Internet is transforming businesses. From those mere unpaid method of promotional viva voce, ledgers and sales representatives we have moved to the ever changing digital era where the entire business processes are carried out digitally – customers have changed, buying experiences have changed, business processes have changed and so is the reality. Virtual Reality (VR) is making impactful changes in the way we deal with many things today. Gaming, Amusement parks, theatres, classrooms, shopping are all getting better with VR. Slowly, it is influencing other industries too. In recent times, retail industry has started grasping the potential of VR on a great scale. Customers are excited to experience a different buying process. Shopping is getting better with VR.
Virtual Reality is Presenting Huge Opportunities to the Retail Industry
Big brands like IKEA, BMW, Lowe’s, GEICO, Lenovo, Toms, North Face etc have already started taking advantage of virtual reality to sell products, boost their brands and deliver exceptional buying experience to their customers. Back in July 2016, Alibaba, the Ecommerce giant in China announced plans to incorporate virtual reality into its online marketplaces. The company believes in offering the real experience of seeing, touching and trying merchandise at the convenience of customers via VR. Similarly, eBay in Australia signed pact with retailer Myer to develop the most innovative and the very first VR Department Store. Shoppers just have to download the app to access the store. This experience is aimed at letting customers to browse more than 12,500 products from Myer, select and buy using eBay Sight Search.
By 2020, China’s VR market is likely to touch $8.5 billion, according to BI Intelligence report. Virtual reality is the reality now. VR department stores are the new culture for shoppers today. Physical items are replaced by three dimensional items in online stores. Trends are picked up quickly, products are offered easily and customers get to buy those that they have not been there on the radar before. You are there, but you are not there.
IT IS NEITHER A TOY, NOR A CIRCUS;
IT IS NASCENT, YOU CAN DO SERIOUS SHOPPING
VR gives an incredible experience both for buyers and sellers. Get ready to shop virtually, anywhere. No floors, no escalators, no parking tickets. You will enter a store that is just for you, customized as per your likings, all in one place. Just using your eyes, you are allowed to navigate your experience. In no minutes you are in those Hawaii Islands, or you can smell bacons and even try the best of kitchen spaces for your new home…all virtually.
At Your Convenience
The future is just here…Pick up those shopticals and move into the reality at your convenience. It is not the replica of ecommerce experience. It is much more than that. With the convergence of technology, the market for VR is set to create amazing experience both for buyers and sellers. It offers a drastic change in the way we see, hear and feel. Virtual world gives every customer the near to perfect glimpse of the real world.
Get Ready to Immerse
There is so much to ecommerce today and adding VR component is like gold rush. Consumers are showing high level of interest in Virtual Reality and their expectation goes far beyond. Both brick-and-motor retailers and pure-click retailers are going to get benefited through this technological innovation. VR is making shopping online as real as possible. For instance, you can literally see yourself flaunting a LV bag or a Rolex watch sitting right at home before you proceed to pick them. You can virtually furnish your home, virtually enjoy a holiday, and virtually be anywhere. By just simply wearing the VR device, you can nod and pick up your item too. Latest is that you can even make your payment without removing the goggles and by just nodding your head via VR PAY.
Sales of VR Headsets Proves VRs Transformative Effect on Customers
The virtual reality market is expected to grow from USD 1.37 Billion in 2015 to USD 33.90 Billion by 2022, reported a new market research firm. This proves that the market is booming and will rise as high or even surpass the growth of mobile.
Headsets of few major players currently shaping up the industry include; Gear VR from Samsung, Vive from HTC, HoloLens from Microsoft, Project Morpheus from Sony, Oculus Rift from Oculus, Samsung Electronics, EON Reality, Google Inc., Vuzix Corporation, CyberGlove Systems, Sensics, Leap Motion and Sixense Entertainment. Many new entrants are also eying the market and the industry.
Final Thoughts
Test Right Now
VR lets consumers to explore the experience with a dazzling factor of 360 degree mapping environment. Brands need to harness the technology. It has the potential to transform the way businesses function today to reach customers. Virtual reality helps consumers to match up with their expectations instantly. The facility appears to be new and exciting. It makes buying and selling so easy that consumers can buy even cars during their lunch break or virtually test- drive all luxury car models from anywhere and anytime. Not just that, VR is set to play greater role in creative process too. Smartphones, applications and services are powering VR now. Virtual reality is going to get as mainstream in the next two to three years.
Step into the Show World
Consumers can now step into the virtual world with stimulants that will help them to experience before they decide to buy a product. A couple planning for their honeymoon can literally experience virtual honeymoon in their favourite destination. “Try out”, “Explore”, “Experience” etc are going to have different definitions for shoppers in the near future.
Future
VR is going to be the next huge hit in UI interface. Futuristic endeavour is further going to astonish either us or the future generations. New eye interaction paradigms can come up along with enhanced controllers and voice inputs. It is time to bid adieu to physical showrooms and shop. Consumers are going to have great buying experience. It is time for developers to think and re-think on developing better applications that will help this technology take better shapes in the future to come. The future of shopping is going to be more experiential…
Focus
Mobile is going to play big role in integrating this technology as everyday routine into our life. VR enabled devices and applications are going to have serious business. Wireless devices, cheap affordable headsets are going to literally make virtual participation everywhere. VR is going to reach masses in near days.
Meenakshi, interesting article. However, allow me a question: Why do you think VR will revolutionize over AR? AR can come without clunky devices that I need to wear
Thomas
@twieberneit
Hi Thomas,
Thanks for reading the article. Thanks for raising such an interesting query too. Virtual reality and augmented reality are no doubt the revolutionary evolution of technologies offering interactive experience to the users. They both are different in many ways serving the same purpose. Pokemon Go shows the potential of AR. It has crossed the boundaries by mixing fantasy and reality. Both AR and VR can have their own set of future evolution. But for the time being, VR is gaining its traction.
I really like your informative article about Virtual Reality Revolutionizes the Buying Experiences. Virtual reality is going to get as mainstream in the next two to three years because in the use of VR you can easily see or realize all thing . For eg VR shopping, VR help in home buying etc.
Thanks with Sharing us
VR is sexy. But it is still a bit fantasy. I place my bets with Augmented Reality. The difference is that Virtual Reality is a completely immersive digital experience. Augmented Reality overlays digital images, information and sound onto the real scene in front of the viewer. It “augments” the reality in the here and now. Visual field technologies, like a Google Glass, offer AR experiences in the world.
Thanks, Jim. Glad you read the article. We need to wait and watch the second generation VR and its impact too. But, I bet, both AR and VR are here to stay and grow. We can chat on them for at least the next fifty years!
Hi Meenakshi,
Thank you for your article. To me, it’s thought provoking.
I entirely agree with you that the trend that you’re describing. There’s no doubt that we all fancy ‘faster’ and ‘easier’.
However, everything too much is bad. Seriously, I’m so sad to seeing this trend. When that day comes – when human beings are all becoming the slaves of “Instant Joy”, it’d be the fall of our civilization. That said, I still hold a strong faith that we will wake up and right the wrong before too late.
I will write an article to fully express my view within 2018.
Again, thanks for sharing your informative piece.