Does Virtual Reality Have A Future In Market Analysis?

While seeing is believing in the real world, what about the world of virtual reality? 

Virtual reality is not a new concept and has been around since the late 1950s. However, it was much later that people started understanding what this technology was. It was even later that people came to terms with what virtual reality does.

Despite so much knowledge, people have been unable to extract the full potential of virtual reality.

Most people might know virtual reality from games or technological devices. However, that is not all that VR has to offer.

This gives rise to the question of whether virtual reality has any future in market analysis and research. The article discusses this possibility and understands the impact that this could create in the global market.

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Presence Of Virtual Reality In The Global Market

If you check the VR report of some key global players like Google or Samsung, you will see their usage of virtual reality in different segments. Virtual reality has predominantly been used for entertainment and gaming. However, companies are trying to use VR for marketing strategies.

Companies are trying to understand the benefit that VR could provide for this sector.

Before we go on to explain what the current presence of VR is, let us quickly review the definition of VR.

What Is Virtual Reality?

Virtual Reality (VR) is a computer-based simulation. This simulation is created to help people engage in an interactive environment.

Any activity that you do through a VR medium feels completely real. For the VR experience, you can use devices such as phones, glasses, and headsets. However, virtual reality is exactly what the term says – a reality just present on a virtual platform.

Growth In The Virtual Reality Market

Virtual reality has multiple scopes, which has given it a rise in the last five years. Reports show that the global virtual reality market has seen a reach of $7 million in 2017.

This is not a surprise, given that virtual reality has taken over most entertainment aspects. Whether it is through Samsung virtual reality headsets or Playstation VR, you experience the technology almost everywhere.

With such huge growth, the demand for VR is also increasing. Moreover, venture capitals are investing money in different companies to give a boost to this trend.

According to Global Web Index, almost two people out of five, falling in the age of 16 to 34, favored VR headsets.

However, one question still lingers on – To what extent can we incorporate virtual reality in our lives?

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Virtual Reality In Market Analysis

Many companies have been trying to understand the possibility of using VR for market research.

High-Quality Worth The Cost

There is no denying that using VR for market research would be a very costly process. Apart from figuring the logistics, the actual implementation is going to be expensive. That being said, with proper implementation VR has the potential to combine market research both online and physical.

For example, a company may bring out virtual prototypes of product testing. They would not have to invest in physical prototypes. Companies can do both the creation and the testing of the prototype virtually.

The whole process can be done remotely with just a controller and a headset. There would be no requirement for physical interaction.

Enhanced Usability And Speed

There is no denying that physical interaction has advantages. However, virtual reality market analysis usage can reduce the time gaps. When a business sends its prototype for testing, the tester can do it at their own time. This gives them the freedom to choose a favorable time and setting to ensure maximum results.

Companies can record the usage of the sample for further evaluation.

During the testing procedure, any reaction or commentary will remain documented. This would help companies check the recording even in the future.

Improve Customer Service

Customer service is one of the most important areas for any business. Anything they do is to ensure that the customers are happy. Revenue generation comes second since a company cannot earn if its customers are unhappy.

Virtual reality can be used to make customer service better. However, this may not be done as a part of market research. Instead, companies can use virtual reality elements themselves as research points.

For example, a company can introduce small VR elements and understand how the customers perceive them.

There are endless possibilities to using virtual reality for market research. Even though most of the areas are unexplored, one cannot deny the immense effect that it would create. Companies can overcome a lot of logistical issues that may have existed with physical market research.

Hence, you can say that the implementation of virtual reality will bring positive changes to market research. However, every good thing will also have a negative aspect. The same goes for virtual reality.

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What Are The Drawbacks Of Using Virtual Reality In Market Analysis?

Even though there are not many known drawbacks, there are a few that are very evident.

We have already mentioned that incorporating virtual reality in market analysis will be a very expensive process. Even though the cost will be worth the results, but companies cannot ignore the cost.

As compared to this, there are many cost-effective methods that most companies would be comfortable with.

Other than the cost factor, there is also the factor of custom-made technology. You cannot conduct all analyses or evaluations in the same process. Companies are yet to discover whether virtual reality can be custom-made according to market needs.

Summing Up

There is much speculation about the success of virtual reality applications in market research. This is mainly due to the absence of proper research and study in this aspect. However, many global competitors are trying to understand this application and its success.

From what we have seen so far, virtual reality can benefit market analysis as it did for other areas. There are undeniably certain drawbacks, but that is normal for any new technology that you use.

One thing is for sure, the day for virtual reality expansion is not far away from us!