Marketers must understand the importance of VR for competitive advantage in a constantly changing marketplace and plan to capitalize on it.

Virtual Reality (VR) is a computer-generated recreation of the real-world environment. It helps control real-world elements with buttons and to have a 3-dimensional view of the surrounding. VR hardware comes in many forms, ranging from devices you carry to devices you wear. Businesses run on customer experience, customer satisfaction, and loyalty. A business with happy customers will stay longer in competition, thereby gaining enormous profit for their organizations. Therefore, it is essential that marketers must leverage VR for competitive advantage and safeguard their profits before their competitors do. VR helps marketers at a new whole level, where they can attract more customers, retain their old ones, which helps provide customers with something that their competitors cannot. According to the Virtual Reality Statistics, there will be more than 171 million VR users by 2018. This highlights the quick growth in the number of VR users in the coming months.

Advances in VR

There are numerous benefits of VR. VR helps customers improve their loyalty and satisfaction by enabling them to view their products in 3D. This allows marketers to retain their customers and make more profit. VR helps medical students understand the human anatomy better, try their first surgery without injuring their patients, and make the study more interesting. VR technology brings new possibilities for education and training process. It helps civil engineers and architects experience their creations before even building them. Besides, it helps retailers enhance in-store experience and provide product deliveries to their customers. House hunting is a tedious and time-consuming job, and VR is very helpful in the real estate sector, which helps bring down the time and money spent in exploring a house traditionally.

VR for Competitive Advantage

VR can be utilized in the recruitment field to interview candidates where an in-person interview is not possible. With the help of virtual reality, HR can monitor a candidate's reactions to the questions asked during an interview. Besides, VR helps a lot with training processes. Trainers can include a livelier session by making use of objects around them. Furthermore, business travel for overseas meetings cost more, and not all companies can afford it. VR helps arrange face to face meeting without the need to leave the office. VR in the food industry has numerous benefits too, such as adding interactivity to the food menu and providing on-demand recipes to customers. VR can transform the way we watch movies. As of now, the trend is to visit a theatre to watch a movie, but with VR, users can create their stories by deciding what happens next. Moreover, users can have a choice to view a story from different angles by switching the view from one character to another. VR in the gaming industry can make tremendous innovation possible. For instance, with CasinoVR, players get the feel of being in a casino environment where they can interact with other gamers, thereby offering gamers with the benefit of immersion. With its incredible features, the day is not far when we meet our friends through avatars on social media platforms. Various industries are investing in theVR technology to provide the best to their customers and make higher revenues for their organization.