Using Virtual and Augmented Reality to Grow Your Business

Immersive technologies like virtual reality (VR) and augmented reality (AR) are rapidly transforming the world of business. The unreal advancements in these technologies affect how businesses operate daily, from selling and marketing to improved collaboration and training. The question is: How can this investment in VR and AR boost your bottom line?

What Are Augmented and Virtual Realities?

Both VR and AR technologies offer immersive experiences bridging the virtual and real world, but there are significant differences between the two.

Augmented Reality

AR blends digital information into the physical environment in real time, enhancing the real world by overlaying computer-generated elements like images and sound. With a smartphone, tablet or AR glasses, almost anyone can access AR to augment their physical environment with new virtual pictures and characters.

Virtual Reality

VR describes a three-dimensional, computer-generated environment people can explore and interact with. In this virtual simulation of an alternate world, users can manipulate objects and perform actions.

Why Use Virtual and Augmented Reality in Your Business?

While VR and AR are most often associated with gaming, these immersive technologies are increasingly being used in business to modernize buying and selling and improve operations. Whether streamlining processes, improving training, optimizing logistics or providing immersive simulations, these technologies have the power to increase efficiency and reduce costs.

With over 100 million people worldwide projected to use AR and VR by 2027, incorporating these immersive technologies into your business strategy isn't just a suggestion, it's a necessity.

Consider incorporating AR and VR into your paid advertising and marketing strategy to increase customer attention and engagement. Utilizing these technologies works; 71% of consumers believe AR enhances their shopping experience while 35% are more likely to purchase after experiencing a VR ad. Analytics further suggest that AR experiences can lead to click-through rates three times higher than non-AR ads and that brands using AR see a 94% increase in conversion rates on their product pages.

While VR and AR are no replacement for your bricks-and-mortar showroom or store, these virtual business environments allow your customers — armed with mere smartphones or tablets — to explore products and services from their own homes or offices. This is crucial in an increasingly digital world where time has become a valuable resource that many customers are unwilling to spend visiting your business.

Benefits of using AR and VR in your business include:

• Enhanced employee training.
• Increased operational efficiency.
• Better customer engagement and satisfaction.
• Improved product development and design.

With the global extended reality (XR) market — including AR, VR and mixed reality (MR) — expected to reach over US$100 billion by 2026, it's clear the technology is here to stay and not a mere trend. Integrating AR and VR services into your business operations is now a strategic move to stay competitive.

Let WMC Accounting complement your immersive technology efforts by managing other aspects of your business and providing services tailored to you.

Ready to take control of your business's operational health? Contact us today to set your business on the path to success.