Virtual Reality is creating a new playing field in the retail industry and eCommerce business owners are trying to invest in VR technology with the help of App development companies to ensure that they improve their user’s shopping experience. Surprisingly, 77.24% of online shoppers abandon their carts before completing a purchase and this indicates that retailers need to do a lot more to convert the customers by offering the services of their choice and make them purchase items online. Virtual reality could provide the answer to this.
Brief Introduction to Virtual Reality & Why the eCommerce world is interested
Virtual Reality otherwise known as immersive multimedia or computer-simulated reality can be defined as the creation of a virtual, three-dimensional environment presented to our senses in such a way that we experience it as if we were there. Combining the power of technology with experience design gives the users an immersive experience. There is plenty of room for VR to flourish in the next few years as consumers become aware of the technology. Virtual reality is expected to generate $150 billion in revenue by 2020 and statistics show that around 22.4 million Americans are already virtual reality users.
The biggest hurdle faced by eCommerce business owners is reassuring customers that the product they are considering to purchase is actually what they are looking for. A mere listing of all products on the websites is not enough to impress the consumers and to sustain the ever-increasing demands. VR and eCommerce go hand in hand since they’re both offer real-world experiences that have been digitally replicated. VR has already started to make online retail spaces where it has significantly enhanced the shopping experience through immersive experiences that increase the customer’s favourability to shop.
Ways Virtual Reality Can Benefit eCommerce:
As per research, 85% of consumers prefer to shop in physical stores and it would be really difficult as an eCommerce business owner. Once it was really difficult for eCommerce stores to offer the same level of experience that brick and mortar stores could offer. Now, this scenario is changed since businesses have leveraged the power of Virtual Reality. Retailers are looking to build virtual showrooms or virtual stores where Consumers wander through a virtual store instead of being stuck in a static product page. By offering the magic of VR, your customers can experience all of this instead of simply reading about it.
Customers have an innate desire to try before they buy and 58% of people like to purchase a product after they’ve been allowed to test it first. Offering them a 360-degree product view helps the eCommerce business owners to bridge the gap between physical and online retail stores. VR also provides online merchants with new possibilities for cross-selling, upselling and tracking customer behavior patterns because it enhances the customer experience by giving them a walkthrough in an immersive virtual store rather than restricting them to a static product page. This also provides an excellent insight into customer preferences and help make your marketing more personalized.
Customer purchasing decisions are highly influenced by emotional factors and Virtual Reality provides a next-gen level of interaction for customers where it is getting connected to the user. VR technology not only helps users to just read the product description and dimensions but also to understand how it will physically look. By just a click through the VR headset users can view the products for themselves. Ecommerce/retail-specific survey revealed that an astonishing 66% of shoppers are interested in buying items using VR and this is a proof for Virtual reality becoming the next frontier in offering ravishing customer engagement.
Gives a Reason to Visit Your Store Again:
Need to give a valid reason for your customer to revisit your eCommerce store? Virtual reality can be the perfect tool to have this done. After experiencing the power of virtual shopping, consumers stated that they will prefer to shop again. In general, VR shopping is ideally developed with a special reason to enhance the shopping experience. eCommerce business owners should focus on offering the customers an immersive online shopping experience which is very similar to being physically inside a store.
Virtual Reality is addressing the fundamental challenges faced by the eCommerce industry in recent times. This solution helps in recreating the physical and emotional feel of the brick-and-mortar online which boosts the consumer’s purchase decision and thus a potential growth in the sales revenue. Thanks to the cost-effective VR solutions like Google Cardboard, that can turn smartphones into headsets, and Oculus Rift gradually becoming more affordable for business owners to implement the same in their retail business.
About the Author:
Sakshi Sharma is working as a mobility strategist at SDI a Silicon Valley app and web development company. Based in the heart of California, SDI offers amazing solutions for first-time entrepreneurs, startups and enterprise. If you would like to work with them on a project, feel free to email your vision to firstname.lastname@example.org or find her on Twitter.