How does this affect small businesses? Can they be pushed out? 3 Min read
Virtual Reality Marketplaces are the Marketing Wave of the future, how do small businesses get involved with the cost?
I love the idea! There are some key things that all VR marketplaces, especially the large ones that sell their platform to the outside world, need to keep in mind. Small Businesses are the backbone of our country. At the very top of my list: marketplaces - but especially huge marketplaces - need to be very clear about their goals for selling their platform, and what they really mean by "selling".
One of the most common criticisms being made of VR marketplace sellers is: "The equipment is so expensive!" As we look into history in devices, we find that expensive devices become common ground as time marches on.
For example, the first six months of the platform are the perfect time to launch a new integration with Facebook, or integrate the platform with a new payment method like PayPal, Amazon, and Google Wallet!
Even the first year or two of a virtual reality platform have to be spent on marketing, marketing, marketing! Think about advertising, how we are going to reach as many people as we possibly can, what media are we going to use, and what's the budget and timeline you will need to launch a product? It has to be done.
The first year or two may be the hardest because you are building a framework from the ground up! You won't get to spend money on a Facebook signup, for example. You'll have to go for a video campaign and newsletter. Covid has locked down many people to where they are begging for a new experience. How your customers use the internet changes with a full immersion software setting. You also have to think about who will you target and how you will reach your goals. There is no formula to it really, it depends on your goals, and who your goals are. Some of the things V.R marketplaces use are in-game apps to bring frequent visitors back to the site often. They reward them with coupons for simple things, like free shipping. They share the experience faster than they do a product, You can look on Facebook at any given time and see how people share random quizzes.
Who should look at Virtual reality websites
Today, the term “virtual reality marketplaces” is becoming increasingly popular, as the concept of online shopping has expanded to a variety of devices and products. There are now many online stores where you can buy a variety of goods and services, including goods such as books, clothes, and household electronics such as computers, phones, and stereos. And, while online shopping is an excellent way to save money, it can also be an excellent way to make new friends. Circle City Magazine worked with the developers at Metromedia Funding Solutions to build not only a marketplace but are working diligently to make the VR concept a social media hub where visitors can interact with each other. Our goal is to have a marketplace where small businesses will not have to mortgage their homes to build a virtual store. Think of it as a mall.
Virtual reality marketing is starting to spread into the “outside-the-home” sphere. Companies such as Google and Dell all offer virtual reality headsets.
The rise of virtual reality marketplaces (VRM) has led many businesses to experiment with virtual customer experiences in the “outside-the-home” sphere — specifically in the retail environment. We took a higher road approach where we wanted to create the shopping environment but, also have social interaction with our VRM
In this article, we will discuss the many benefits of virtual tourism. Some potential difficulties, as well as potential opportunities within the world of virtual reality and digital marketing.
The Benefits of Virtual Tourism
1. Virtual tourism can save businesses money.
Virtual Reality Marketplaces can save businesses money because they don’t require a dedicated tour guide. You don’t have to spend time and money to hire a tour guide because they are already being used by the other businesses.
While many of these businesses advertise themselves, they can also use Google Street View (a feature that allows Google to put virtual reality around a business), or use videos from YouTube. These services can help the business get the word out, by showing to their target consumer a virtual tour of the business in their preferred time and place. Imagine walking around Circle City Mall from the comforts of your living room, or office.
2. Virtual tourism allows you to communicate with the customer on a personal level. In many cases, virtual reality is a very personal experience. In fact, many businesses use virtual reality to provide personalized services and help their customers better. In a retail environment, it can allow your sales force to talk and interact with visitors showing them your products.
The average cost of virtual reality websites
The emergence of the virtual reality wave means that in less than five years, any company looking to drive the business forward with virtual reality will inevitably have to turn to a marketplace solution, as it's the only alternative to the more traditional in-store or online display that is becoming become obsolete.
Most companies are already at least in the planning stage. But even those are usually just starting to consider options, to explore how virtual reality could be used in a particular category or industry. Thankfully, there are outfits like Metromedia Funding Solutions that educate businesses on how to start, and how to do it in a cost-effective matter.
They haven't even got to the point where they're looking to test drive it fully or have the opportunity to use it for a real-world, actual job or project yet. Even big brands are playing with virtual reality. The advantage mom-and-pop stores have over large-scale retailers is the branding and implementation of a VRM floorplan will be easier and cheaper for them, allowing them a small window of opportunity to get in before the large retailers figure out how to set it up right. No one would want to roam an Amazon warehouse or a Walmart, they will want to tour boutiques,
So the opportunity for virtual reality marketing can be found everywhere.
As of 2019, the total virtual reality website marketplace has already reached more than $19.2 million — and could be about to top $56 million by the end of the year.
If your business site is currently using another marketing channel to drive business and lead generation — like online lead gen or mail campaign – Virtual Reality is the way to go with a more interactive approach.
For starters, you stand to generate an incredible amount of online visibility – especially when working with someone like Virtual reality that combines a virtual world with the real world. Metromedia Funding Solutions is teaching small businesses how to do that.
The cost factor, for instance, an average size eCommerce store's 500 product website professionally built without VR cost around $6,000.00 Setting up a VRM eCommerce platform is around $8,000.00
While this sounds a whole lot more expensive than a traditional website, when compared to the cost of virtual reality marketing, it really comes down to the profit margin. Here is the clincher, as these devices become more popular, and cellular phones start having the firmware to run such programs, the fact is the buyer is going to use it over the standard websites we are all used to today.
In closing, technology will evolve, it is always better to stay ahead of it so your profits stay ahead of the competition.
Written by Richard Moghadam
Circle City Magazine