and sensory feedback to fully immerse users in a computer-generated world. To enter these immersive virtual environments, users don specialized VR headsets.
VR has taken off in recent years. By 2024, the global VR market is forecasted to be worth $184 billion, according to Statista. That‘s up from just $7.9 billion in 2021!
Several factors are fueling VR‘s massive growth:
- Falling prices of VR headsets like the Oculus Quest 2, making the technology more accessible to consumers and businesses.
- Advances in VR hardware, with headsets becoming more powerful, lightweight and user-friendly.
- Expanded use cases across industries like real estate, healthcare, retail and auto manufacturing.
- Over 100 million VR/AR headsets expected to ship globally in 2023, per IDC.
I believe VR has reached an inflection point. The technology has matured to a point where immersive experiences are seamless and comfortable for users. And more affordable headset options are putting VR within reach of the average consumer. The stage is set for mass adoption.
Now let‘s explore six ways companies are harnessing the power of virtual reality:
1. Transforming Healthcare Through VR
Healthcare is seeing widespread innovation using virtual reality. Hospitals and medical device makers are turning to VR for surgical planning, medical training, patient education and more.
But one of the most exciting healthcare uses is VR exposure therapy to treat anxiety, phobias and PTSD. Patients are gradually exposed to simulated environments that trigger anxiety, like public speaking or heights. By facing fears in a controlled VR setting, patients learn to manage stress and avoid panic.
The results speak for themselves: research published in The Lancet Psychiatry found VR exposure therapy reduced social anxiety scores by 60% on average. Total remission rates were 41% after a 12-week treatment.
I see huge potential for VR therapy to improve mental health outcomes and even reduce opioid dependency. Companies like Psious are bringing VR programs into clinics and making them accessible to patients. Healthcare VR applications are projected to grow at a 34% CAGR through 2027 as the technology gains traction.
2. "Try Before You Buy" Comes to Life with VR
Virtual try-ons and simulations are a game changer for retailers. IKEA created an app where customers can design a kitchen and walk through the digital space to visualize designs. called VR Showroom. And luxury automaker Volvo allows people to take VR test drives without going to a dealership.
These types of virtual shopping experiences reduce barriers to purchase. 71% of shoppers say they‘d be more likely to shop online if they could first try products virtually.
Beauty brands are also getting in on the action. L‘Oreal purchased ModiFace, a company that uses AR and AI for virtual makeup try-ons. Brands like Charlotte Tilbury have rolled out VR makeup mirrors where users test endless makeup styles.
As VR headsets fall in price, I expect virtual shopping to go mainstream. Nielsen predicts e-commerce will be the fastest growing VR category by 2030, reaching $35 billion in the U.S. alone. Forward-thinking retailers need a VR commerce strategy to stay ahead.
3. Boosting Engagement Through Gamified VR
Gamification involves adding gameplay elements to non-game contexts. It‘s a rising trend, with the gamification market size projected to surpass $32 billion by 2028.
VR is the perfect medium for gamified experiences. For example, McDonald‘s had a Happy Goggles promotion where kids could turn Happy Meal boxes into VR goggles and play a skiing game.
This generated excitement and engagement around the Happy Meal experience. Gartner found that gamified interactions boost engagement by 30%.
Looking ahead, VR games also show promise for:
- Employee training. Walmart uses VR games to teach empathy, de-escalation in tense situations.
- Wellness. Games like Beat Saber promote physical activity.
- Soft skills development. VR role-play games help build confidence and public speaking abilities.
The benefits go beyond marketing. Gamified VR drives business results by leveling up training, recruitment, wellness initiatives and more.
4. Boosting Brands By Raising Awareness
VR‘s ability to trigger emotions also provides a medium for brands to raise awareness about their values and social impact.
Charity:Water uses VR to create empathy and urgency around the global water crisis. Their "Walk with Amisa" experience simulates the daily journey of a 13-year-old girl in Ethiopia to collect water. This perspective sticks with viewers, driving donations.
TOMS Shoes created a powerful VR film that transports viewers to Peru and shows how buying TOMS helps provide shoes for needy children overseas. These kinds of mission-driven VR stories foster deeper connections with customers.
And VR allows even small businesses and nonprofits to create high-quality films on a budget. Prices for 360° VR cameras start under $200. I expect promotional VR content to become a norm as the tech becomes more accessible.
5. Delivering Innovative Product Experiences
VR opens the door for brands to showcase products in new ways. Sportswear brands are embracing VR product demos that simulate real-world extreme use cases.
For example, The North Face created a VR climbing experience to showcase the breathability and flexibility of their new Futurelight jacket line. Participants donned a headset, jacket and climbing gear to scale cliffs in virtual Yosemite Park.
These experiential demos stick in customer‘s minds. VR product experiences generate 7x higher emotional connection and 14x higher intent to purchase than conventional ads.
Expect more brands to follow suit with VR apps that make mundane products exciting and bring performance tech to life.
6. Demonstrating Dramatic Business Transformations
Finally, VR can show before-and-after transformations in an eye-catching way. Weight loss brands often showcase VR stories depicting a day in the life before and after the program.
Software firms like SAP create demos where users complete tasks as an accountant both with and without their solution. The efficiency gains are obvious when experienced in VR.
VR provides a flexible storytelling canvas. Characters and environments can be manipulated to perfectly demonstrate any business or product benefit imaginable. The immersive medium makes the content more emotional and memorable.
These transformation VR stories allow brands across sectors to showcase results in a sensory, interactive way.
The Future Looks Bright for VR
In the near-term, I expect VR to continue gaining steam across industries. More affordable all-in-one headsets like the Meta Quest 2 will help drive mass adoption. And ongoing hardware and software improvements will widen use cases.
By 2030, PWC forecasts that VR will add over $1.5 trillion to the global economy. The consumer sector will drive much of this growth through gaming and live events. But VR‘s business use cases are just as promising in the long-run.
As someone fascinated by technology‘s potential, I‘m excited to see where VR pioneers take things next. The only limit is human imagination and creativity. VR provides the canvas for brands to craft deeply engaging customer experiences through sight, sound and even touch.
The technology still has room to mature. But we‘ve already seen how VR can inform, inspire, educate and connect people in unprecedented ways. Marketers need to keep VR on their radars or risk falling behind early adopters gaining a competitive edge.
So get out there and start prototyping virtual experiences to take your brand to the next level! From here, the possibilities are endless.
