VR is not only for avid gamers — this is how Audi, Lowe's and Macy's are utilizing it to spice up gross sales and worker coaching (M, WMT, AUDVF, LOW, UPS)
It is a preview of a analysis report from Enterprise Insider Intelligence, Enterprise Insider’s premium analysis service. To be taught extra about Enterprise Insider Intelligence, click on right here. Present subscribers can learn the report right here.
Digital actuality (VR) provides immersive experiences through which customers can hear, see, and work together with 360-degree digital environments utilizing head-mounted shows (HMDs) and handheld movement units. The expertise has been traditionally related to consumer-facing gaming, however it’s been gaining traction within the enterprise over the previous yr.
In actual fact, firms corresponding to Macy’s, Lowe’s, Walmart, and UPS, amongst others, have all launched new VR applications since 2017. And as extra companies look to faucet the expertise, it will drive enterprise VR and software program income to leap 587% to $5.5 billion in 2023, up from an estimated $800 million in 2018, in line with Enterprise Insider Intelligence estimates.
This exhibits that retailers and types ought to look into implementing VR as early as doable to raised compete with different trade gamers who’ve began to make use of the tech, particularly in three key areas: gross sales, worker coaching, and product improvement. The entire firms talked about above are utilizing VR to in no less than considered one of these areas, enabling them to extend product gross sales, scale back product design prices, or pace up worker coaching processes, as an example.
Within the VR In The Enterprise report, Enterprise Insider Intelligence explores how VR can present worth to retailers and types in three areas: gross sales, worker coaching, and product improvement.
The report begins by discussing potential ache factors the expertise addresses for every use case, analyzing in-depth case research as an instance how firms have applied the expertise, and outlining the broader takeaways every use case presents for manufacturers and retailers.
Lastly, it seems to be at a number of the potential obstacles to additional enterprise adoption and the way each firms and VR incumbents are actively addressing these obstacles.
The businesses talked about within the report are: Audi, Lowe’s, Macy’s, McLaren Automotive, Walmart, and UPS, amongst others.
Listed here are some key takeaways from the report:
- VR allows shoppers in brick-and-mortar shops to make extra knowledgeable purchases, which may improve gross sales conversion charges.
- Manufacturers and retailers trying to ramp up their workers faster ought to contemplate bringing VR into their coaching processes.
- The tech can shorten manufacturers’ and retailers’ product improvement life cycles by reducing down on the time related to constructing costly bodily prototypes.
In full, the report:
- Identifies key VR distributors and system kind elements for companies to contemplate.
- Discusses key advantages the tech brings companies for his or her gross sales, coaching, and product improvement processes.
- Illustrates these key advantages by discussing real-world case research from firms and the takeaways from these implementations.
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