Applications of Virtual Reality in Retail Industry

Applications of Virtual Reality in Retail Industry

Summary

Virtual Reality (VR) is an interactive scene generated through a computer within a simulated environment. It incorporates several types of sensory feedback such as audio/visuals for vision and hearing, and haptic perception for touch. All of this provides a near-reality resemblance of the real world by creating an immersive environment which surrounds the user.

Virtual Reality (VR) in retail opens up several opportunities for retailers and enables them to connect with a wider audience without the need for physical store expansion. The rapid growth of online retail has had a significant impact on traditional shopping, and the inception of Virtual Reality (VR) is set to take this transformation another step forward by enabling shoppers to view product ranges, access product details, and gain an accurate feel for the look and style of the product virtually.

The report "Applications of Virtual Reality in Retail Industry" provides an overview of evolution of virtual reality, its impact on retail, areas of application, opportunities and challenges, case studies and its utilization in retail marketing and promotions.

Scope

• VR eliminates time and space limitations, and allows retailers to reach a wider audience. The virtual stores also allow shoppers from more remote areas to gain access to their favorite brands and products.


• VR provides a completely immersive experience, with stores and products displayed in three dimensions in front of the user, on virtual shelves in the virtual store. Once the product is in front of them, consumers can get a truer sense of the look and style of the product.


• VR enables retailers to not only strengthen their online business by offering a completely immersive, near-reality experience, but also promotes their brands and products to shoppers.


• Virtual store technology is predicted to change ‘traditional’ retail completely. Online retail offers easy accessibility to products and brands, but doesn’t allow users to experience the actual look and size of the product in a 3D environment.


• Virtual stores though enable shoppers to explore the vast range of products and also enables retailers to reach out to shoppers in remote areas without requiring new physical stores or additional staff. Virtual guide, an added feature in virtual stores, provides details of the products and their manufacturing background thus eliminating the need for additional staff support.

Reasons to Buy

• Areas of application of Virtual Reality in Retail Industry


• Opportunities & Challenges in applications of Virtual Reality in Retail Industry


• In-store Technology Advancements & Trends


• Marketing & Promotions Case Studies


• Virtual Stores & Payment Solutions.