At this year’s Worldwide Developers Conference, Apple announced its Vision Pro, its first step into the augmented and virtual reality market. Joining the likes of Meta, Apple’s augmented and virtual reality headset has entered a field of 171 million VR users worldwide. But as these large businesses begin to create their unique VR worlds, marketers must consider whether this is the future of marketing for their products and services.
What Is Virtual Reality?
Virtual reality uses computer modeling and simulation to create three-dimensional visual and sensory experiences. Through the use of headsets or gloves, it creates an interactive environment for users. Users can experience different rooms, scenarios, and viewpoints in these virtual environments.
The VR boom in recent history started in 2012 with Palmer Lucky’s Kickstarter campaign to fund his VR headset, The Oculus. In 2014, Facebook bought Oculus, and in 2016, businesses, including The Rift and Vive, began launching their VR devices. Since these recent releases, VR has evolved rapidly, from devices attached to your mobile device to standalone devices, with software unique to each system.
Virtual Reality Marketing
In 2022, the virtual reality market reached $1.8 billion in revenue. The United States alone invested $45.6 million in VR marketing, and as the VR world expands, more industries are dipping their toe in. Retailers like BMW and apps like Google Earth have branched into the virtual space.
With this increase in brand involvement comes an increase in global funds. PWC has estimated that the virtual reality space and its related marketing have the potential to boost the global GDP by $1.5 trillion by 2030. In addition to the increased GDP are jobs, an estimated 23 million jobs in fact.
This career boost would make VR one of the largest markets for employment in the world. With this kind of estimated growth, it’s safe to say brands won’t be interested in slowing down their involvement in VR any time soon. And anyone who is on the fence about getting involved might begin to reconsider.
Brands In The Virtual Reality Space
Some brands have managed to stay at the forefront of virtual reality, introducing their products and services to millions of users of diverse backgrounds around the globe. These experiences have varied, from limited experiences to permanent fixtures in the virtual space, and each has seen great success among users, including the following:
Nike: In September 2021, Nike announced their collaboration with Roblox, a social gaming platform. The collaboration allows the game’s users to participate in minigames within “Nikeland”. In addition to the games, users can purchase virtual Nike attire for their characters. Since its inception, Nikeland has been visited 33 million times.
Wendy’s: Wendy’s launched the Wendysverse in March 2022. In this VR world, Metaverse users can walk behind the counter of Wendy’s, spend time with friends, play games, and find easter eggs to win free food.
Gucci: Gucci became the first high-end brand to launch an NFT in March 2021, and later that month, they moved into the Metaverse. Their unique world, “Gucci World,” introduced users to the designer and the fashion house’s history and allowed them to purchase unique Gucci outfits for their avatars.
Is Virtual Reality The Future Of Marketing?
Virtual and augmented reality has allowed consumers to experience products and interactive experiences in ways they never have before. From places they’d never be able to visit (Like Mount Everest) to brands they never thought they’d purchase from, consumers have more products, services, and experiences at their fingertips than ever before.
Brands that have made the leap to the virtual reality space are at the forefront of technological advancements and have a competitive advantage over those who haven’t entered yet. With a 40% increase in the Metaverse’s Roblox use following the pandemic and an estimated 5 million people in the U.S. expected to join the VR world each year, it is safe to say this is a legitimate marketing space.
But how each company promotes its products and services may vary significantly. The VR world has proven itself capable of handling each marketing partner’s diverse requests. From worlds that highlight a brand’s products to clothing emblazoned with logos, virtual reality marketing has captured the attention and time of consumers and is only expected to grow from here.
