Virtual Reality (VR): Future of E-Commerce Industry

Among the emerging technologies, virtual reality (VR) is driving the e-commerce industry to a wide horizon. This article by Sachin Agrawal, Enterprise Architect, Tarika Technologies, talks about the role of virtual reality in e-commerce industry.

Gone are the days when achieving an enriched, personal experience has only been obtainable within a brick and mortar store, but now it’s completely changed.

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Nowadays, people from every age whether they are children, millennials, or old love to shop online from different e-stores. Buying goods online has become very common practice among people across the globe.

Have you ever thought of why people preferring to online shopping?

It’s all about ease and comfort! 

From the past few years, the e-commerce industry is rising at an alarming rate across the world. The industry is constantly evolving and is expected to thrive in the forthcoming years.

But, shockingly, 77.24% of buyers discard their shopping cart before completing a purchase. Hence, retailers need to find out more ways to convince customers to purchase their products online.

Virtual Reality (VR) is a hot topic at the moment, that could provide the answers. The emerging technology is about to create a new era in the e-commerce industry. Thus, every business must adopt this latest technology.

Learn More: Why Shipping Is an Essential Piece of Your E-Commerce Marketing Strategy

What Exactly Virtual Reality (VR) is?

Simply, it means experiencing things that do not exist! Virtual Reality (VR) creates an immersive live experience.

Virtual Reality (VR) is known as computer-simulated reality or immersive multimedia that creates completely immersive environments that make users feel like they have truly entered into simulated environments. Virtual reality is growing at a rapid pace and going to be the next big thing soon! 

It’s estimated that by the end of 2020, the virtual reality market will be worth $70 million.

With the growth of virtual reality, e-commerce stores are now creating a realistic shopping experience for their customers. It is an emerging technology that has the potential to shape the retail industry. Most of the businesses are trying to invest in VR technology to improve their user’s shopping experience.

Let’s dig deeper into the ways how virtual reality can benefit your e-commerce venture?

1. E-stores Can Mimic Physical Settings

Do you know, according to a recent study, 85% of people prefer to purchase products from physical stores!

Indeed, online stores cannot be able to provide the same experience that physical stores. Suppose, you want to buy clothes for yourself. If you order clothes online, you have to select designs, check the type of fabric, go through with size details and many more.

So, owning an e-commerce venture is a bad idea?

Of course, not!

Virtual Reality (VR) is about to transform the retail industry. Many industries are now using virtual reality showrooms to enhance user experience. Shoppers stroll across a virtual store instead of being plunge in a static and boring product page.

2- Give Reasons to The Customer to Stick for Longer

You probably won’t abandon the shopping cart, if you shop from any physical store. But, you may relinquish if shop online.

According to a recent study, the average abandonment rate of shopping cart is gigantic 68.81%.

The causes behind the shopping cart abandonment could be many. Maybe the products are expensive or the website layout is not understandable. For the success of an e-commerce venture, it’s imperative to keep your visitors on your website for longer. The longer your visitors stay on your site, the higher the chance they make a purchase.

There are so many ways to keep your visitors on your website for longer. However, improving the navigation or the website structure doesn’t always promise that the users will stay longer on the website and make purchases.

Virtual Reality (VR) may help you by providing better experiences to the user such as 360-degree video capabilities and more interactive content. It’s a great way to attract customers towards your products.

3- Offers Competitive Advantages

Undoubtedly, Virtual Reality (VR) is the future of the e-commerce industry. In this digital era, if you want your business to stay ahead of your competitors, you need to have your finger on the pulse.

Competing businesses always try to beat you. Thus, it’s imperative to adopt latest technologies.

Virtual Reality (VR) is a fascinating technology that offers a competitive advantage to businesses by delivering immersive user experience and thus increases sales.

Learn More: The Augmented Consumer: How AR and AI are Changing Customer Experience and E-Commerce

Be Ready to Harness the Power of Virtual Reality (VR)

Savvy marketers and many e-commerce companies are attracting customers to their stores.

The emerging technology “Virtual Reality” is helping businesses to achieve their goals. It provides customers a new attraction while visiting an e-store. Additionally, wholly immersive experiences help businesses keep their consumers focused on their brand and accelerated sales.

So, what are you waiting for?

Start incorporating these emerging technology solutions in your e-commerce venture.