Abstract
Digital technologies of virtual reality (VR) are swiftly immersed into the material associations area and inflating it with novel means of fulfilling business goals. The higher intricacy of managing various and fast-advancement business models might lead innovators in applying highly developed technologies such as VR. It refers to technologies in scripting the perceived reality. Considering the advancement of VR technology, several business sectors have initiated to wake up to the probable use of VR. Scrutinizing the historical background and application results, it turned out that VR applications are an efficacious and motivation enhancing alternative to typical tools in business process amelioration. This chapter fills the literature niche by discussing the implications and suggesting future lines of research in lending a hand to organizations to promote their business activity by applying VR technologies.
TopBackground
At the business sector, organizations are considered as part of a unified network of organizations, not as separated individual entities. Further, as the heart of information and communications technologies, organizations enact an integral role in refining transactions and collaboration among confederates (Oliveira & Martins, 2010). Nowadays, the significant impact of technology integration with commerce cannot be waived (Campell et al., 2020). The steady advancement of its applications has radically permeated into lives and business organizations.
Companies have buttoned down pertinent business opportunities deriving from technology aimed at running competitiveness, reengineering products, reconsideration of business strategies (Morkunas, Paschen & Boon, 2019). From this respect, the internet has opened up new chambers of opportunities in exchanging information and services across the world with no constraints of time or distance. Such a condition has led to the emergence of ‘boundaryless’ organization (Kumar et al., 2020). Put it simply, such a novel economy is manifested through changes to the whole system of economies and industries; furthermore, it assists companies and organizations in stepping up to higher levels of marked revving up in globalization (Rong et al., 2018).
Over the years, business manufacturers attempted to veer from the local to global manufacturing at the heart-stopping rate to get the competitive edge in the business milieu (Pine, 1993). Helander, Khalid, and Tseng (1998) asserted that global manufacturing enjoys high level of potentiality to inject mass customization into specification of a product, which is designed or decided by customers.
Tapping on the significance of internet technology, scholars argued that in a progressively complicated and global marketplace in the electronic context, it seems momentous that companies and organizations ameliorate novel business strategies to sustain competitive and facilitate transaction across the world (Baker & Cameron, 2008; Walls & Wang, 2011; Xu & Zhang, 2016). In the information age, the internet technology has been utilized in the business communication infrastructure for lining up and planning, simulating, designing product, and sourcing (Farshid et al., 2018; Wang et al., 2022; Yen & Su, 1997). Enlightening this matter, it has been argued that in the marketing milieu, firms are trying to set and sustain their presence in the social networking sites (SNSs) to accelerate buyer involvement and communication (Barreda et al., 2015). Reports of interview results with business leaders have revealed that maintaining competitiveness and their future attainment will necessitate more robust digital changes (Lee et al., 2020). One of the key channels which of internet technology can be incorporated with e-commerce is virtual reality (VR) (Koivisto & Hamari, 2019; Suh & Prophet, 2018).
Key Terms in this Chapter
Flow: This state was defined as absolute absorption in an action and included four elements namely time distortion, exploratory behavior, sense of concentration, and playfulness, second, all these four elements were inter-correlated and interchangeable.
Virtual Immersion: The sense of immersion in the any type of environment that is accompanied by the ingredients of play, enjoyment, and concentration leads individuals to experience the state of flow. This state was defined as absolute absorption in an action.
Virtual Reality: It refers to a cyberspace in which users can effectively immersed into responsive virtual world and permits for interactive control over their perspectives.
Electronic-Business: It is re-engineered internal and external practices and automating business practices under the shadow of information technology (IT) advantages. The newfangled economy referred to e-business as the industrial landscape of the twentieth century and which will act as the leading driver of economies into the new millennium.
Immersive Computing Technology (ICT): It is a collection of technologies which enable individuals to immersive experience an environment beyond reality and involve in human interfaces that mimic their interpretations of the world around them.