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Benefits of Virtual Research in Market Research


Team Discussion about Virtual Research

Global business community is scaling new heights with the advent of market research. Do you think market research is shrunk to customers’ behavior? It’s not, of course. Observing the patterns of shoppers’ behavior only is outdated now. Virtual research is clubbed with the market research. The curve of customers’ behavioral pattern is inclined from ‘what’ to ‘why’. Virtual reality is emerged to think outside the box. Hence, an array of ideas begins to toss in the memory of researchers. They run numerous models to take reviews of the customers in cost-effective manner. It implies that the money should not be put in the trial-n-error method in brick-n-mortar stores for gathering public opinions.

History of virtual reality

Virtual Reality has its traces in the history as well. The decade of 90s is its witness. Many corporate biggies, such as Procter & Gamble, Intel Corp and Goodyear Tier and Rubber, run trials of in-store simulation.

The regime is still on. Kimberly-Clark, Decision Insight, Vision Critical, InContext Solutions, Red Dot Square and Fifth Dimension are few of its revolutionary followers.

New Face of Virtual Reality

The bygone era had limited resources. But today, technology is taking initiative. And advent of internet has added fuel to market research companies through virtual reality. With the boom of ecommerce, the virtual environment can easily be created. Subsequently, virtual reality can make way to participants according to their convenience.

Here below are some points to differentiate today’s virtual reality from the past:

Need of Virtual Reality in Market Research

Accurate anticipation needs real-time experience. And time has wings. Money at hand is also a big factor affecting research. Here arises the question-How real-time experience is introduced in virtual reality for market research? According to Eminenture market research, virtual reality can be studied contradictorily. It’s inevitable fact that shopaholics have tendency to make decision only in the shopping mall or store. There good count of factors exercise impact on sale. So, the simulation should have dash of real-time experience for more accurate strategies.

For example, the automotive manufacturer ‘Ford Motor Company’ with Oculus Rift experimented with virtual reality. In its Michigan Lab, its employees conduct virtual reality to test the interior and exterior of the car.

Advantages of Virtual Reality:

  1. Save on cost: Trials or testing in virtual environment cost lesser that that of physical stores.

  2. Enhancing efficiency: However, it’s quite time-consuming to initialize it. But the quick-n-fast results of it can harvest good revenue in future.

  3. Extra-ordinary control: A number of testing models are run which prevent potential capital expenditure. Other barriers like, overhead expenses, variable ones etc. can be removed. Competitors stay blind of the testing since anonymity is maintained throughout. Thus, testing environment and respondents are completely controlled.

  4. Intensity: Multitude of data is collected while doing surveys, interviews, sampling and even, during the exercise.

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