VR technology, which refers to a simulated 3D environment that employs pose tracking and 3D near-eye displays to enable users to explore and interact with an immersive feel of a virtual world, is increasingly making its presence felt in education, retail, and entertainment industries. VR is making a significant impact in the retail sector.
It is becoming a truly valuable asset for retailers as the technology offers businesses the means to provide customers with an immersive shopping experience by seamlessly combining the physical and digital retail experience. In other words, the simulation of real-world objects blurs the line between the real world and the virtual world by helping different industries offer their customer the facility to virtually experience their products. What it means is that retailers can allow customers to touch and feel the products such as clothing, electronics, shoes, eyewear, jewelry, etc through simulation. In other words, customers need not be in physical contact with the product as he is interacting with the same in the virtual world.
Reports show that VR is increasingly becoming popular in countries like India and China with Generation Z and young millennials the mostly likely connoisseur of the VR world.
VR is bringing in a new era of digital interaction across the globe, and reports predict VR market to surpass $56 billion by 2025, and $60 billion by 2028. It is easy to see why VR and shopping seems like a match made in heaven. Through the use of headsets, the technology creates an immersive experience allowing customers to take a tour of the virtual store, interact with avatar staff, browse products in 3D, and even achieve a level of personalization before placing the final order.
In the following paragraphs, we look at how VR is impacting the retail experience. We shall also see how a well-established virtual reality company can employ various software to help your business stay ahead of the game.
How the retail sector has evolved?
Up till now, it was seen that VR was restricted to 2D images and drawings. It suffered from serious limitations as it provided a mere reference point rather than totally immersive experience to the users. Things drastically improved with the arrival of 3D virtual reality, which totally stimulated the touch and feel of real-time buying.
Powering growth by eliminating restrictions
VR is helping the marketing industry grow by allowing customers to view and more often feel the product from any part of the world through the virtual medium. It means the restrictions placed by time, geography, natural disasters, local issues or political compulsions are completely annihilated. For example, a traveler can experience snowfall sitting in the comforts of his home.
Saves time and money
Apart from offering a lot of convenience and hassle-free shopping experience to shoppers, VR technology can save both sellers and buyers a lot of time and money as well. Shoppers can try different stuff at home without having to pay a visit to the retail shop. This apart from saving time and money can also save shoppers the trouble of having to go through the tedious process of returning the articles in case they do not find it satisfactory. With VR, retailers can create intricate shopping environments without having to spend their budget on physical resources. Overall, VR has several beneficial aspects that significantly lowers the time you spend shopping for both brands and consumers.
Provides unique shopping experiences
One of the most fascinating aspects of the VR technology in the retail industry is the technology’s capability to provide unique simulations and interactions. VR allows businesses the capabilities to create an in-store as well as an online shopping experience that would have been impossible to achieve through the traditional means.
Not only this significantly enhances the overall shopping experience, not visualized before, it also cements the bond between the buyer and the seller thus generating tremendous amount of brand loyalty. In other words, these unique experiences leave a pleasant taste thus compelling shoppers to keep come back for more. With the extension of VR in the retail space, business can streamline marketing and sales experiences, a task that is seemingly difficult with the traditional method of marketing.
“If retail companies had any doubt about the need to reach consumers across all channels, the pandemic, gnarled supply chains and inflation have made the imperative clear,” say research firm PWC. “The surprising reach of VR channels leaves little room to delay.”
While VR technology is growing at a rapid pace, it is truly is just getting started with a growth forecast of around 25% CAGR from in the next five-six years. VR is all set for a quick growth, with PwC reporting that 35% of those who have used the technology are most likely to involve themselves more with the technology in the next year or so. The application of VR technology within retail is gaining some serious traction with a lot of consumers choosing to shop in the virtual world after checking them out on VR platforms. A top-level virtual reality services provider can help your business grow at a steady pace by allowing you to offer your customers entirely new shopping experiences.