Virtual reality and the changing landscape of modern business

Innovations in virtual reality is opening up new marketing dimensions for today’s businesses, says innovator and inventor Peter Zieve. The impact of virtual and augmented reality is so enormous that these technologies are expected to rise to a market value of over $160 billion by 2020 as they become the standard in many industries and enterprises, from gaming and personnel training to health care and real estate.

Image source: forbes.com

Online shopping will be a key area for virtual reality to thrive in, effectively transforming how e-commerce is conducted. Seeing what you are buying before committing opens the so-called floodgates, especially for more complex services and products that can’t be completely appreciated solely via photos. For example, VR allows for furniture to be virtually placed in one’s living room to better see how they fit and match with other home décor.

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One industry that has seen immediate benefits from virtual reality is real estate. Buying a property is not something one can typically do just by looking at pictures and videos, and that sometimes physically visiting houses and estates is very difficult to fit into one’s schedule. VR allows buyers to tour properties in real-time, in the comforts of their homes, increasing turnover for agents in terms of lowering site visits. VR may, in fact, be the future of real estate investing.

It shouldn’t take long before virtual reality completely transforms how different industries operate, even as companies are incorporating VR systems into their day-to-day activities, adds Peter Zieve. From providing better personnel and customer interaction to allowing for reduced maintenance costs, virtual reality is leading businesses toward a brighter, easy-to-simulate (and anticipate) future.

Peter Zieve is an inventor and innovator with 50 patents. He is also the CEO of Electroimpact, Inc., a world leader in design and manufacturing of aerospace tooling and automation. For more reads on modern business trends, go to this blog.