Virtual Reality for Industrial Applications †MyAssignmenthelp.com

Question: Discuss about the Virtual Reality for Industrial Applications. Answer: Introduction: Virtual Reality (VR) and Augmented Reality (AR) have gained traction in the fashion retailing industry due to the competitive advantage they offer. Leading fashion retailers have adopted VR and AR technology and partially integrated it into their services to enhance customer experience and gain an edge over their rivals (Volino, 2008). A major VR and AR trend in this industry is virtual dressing room. Some retailers such as Gap have created VR apps that allows users to test the clothes available (Pachoulakis, 2012). For example, Gaps dressing room app allows customers to select a body type. The app displays an image of the clothing modeled for a specific body type selected by the customer. While this has several limitations, its a good start for immersive tech in the industry that is personalized to customers needs. Other firms using VR technology allow users to upload their body data. Such body measurements are used to model a perfect body type that matches the customer. This allows customers to pick right-fit clothing that are precisely measured based on their data. Many businesses that have adopted AR and VR tech report an improvement in customers brand experience albeit the existing technology constraints. From a retailers viewpoint, VR technology reduces barriers to online purchasing. VR technology have enabled many retailers to create virtual shopping environment where customers can try on clothes and other items by swiping of a screen (Unay, 2012). Without restrictions on the number of item that can be tested, customers are easily persuaded to explore many items offered. Additionally, VR technology incorporated with data analytics is used to display suggestions based on customers preferences (Dai, 2012). Fashion retail businesses are confident that VR and AR technology will change how customers engage with brands. As the e-commerce continues to grow, the role of VR in shopping continues to expand. With a VR headset, customers can visit any fashion retail store such as Barneys and get store experience (Magrath, 2013). While VR and AR technology are still evolving, their adoption in the fashion industry has revolutionized customer experience and offered a refreshing way through which businesses can engage with customers. VR companies such as Oculus Rift have partnered with major fashion brands which are embracing VR technology. A potential revolution is in the way as fashion retailers such as Topshop and Dior aim at integrating VR into their services. Some brands are offering customers an opportunity to use VR headsets to visit their stores or witness fashion shows. For example, Topshop relies on VR to broadcast runway show giving customers first row access to the event. Other well-known fashion brands are focusing on adopting VR to reduce customer barriers and gain a leverage over their rivals (Lau, 2013). Alignment of business model and value proposition The key proposition of the startup include high-quality products, best customer service, good buying experience, and appropriate prices. The startup has to align its value proposition and business model to ensure customers realize the value offered. Alignment process involves achieving a fit for business model components. These components should be reinforce each other. For example, the startup has to identify appropriate product distribution channels in order to deliver its value proposition. When the channels are determined, it has to assess the best distribution design for a particular customer segment (Osterwalder, 2014). Next, the management has to identify the kind of customer relationship that should be forged with the target customers for a specific value proposition and determine how the distribution channels can support it. Once customer aspects of the business model are designed, the startup has to look into the infrastructure associated with the business model. This involves defining the activities that have to be performed in order to deliver the value proposition. The startup has to identify the resources needed to forge customer relationships and the partnership to be leveraged in the business model (Wilson, 2013). Also, cost structures and revenue model have to be fit together to ensure the startup will obtain profits from its operations. The alignment process also involves positioning the business model in the market environment. This forms the second step of alignment which involves aligning the business model with competitor by designing it based on the competitive landscape. The startup has to identify distribution channels that can disrupt business model of its rivals and is aligned with its organizational structure. The business model has to be aligned with the environment forces which include competition, customer demand, legal environment, technology, and social environment. The startup has to ensure value perception is the core goal of the alignment process hence restructuring business model should be user-oriented. It also has to reflect on how market factors impact the current business model to make it flexible to uncertain future. Customer segments The customer segments that the startup segments are classified in terms of age, gender, geographic, behavior, and lifestyle. Gender segment is considered as the retailer targets both men and women. The clothing items it offers include attire for both genders. Age is a key factor that assists the startup to determine the target audience (Canhoto, 2013). Since it caters to an audience with a wide age range, the startup has to segment this audience based on audience. Age-related market segments include infants, children, students, and young adults. Each of this segment can be targeted with new fashion lines that align with expectations of the consumers. Geographic location is a factor that has to be considered when segmenting the audience (Wedel, 2012). Clothing and make up preferences vary in different geographic areas particularly due to weather. People living in colder climates are likely to wear heavy clothes such as coats for long periods while those in warmer areas wear light clothes. As such, clothing trends may differ depending on the geographic region. Behavior-related segments arise from customers product choice (Paul, 2012). Some customers may purchase from a specific clothing line for preside while others shop at particular stores for quality, service, or other factors. The startup may also appeal to this segment with holiday-related apparels. Lifestyle is another factor considered in market segmentation. Since the startup caters to a large audience, it can produce clothing that meets customers varying lifestyle needs (Weinstein, 2014). Customer journey Aware Desire Research Choosing Purchase User Goals Identity existing fashion brands within my town Chose one apparel item offered by existing fashion brands Decide on a fashion brand that aligns with my expectations Open an account in the brands ecommerce site Select and cart out fashion items User Expectations - - Retail store has the apparel item needed Easy to use ecommerce site Secure payment Touch Points Look up local fashion retailers on the internet Search fashion trends Ask for advice Create an account Pay for items added to cart via PayPal or other online payment options Problems - - - Poor website navigation structure Unsecure website Ideas - Tools that allow users to search for an item in different categories, price ranges, etc. - FAQs for account opening process Guide for making payment online Conclusion Based on the assessment of the market and business model conducted, the startup has to restructure itself in order to effectively handle customers needs and succeed in the target market. First and foremost, the startup should develop a business model that incorporates emerging technology. In particular, VR and AR technology should be considered to give the company a competitive edge in the market. The startup also has to align its business model with its value proposition. This involves restructuring the business model to become customer-oriented. As a result, customers can realize the value offered by the company. Additionally, the company should segment its target audience based on a set of factors in order to meet the needs of specific group of customers. As discussed, the key value proposition offered by the company include quality products and best customer experience. The companys business models is aligned with the value proposition by defining actions to be taken to realize customers goals. The startup also considers distribution channels and competitive landscape to ensure the business model can adapt to market trends. Besides crafting a user-oriented model, the company has to consider VR and AR technology which are influencing growth in the fashion industry. Integration of such technology with the companys core services/products can enable to effective serve its customer segments. References Canhoto, A. I., Clark, M., Fennemore, P. (2013). Emerging segmentation practices in the age of the social customer.Journal of Strategic Marketing,21(5), 413-428. Dai, F. (Ed.). (2012).Virtual reality for industrial applications. Springer Science Business Media. Lau, H. F., Kan, C. W., Lau, K. W. (2013). How consumers shop in virtual reality? How it works?.Advances in economics and business,1(1), 28-38. Magrath, V., McCormick, H. (2013). Marketing design elements of mobile fashion retail apps.Journal of Fashion Marketing and Management: An International Journal,17(1), 115-134. Osterwalder, A., Pigneur, Y., Bernarda, G., Smith, A. (2014).Value proposition design: How to create products and services customers want. John Wiley Sons. Pachoulakis, I., Kapetanakis, K. (2012). Augmented reality platforms for virtual fitting rooms.The International Journal of Multimedia Its Applications,4(4), 35. Paul, J., Rana, J. (2012). Consumer behavior and purchase intention for organic food.Journal of consumer Marketing,29(6), 412-422. nay, F. G., Zehir, C. (2012). Innovation intelligence and entrepreneurship in the fashion industry.Procedia-Social and Behavioral Sciences,41, 315-321. Volino, P., Luible, C. and Magnenat?Thalmann, N., 2008.Virtual clothing. John Wiley Sons, Inc.. Wedel, M., Kamakura, W. A. (2012).Market segmentation: Conceptual and methodological foundations(Vol. 8). Springer Science Business Media. Weinstein, A., Cahill, D. J. (2014).Lifestyle market segmentation. Routledge. Wilson, F., Post, J. E. (2013). 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