Gone are the days when customers had to physically visit stores to experience a product. Virtual reality is changing how we shop and completely transforming how retailers display and sell their products.
The Rise of Virtual Reality in Retail
Virtual reality is a very popular technology in recent years. It creates a computer-generated experience that feels very real and immersive. VR has now ventured into different areas, such as retail. Virtual reality technology lets customers experience stores as if they were actually there. So they can browse, try on items, and make well-informed buying choices. All from the cozy confines of their homes. View more about electronics kiosk
Based on a report from Grand View Research, the size of the global virtual reality market in retail was worth $3.73 billion in 2020. The retail industry is growing rapidly because of the numerous advantages brought by virtual reality.
The Benefits of Virtual Reality in Retail
- Enhanced Customer Engagement. VR in retail has a major advantage – it can offer a truly immersive and interactive shopping experience. With VR, customers can virtually explore a store, browse through different products, and even realistically interact with them.
- Increased Conversions and Sales. When people try on products, they can better see and feel how those products would actually look and fit. Online shopping reduces uncertainty and increases the chances of customers buying something. According to a study by Accenture, 61% of customers prefer virtual reality (VR) experiences in a store. Besides, 40% of customers are willing to pay extra for VR services.
- Expanded Product Range. Physical stores are often limited in terms of the space they have available to showcase their products. Virtual reality gets rid of this limitation, enabling stores to showcase all of their products in a digital setting. Customers have access to a wide variety of products, no matter how small or far away the physical store is.
- Personalized Shopping Experience. Retailers can design personalized virtual spaces by gathering information about customer preferences, past purchases, and online activity. For instance, a store that sells clothes can show customers outfits that fit their personal style using information from what they have bought before. Consumers are more confident in choosing what to buy.
- Cost and Time Savings. A retailer sees VR kiosks as a way to save a lot of money and time. Instead of investing in physical stores and maintaining large inventories, retailers can create virtual stores that require minimal physical space. Additionally, VR does not require customers to visit an actual store, saving them valuable time and saving expenses.
How Virtual Reality is used in the retail industry?
- Virtual Storefronts. Virtual storefronts let shoppers browse a store’s products and services in a digital world. Customers can use a VR headset to virtually stroll down aisles, explore products, and obtain comprehensive information about each item… all in a natural, straightforward manner.
- Virtual Fitting Rooms. Virtual fitting rooms have completely changed how customers test out clothing and accessories. Instead of physically changing in and out of garments, customers can simply enter a virtual fitting room, select the desired clothing items, and visualize themselves wearing them in real time. Virtual fitting rooms provide customers with precise measurements. Clients intuitively understand how various sizes, colors, and styles will look on their bodies.
- Virtual Product Customization. Lots of stores provide products that can be personalized based on what customers like. For example, customers can use VR to design their furniture layout, selecting colors, materials, and configurations to create a virtual representation of their ideal living space. Find more about drone kiosks.
- Virtual Showrooms. Virtual showrooms offer retailers a new way to showcase their products. Especially those selling large or complex merchandise. For example, car manufacturers can develop virtual showrooms where customers can discover various car models. Inspect the inside and outside features, and even experience virtual test drives… spoken in a genuine, straightforward manner. Interactive experiences help customers make better choices, leading to increased sales and satisfaction.
VR Impacts on Customer Behavior in Retail
VR technology in retail booths greatly influences customers’ actions. Customers now have the freedom to explore beyond traditional shopping methods and instead, relish in a custom-tailored and captivating experience… in a genuine, straightforward manner. This shift in behavior can be attributed to several factors:
- Increase Purchasing Decisions Confidence. When customers virtually try on products, they feel more confident about their purchase choices… in a genuine and straightforward way. They no longer have to imagine how a product might look or fit; instead, they can visualize it realistically.
- Higher Online Shopping Expectations. Customers who have experienced VR in retail expect the same level of interactivity and immersion when shopping online. They look for stores that offer virtual reality experiences, as they offer a more engaging and fulfilling shopping adventure. Retailers invest in virtual reality (VR) technology to meet customer expectations and stay ahead of market competitors.
- Shift Online Shopping Towards. VR is convenient and immersive. So consumers are changing the way they shop, turning to online options. Many people choose to discover and buy products at home instead of going to physical stores. This shift has accelerated further during the COVID-19 pandemic, as customers prioritize safety and minimize physical interactions. View mall booth exhibition design.
The Future of VR Business in Retail
As technology keeps getting better, the future of virtual reality in retail seems really promising. Here are a few potential developments we can expect to see:
- Improved Realism and Immersion. In the future, VR technology will improve virtual shopping and make it more real and immersive. From more realistic product textures to improved haptic feedback, customers will be able to experience products in a more lifelike manner.
- Enhanced Social Shopping. Customers are expected to increasingly participate in social shopping experiences, where they can virtually shop together. Friends and family members can explore virtual stores together, share opinions, and make joint purchasing decisions. This social aspect of VR shopping will mimic the real-world shopping experience, where customers often seek the input and advice of their loved ones before making a purchase.
- Integration of Augmented Reality (AR). The combination of special VR kiosks and Augmented Reality (AR) is another thrilling advancement coming soon. Customers can use a combination of virtual reality (VR) and augmented reality (AR) to try on products in their own homes. Immersing themselves in a realistic environment. For example, using a smartphone or tablet, customers can project virtual furniture into their living room, allowing them to visualize how it would look before making a purchase decision.
Virtual Reality has many advantages such as improving customer interaction and boosting sales. Offer more products and create a personalized shopping experience. Saving time and money for retailers. VR booths are becoming crucial for retailers as they can shape customer behavior and encourage people to shift to online shopping. As technology keeps advancing, the future of virtual reality in retail brings forth even more thrilling possibilities. Such as better realism and immersion, improved social shopping experiences, and the merging of augmented reality.