Virtual reality (VR) is one of the most interesting technologies in modern society. Most people know VR because of video games. But it also has many practical applications in different industries.
In 2018, the use of VR in businesses was valued at $829 million. And it’s expected to balloon up to $4.26 billion in 2023. This growth seems to be influenced by the pandemic. Many industries have shifted business to the e-commerce platform. And they have to be more creative with how they present their products and services to keep their businesses afloat. Businesses now rely on VR for that purpose.
The future of VR is looking great, especially in a post-pandemic world. Their applications in several business industries will make this technology essential in the years to come.
The tourism industry is one of the most hit industries by the pandemic. Nonessential international travels were halted as several countries closed borders. And according to the International Air Transport Association, the pre-COVID19 type of travel might not resume until 2024. Even local tourism is affected. People can’t go to museums and art exhibits anymore. Going on a food tour is also very risky.
Virtual reality can help the tourism industry get back on its feet. Many museums are now offering virtual tours to give people a virtual tour. Travel agencies have also created virtual tours of different travel destinations to give them a vivid experience and a short escape from reality. And in the post-pandemic era, virtual tours are most likely to stay since they can help people become familiar with their destinations and give them confidence in their travels.
Trade and Commerce
A trade show is one of the most important events in the trade industry. It’s a great venue for businesses from different industries to introduce their products and services to prospects and establish connections with them. In turn, prospects become familiar with these offerings and can make a more informed decision on whether to avail of them.
Trade shows are often attended by huge crowds of people. And that’s why they were postponed when the COVID-19 pandemic struck. But with the help of VR, companies can take their trade shows online. The preparations for a physical trade show and a virtual one are, more or less, identical. Organizers still need to contact presenters and vendors, recruit staff to take care of online vendor management, and so on. Each presenter will talk about their products and demonstrate how to use them. VR can be used to create a virtual venue where customers can go around, check different booths, and watch demos.
Some fashion brands used virtual reality even before the pandemic. For example, years ago, Tommy Hilfiger and TOPSHOP did live catwalk shows with a 360-degree view. Now, VR is used in more ways. For example, consumers can “try on” lipsticks and see how the color would look like on their lips if they wore them. They can also try on clothes virtually.
These uses are helpful in the middle of the pandemic. Consumers can easily decide what to buy because they can try items on first without going to a physical store. And with the continuous development of this technology, VR will become an important part of the fashion industry as it makes shopping convenient and safe.
Automotive and Real Estate Industries
Even though we’re in the middle of a pandemic, many people are still actively looking for new homes and vehicles. Some want a new home to accommodate their need of having a larger space so that the entire family can do their work and schooling with ease. Also, private vehicles are now in demand given the risk of transmission in public transportation.
But with social distancing protocols in place, car dealerships and real estate firms need to be more creative in showcasing their products and eliminating safety risks. These companies now conduct virtual showrooms where customers can inspect the exteriors and interiors of vehicles and living spaces. This use of VR offers a more convenient way of buying property. It also saves time for both sellers and buyers. As a result, this technology will most likely stay and become a huge part of both industries.
The earliest VR invention was in 1956. Fast forward to over 60 years later, this technology has become more prominent in society. And it offers many practical applications in business. In the years to come, even if we finally return to how things were before the pandemic, VR will most likely remain essential in many industries. It’s interesting to see what else can be possible through VR.