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Is Your Business Ready to Monetise Virtual Reality?

Is Your Business Ready to Monetise Virtual Reality?
October 31, 2017 Ronin Marketing

Last year, Mark Zuckerberg #broketheinternet when this photo of him walking past rows of people plugged into VR headsets went viral online.

People started tweeting and posting about the zombie apocalypse, The Matrix, VR armies and how there will be no prime ministers or presidents in the future. Just one, glorious overlord, the Zuck.

But what does this mean for your business? And how will VR impact marketing and digital content? We take a look…

With virtual reality, businesses now have the opportunity to engage with their customers in a way that wasn’t previously possible. When you wear a VR headset, you can access an immersive environment that transcends any 2D advertising experience.

In VR, the viewer is empowered to interact with your products and services in a highly tailored and interactive way. This means that you can create personalised advertising that is powerful and unforgettable.

Here are some VR applications you can put into play in your business today:

1. Virtual Shopping

Virtual shopping has already had a huge impact on retail giants like Tommy Hilfiger, IKEA and GAP. From virtual dressing rooms to virtual stores, the ability to visualise what you want on your body or in your home is incredibly enticing.

In fact, 55% of shoppers think VR and AR will become as popular as smartphones in the future and 62% think it’s way more fun than online shopping.

By 2020, the VR and AR market is expected to reach $162 billion. To put that in perspective, coffee is currently only worth $100 billion worldwide!

A low cost option for small business owners who want to start using virtual shopping is designing a simple VR app. Consumers can download the app and use a Google Cardboard viewer with their phone to interact with and purchase your products.

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2. Virtual Events

Fashion brands, like TopShop, have used virtual reality as a way to entice customers into their physical stores. In 2014, the brand won Project of the Year at the BT Retail Week Technology Awards for offering customers a unique front row experience at their exclusive London Fashion Week show.

Virtual reality can help you share live events with a wider audience and make your customers feel like they’re there. Why not hire a 360 degree camera or a professional production crew to livestream your next event in VR?

3. Connecting with influencers

Imagine if you could offer your target market virtual hangouts with brand ambassadors and social media influencers. In April this year, Facebook announced the release of their new social platform Facebook Spaces, and while it’s still only in Beta mode, the possibilities of this interactive virtual environment are already super impressive.

There’s been chatter online about hosting festivals and YouTube meetups. While other companies are itching to include product placements and interactive narrative with immersive storytelling.

4. A new way to explore data and analytics

I don’t know about you, but for most businesses, analytics are a real time-sucker. The good news? Soon you’ll be able to interview remote candidates, track customer behaviour and explore your analytics in a virtual world.

Aside from making you feel like you’re part of the Jedi Council, VR meetings are awesome because of the savings in travel expenses. You can meet with your team in an instant, from anywhere in the world. And not only that, but you can see how your business is tracking in an immersive and engaging way. Say goodbye to boring black and white reports!

The race to make virtual reality an actual business reality is on, and we can’t wait to see how it’s going to impact Australian businesses.

(But let’s be real – we’re mostly excited about the virtual puppies and lightsaber battles.)