Virtual Reality enriched Business Model Canvas Building Blocks for enhancing Customer Retention

The upcoming digital transformation is a present key challenge for companies. Nevertheless, this key challenge is also a megatrend, which goes along with great opportunities like production- and process optimization, possible new data-driven business models and new perspectives for interaction with customers. Osterwalder’s Business Model Canvas provides companies a template and guideline for documenting the existing and developing new business models. Two of the key questions when describing the existing business model as well as when developing a new one is: “Who are our most important customers and for whom are we creating value?” These questions regarding the customer segments go along with the channels and the relationship between producer and customer. Due to everywhere available connectivity to the internet, customer segments may change and new customer segments expect new communication channels and a different producer/customer relationship. Virtual Reality is a cutting-edge technology with potential in various areas like product development, product presentation, and remote support. However, remote support can be more than an expert/expert communication for guided maintenance work, it has the potential for reaching new customer segments, setting up new communication channels and thus creating new customer relationships. All this together bears the potential for a Virtual Reality driven Customer Retention.