Ecommerce is like a chameleon that constantly changes colors and if you want to win over this beast, there is no better way than to have your hands on the pulse. According to experts, about 77.24% of shoppers abandon their carts without completing their purchase. Indicating you need something much more to win over the heart of your customers. 

But there is a new technology in town to send you on cloud nine and rescue you from this heart-wrecking dilemma. Well, technically it's not new. For decades its been a technology preserved in SciFi movies and video games. It's none other than Virtual Reality. 

With the technological advancements over the years, Virtual Reality (VR) has picked up steam a lot faster. And according to reports by Hypergrid Business, 75% of the top brand are on their track to lean toward VR in the next couple of years. 

Experts believe that VR in e-commerce has the power to transform the entire shopping experience and it may even have the power to rebuild the entire retail industry. 

Does this topic sound like your cuppa tea? Then just keep on reading…

What is Virtual Reality?

Virtual reality has been picking up steam in this tech era for the past few decades brewing up changes worldwide. But what really is virtual reality and how can it change the e-commerce sector?

Virtual reality is an immersive 3D visual environment that offers a simulated experience that can be similar to or completely different from the real world and enables the user to freely interact with the artificial visuals. The immersive visual environment can be referred to as anything from 360-degree videos, photos, product demos, or VR-enabled headsets like HTC Vive or Oculus Quest. 

How do Retail Brands Use VR?

Without a doubt, the automotive industry is a big shot at using VR technology. When walking into a car showroom, you won't get the chance to see every model of the given car maker.

However, in a VR environment, buyers can look at any model they wish, customize it according to their liking, walk around the model and even step into the driver's seat.

An example would be Audi's new VR system with Oculus Rift. 

The technology allows customers to customize the vehicle to the ideal configuration they desire and view the car inside and out from a first-person perspective.

VR also allows customers to see prospective products.  An example would be how Toyota used Virtual Reality to launch its new car. Even though the physical version of the car is not in existence, everybody could experience what it would be like to have one.

VR is also applied in the restaurant industry. A well-known restaurant chain, TGI Friday’s in the UK, delivered a virtual reality opportunity for their visitors. Before the 2015 Christmas break began, they gave their clients the chance to go dog sledding. A unique VR headgear was placed on each table in the restaurant, enabling customers to go on a virtual trip to Finland's Lapland Province.

The most popular Christmas activity in the UK, according to previous TGI Friday surveys, was dog sledding. In this way, TGI Friday fulfilled customers' fantasies and inspired guests to become ardent supporters of this restaurant brand.

Applications of VR in Ecommerce

With such advancements in technology, the applications of VR also are vast. Here are a few ways e-commerce stores can think about Virtual Reality.

1. Virtual Store

How awesome it would be if your customers can visit your virtual store from the comfort of their homes, and shop all they want virtually? Virtual showrooms are an application for the technology, allowing customers to browse through the clothing racks similarly to being inside a store. What is even better? The users can meet with their friends and shop together with their friends in real-time virtually. 

Applications like Virtual Store have been revolving around since 2016, an example being the partnership between eBay and Myer, creating the world's first Virtual Reality (VR) department store.   

2. Virtual Try-Before-You-Buy

One huge drawback to online shopping is that we won't have any idea what the product would look like in real life. It might be just like how we imagined it would be or it might not.

Using a VR headset on your brick-and-mortar can provide a great way for shoppers to view the product they need to buy without going to the store or the showroom. 

An example of this would be how Audi used the Oculus Rift headset to provide buyers the ability to view their dream car in 3D and customize every part of it starting from the color to the engine 2017. 

With the Virtual try, before you buy, shoppers can get an immersive visualization and evaluate all the features of the product based on what they want just like an in-store experience. 

3. Live Events 

Ever since the inception of the pandemic, holding events have been largely limited to avoid the spread of the covid 19. Holding virtual events can offer similar opportunities to attract customers and recreate the same experience for the users.

Benefits of Embracing VR for Ecommerce

The benefits mainly include what kind of experience you want to create and the type of e-commerce business you have. 

Ignite The Word of Mouth 

From ancient times word of mouth has always been a mighty marketing technique that can bring you actual results. Unlike indirect experiences, VR experiences are not only memorable but also sharable. So get the customers talking and spread the fame like wildfire. 

Bond With Your Brand

The exclusive virtual experience can prolong the shopping and customers will want to make more purchases than they planned thus increasing the revenue. The virtual experience can also help collect shoppers' behavior that can be used for future sales promotions. VR shops can also reduce huge expenses for building construction and control shop rush. 

A View Worth a Million

A picture is worth thousands of words, which makes VR worth a billion as it shows the product in 360 views. As it gives the user a much better perspective of what they are buying as they will get a 360-degree view of the product. 

Final Thoughts on the VR Revolution

VR has become a holy grail in the e-commerce and retail industry helping brands to achieve the goal of attracting customers to their physical and online stores. The VR in e-commerce is here to help customers immerse in the futuristic technology and aid brands build a long-lasting brand image by incorporating the technology into their customer service offerings.