Throughout human history, we are living at a tremendously exciting time. No, we won’t be taking off for the Moon anytime soon. Because we don’t really live in the world that earlier generations imagined. We do, however, have SpaceX and a tonne of other awesome, previously inconceivable things. similar to virtual reality
Since the concept of virtual reality (VR) was first brought to the globe, this is the idea that humanity has always wished to investigate. We’re looking at yet another frontier, much like how humanity aspired to test the limits of reality fifty years ago by going into space. a frontier without limits. The fact that the same person who wants to send humans back into space also believes that we live in virtual reality.
There is a huge market for virtual reality (VR) in retail, and a 2021 poll by e-commerce technology startup Zakeke found that 41% of consumers want more customization. Report also states that 34 percent, 29 percent, and 35 percent, respectively, were eager to envision and interact with product categories including garments, shoes, and furniture before making a purchase.
In addition to this, 32 percent wanted the possibility to modify products made possible by VR. Despite this, 71% of respondents to the poll said they had never really utilised augmented reality or virtual reality when shopping.
Because VR creates an immersive environment where users can interact with the digital worlds around them, it is possible to build entire businesses in the technology, embed 3D product models in virtual spaces, give customers the ability to modify things before making a purchase, and do much more. According to a 2021 report by the research company Analytics Insights, the prospects in AR/VR retail will in fact be worth $17.86 billion by 2028.
How Does VR Work in Retail?
Virtual reality in retail will function through virtual reality goggles, like most VR applications. Using a headset allows customers to enter a three-dimensional virtual environment where they can interact with brands in ways that aren’t possible in the real world.
For example, in VR, a digital human AI-enabled may guide the client through an immersive storytelling experience outlining the journey of the company. Also, they could imagine and use a product before purchasing it. This was especially true for bulky consumer products like furniture or appliances. Before doing it in person, a consumer could assemble a piece of furniture in virtual reality.
The issue of VR content distribution is one that brands must take into account. One solution is to install a VR-capable kiosk in actual retail locations. This would enable customers to sample products in VR before making a decision, increasing both the likelihood of purchases and the value of the items being purchased. For a few headsets, VR apps might also be released in the app store.
Expectations of VR in retail
VR is increasingly popular. Not like the last time, when Nintendo’s Virtual Boy was a failure. It makes sense that different companies would want to take use of this technology. The same holds true for retailers. As technology advances and the average person already carries a VR-ready device in their pocket, virtual reality (VR) is no longer a novelty for shops.
Over and beyond all of these fancy graphs and figures, there is one proof that speaks volumes. There is a sector of the economy that exactly reflects the need for VR. It’s the adult entertainment sector. It serves as a graveyard for old technologies as well as the vanguard of tech adoption. In actuality, it is fully to blame for the demise of some high-tech goods, including HD-DVDs.
The VR and AR industry will reach 15.5 billion euros by 2022, predicts research by International Data Corporation (IDC). Spending on AR and VR would increase to $18.8 billion in 2020 from $10.5 billion, a 78.5% increase, and grow at a five-year annual growth rate (CAGR) of 77.0% to 2023.
Conception of Virtual Showrooms
One of the most appropriate and practical applications of VR technology is undoubtedly this one. Virtual showrooms are easier for clients to modify than physical ones, offer more functionality, don’t need additional staff or logistical support, and are less expensive to put up. IKEA’s opinion on how virtual reality should connect with its customers is one of the most well-known examples.
Innovating Virtual Fashion
Why travel to Paris to attend a fashion show when you can simply stay in your hotel and take it all in? Now you can spend all that extra money at a digital clothing store. Actually, meeting individuals at the store isn’t necessary. You’re hyperventilating inside as an introvert at this thrilling information.
In addition, for many individuals, “virtual reality in retail” is now nearly synonymous with fashion and trends. In a survey conducted by Greenlight VR, more than 70% of participants agreed that consumers view brands adopting virtual reality technology as trendier and more advanced. Hence, virtual reality and fashion are a marriage made in heaven, especially at the point where the industry is adopting it.
Shifting dimensions in Retail
Purchase decisions are facilitated by the shopping experience itself. The reason you hear upbeat music in your favourite store at the mall is because retailers have been tricking customers for a very long time. These studies have been carried out for years and stimulate your senses, energise you, and encourage you to make a purchase.
A brand-new media that might appeal to a wide range of populations is virtual reality. You may be a good candidate for VR if you’ve ever been upset by an overloaded escalator in a mall on a Saturday night.
Management of brand identity
For building experiences that brands want to be associated with, VR offers the ideal platform. With the experience’s interactive elements, it has a much more potential for effect than the usual viral films or guerrilla marketing efforts that consumers are accustomed to.
A brand-new method to storytelling that has never been possible before is made possible through VR. Retail companies want certain thoughts and sensations to be linked with them, just like Red Bull wants to be connected to cool and trendy youth activities to draw in its target market.
KPIs
It’s odd to experiment with the idea of simply sitting there while wearing a little headset and trying to choose a dress or pair of shoes. It differs from the standard “add to cart” procedure that we are all accustomed to. Naturally, this just addresses a few of the use cases we discussed, and it is just pure conjecture based on our perception of some of the barriers that VR would encounter in the retail sector.
Final thoughts
In the field of retail, virtual reality has a wide range of intriguing applications. From constructing a brand image to giving customers virtual experiences designed to sell the goods solely on the basis of its novelty and “wow” factor.
VR technology investments are increasing. The majority of them, like the expanding fields of AI and machine learning that centre on larger businesses with larger funds to spend, are not, however, devoted to the retail industry. Nevertheless, as technologies grow more available, VR knowledge becomes more accessible, and general tech adoption increases, these expenditures will eventually trickle down to retail.
