As the speed of technology changes how we do business, it also changed where we conduct these business activities. As a direct result of the COVID-19 Pandemic, the world has changed as we know it; the marketplace has evolved and we are at a crossroads. Consequently, it is not safe to resume business as usual, but there is hope for business in the virtual world. Companies have begun exploring alternatives in the virtual world as an intriguing option. There continues to be an essential need to move forward and prosper. Innovations are emerging that present economic opportunity to safely collaborate and exchange ideas, showcase projects, and engage in educational training. For example, Second Life is one of these solutions. Based in San Francisco, Linden Lab developed a unique setting that provides the necessary tools to operate in the virtual world.
Still not convinced. Consider this, according to Information Systems Research, in 2010, Second Life had a total of 16 million registered user accounts, which generated 160 million in user-to-user sales. Now, most of these numbers relate to sales within the virtual world itself; the bigger picture shows a shift away from the traditional workplace environment happening globally. Therefore, creative new approaches to support revenue streams are vital. Of course, virtual reality is not for everyone. However, doing business in a virtual world is not as farfetched as you would imagine. According to Artillery Intelligence, the technology’s forecasted growth will exceed $4.26 billion by 2023. Through marketing budgets, businesses are researching this new technology as the wave of opportunities steadily grows. They think outside the box and discover new ways to incorporate this new technology into their activities to keep up with their industries. According to the Hypergrid business, “75% of the Forbes most valuable brands” have invested in VR and augmented reality projects.
What this means is companies are testing the value of this technology as a marketing tool. Consequently, while everyone braces for the pending second wave of the COVID -19 pandemic, global industries have begun to develop immersive content experiences that increase productivity while still adhering to social distancing standards. The industry’s excitement is growing, and real-time innovations are happening in the hospitality industry, where companies like Lowes Hotels have come up with VR options. Currently, a virtual reality simulator enables guests to golf on famous courses, like Pebble Beach and Pinehurst no.2. Then you have the emergence of the retail experience in companies like The North Face. They are using VR to bring consumers closer to the outdoors to hike and climb locations never imagined possible. Places like Yosemite National Park and Nepal are now accessible to anyone. Using 3D sound-field microphones and the ability to pan a full 360-degrees, consumers are transported into an immersive experience. Ultimately, this environment allows consumers to engage with content and product before they purchase.
In the end, the potential for the technology is bountiful. Through imagination and innovation, the possibilities of business opportunities are there.