The top 5 reasons why businesses are investing in VR and AR

Virtual reality (VR) and augmented reality (AR) are two of the most exciting and disruptive technologies of the 21st century. They have the power to create immersive and interactive experiences that can transform the way we work, learn, play, and communicate. Recognizing their potential, proactive organizations in the business world are investing in VR and AR to gain a competitive edge in the market. 

In fact, VR and AR has already led to significant advancements such as:

  • Improving employee efficiency and productivity by 70%.
  • Reducing the time to complete tasks by 46% and training time by 40%, which can save businesses up to $13.5 billion annually.
  • Increasing customer engagement by 35%, retention by 27%, and conversion rates by 25%.
  • Helping businesses obtain more accurate and reliable forecasts and insights, which can increase profits by up to 39%.

In this article, we’ll explore some of the main reasons why businesses are investing in VR and AR, as well as the positive impact on various aspects of business performance. 

Starting from the top

Virtual Reality (VR) and Augmented Reality (AR) are becoming indispensable tools for growth and innovation. Here are the top five compelling reasons why businesses are investing in VR and AR.

  1. Efficiency Translates to Profit. In today’s fast-paced business environment, efficiency is synonymous with profitability. By integrating VR and AR, businesses can automate complex, repetitive tasks, reducing the margin for error and time and resources needed for employee upskilling. This shift not only streamlines efficiency but also allows employees to concentrate on high-value tasks. The ripple effect? Enhanced operational efficiency, quicker service delivery, and improved customer satisfaction. 
  2. Large-Scale Personalization. The digital age has ushered in an era where personalization is not just appreciated but expected. With VR and AR, businesses can analyze and interpret customer data effectively, allowing for highly personalized customer experiences. From tailored product recommendations in virtual stores to immersive, customized marketing campaigns, VR and AR are redefining customer engagement and boosting higher conversion rates.
  3. Forecasting and Informed Decisions. Advanced analytics and machine learning are helping businesses obtain more accurate and reliable forecasts and insights. By providing deeper insights into market trends and consumer behaviors, these technologies enable businesses to make data-driven decisions. For example, VR can be used for data visualization, allowing businesses to explore and manipulate large and complex data sets, while testing various scenarios and outcomes. At the same time, AR can overlay real-time data onto physical products or spaces, providing immediate, actionable insights. VR and AR can also be used for research and development, allowing businesses to prototype and test new products and services, and gather feedback and data from users. 
  4. Market Competition. In an era where technology is a significant differentiator, embracing VR and AR can set a company apart. Businesses can quickly adapt to market changes and emerging trends, keeping them a step ahead of competitors. For example, VR and AR can be used for product and service innovation, allowing businesses to solve customer problems and meet customer needs. By investing in VR and AR, companies are not just adopting new technologies; they’re embracing a forward-thinking mindset in a technology-driven marketplace.
  5. Continuous Innovation. VR and AR can fuel the continuous innovation and improvement of businesses, by creating a culture of experimentation and learning. For example, VR and AR can help businesses generate and explore new and novel ideas, and collaborate and co-create with others from anywhere. VR and AR can also be used for feedback and evaluation, allowing businesses to measure and monitor the performance and impact of their products and services, and identify and address areas of improvement. 

Immerse your business in growth

The investment in VR and AR is not just about keeping up with technological trends; it’s about reshaping business models for the future. As these technologies evolve, their impact on the business landscape will only grow, making them an indispensable tool for any forward-looking enterprise.

Ready to take your business to the next level with VR and AR? Immersive-FX’s LED Dome Displays, such as Digidome™, create ultra-realistic and surround reality immersive digital environments for your modern workplace. Digidome is where business growth meets innovation. Invest today.