BUSINESS STRATEGIES IN VIRTUAL REALITY: A REVIEW OF MARKET OPPORTUNITIES AND CONSUMER EXPERIENCE
DOI:
https://doi.org/10.51594/ijmer.v6i3.883Abstract
Virtual Reality (VR) has emerged as a transformative technology, revolutionizing the way businesses operate and interact with consumers. This abstract provides a comprehensive review of business strategies employed in the realm of Virtual Reality, focusing on market opportunities and consumer experiences. The study delves into the dynamic landscape of VR, exploring its applications across various industries and the strategic approaches adopted by businesses to capitalize on this burgeoning market. The first section of the review highlights the diverse market opportunities that VR presents. From gaming and entertainment to healthcare, education, and corporate training, businesses are increasingly leveraging VR to create immersive experiences and enhance operational efficiency. The analysis unveils key trends in VR adoption, shedding light on the sectors poised for substantial growth and the strategic considerations guiding market entry and expansion. The second segment explores the pivotal role of consumer experience in shaping the success of VR-based ventures. Businesses are recognizing the significance of delivering seamless and captivating VR experiences to gain a competitive edge. This section evaluates consumer expectations, challenges, and preferences in the VR landscape, emphasizing the need for innovative strategies to enhance user engagement and satisfaction. Moreover, the abstract addresses the evolving nature of business models in the VR ecosystem, including subscription-based services, content creation, and hardware development. It discusses the collaborative efforts between technology giants, startups, and content creators to create a robust VR ecosystem. This abstract offers valuable insights into the multifaceted world of business strategies in Virtual Reality, providing a roadmap for entrepreneurs, investors, and industry stakeholders seeking to navigate the complex terrain of VR market opportunities and deliver unparalleled consumer experiences. As VR continues to reshape industries, understanding and adapting to these strategies will be crucial for achieving sustainable success in this dynamic and rapidly evolving domain.
Keywords: Business Strategy, virtual Reality, Consumer Experience, Market Opportunities, Review.
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Copyright (c) 2024 Mustafa Ayobami Raji, Hameedat Bukola Olodo, Timothy Tolulope Oke, Wilhelmina Afua Addy, Onyeka Chrisanctus Ofodile, Adedoyin Tolulope Oyewole
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