The Future of Virtual Reality in Retail

We’re going through a very exciting period in human history. Yes, we’re not flying to the Moon any time soon. And it’s not like we actually live in the future that previous generations envisioned. However, we do have SpaceX and tons of other cool stuff unimaginable before. Like virtual reality.

This is the concept that humanity has always wanted to explore since the idea of VR was introduced to this world. Just like 50 years ago, when humanity wanted to push the boundaries of reality by venturing into space, we’re looking at yet another frontier. A frontier that has no bounds. It’s probably just a cosmic coincidence that the same guy who wants to send us back to space actually thinks that we live in virtual reality.

Watched the video? Freaky, right? Just don’t overthink it, otherwise prepare to experience an existential crisis.

In today’s world, our exploratory pursuits are aimed at the virtual world. Some experts go as far as to say that 2017 will be the year when VR is going to become the norm. The year when all of those VR enthusiasts, content creators and developers will finally feel the influx of a tangible user base. So, no more early adopters nonsense and no more chasms to be afraid of. To find out if this is true, just follow the stats.

And these figures are probably the most important ones, as they show the confidence of hardware suppliers and software developers. The consumer base is ripe, and manufacturers feel that.

VR is becoming mainstream. Not like the last time, when Nintendo failed with its Virtual Boy. It’s natural that various businesses are trying to exploit this technology. Retail companies are not an exception. VR is no longer a novelty for retailers, as technologies move forward, and an average person already has a VR-ready device in their pocket.

There’s one proof that’s even more telling than any of all these fancy graphs and estimates. There’s an industry that perfectly mirrors the actual demand for VR. It’s the adult film industry. It’s both the forefront of tech adoption and a cemetery for new technologies. In fact, it’s solely responsible for the disappearance of certain high-tech products, like HD-DVDs.

Now that we’ve established that VR tech is a potentially valuable business asset, let's take a look at some of the promising applications of VR in the retail industry. Let’s also check out how businesses already exploit VR. This should give us a wider perspective on the things to come for retail VR applications and us, as their potential users.

Why go to Paris for a fashion show, if you can just sit there in the comfort of your room and enjoy the whole experience? 

All that excessive cash can now be spent in a virtual fashion boutique. You don’t actually have to go to the store and meet people. The introvert in you is hyperventilating over this exciting news.

At the same time, 'virtual reality in retail' is now practically synonymous to fashion and trends for many people. Over 70% of respondents to Greenlight VR’s survey confirmed that brands using virtual reality tech are perceived to be more forward-thinking and progressive a.k.a. ‘trendy’. So, VR and fashion are like a match made in heaven, especially at this current stage of its adoption in the industry.

That’s why fashion brands keep experimenting with VR. They’ll even let you ride with a virtual pack of huskies in hopes that you’ll buy their apparel.

There are tons of other applications that the fashion world can benefit from. Take for example Oculus and its Avatar project, which allows to create, design and customize avatars to your liking. Imagine an online platform that generates terabytes of user-submitted content in the form of design sketches applied directly to an avatar? It’s already in 3D, just transfer it into the software that helps to design clothing and you’re good to go.

This is just a basic idea. Imagine what marketers and designers within big fashion brands, like Versace, will be able to come up with. Soon the fashion industry will find even more creative ways of approaching VR and its potential.

VR provides the perfect platform for creating experiences that brands want to be associated with. Given the interactive nature of the experience, it can be a lot more impactful than typical viral videos or guerilla marketing campaigns that consumers have gotten used to.

VR empowers a whole new approach to brand storytelling that has never been available before. Just like Red Bull wants to be associated with cool and hip youth activities to attract its core demographic, retail brands want to have specific ideas and feelings arise in association with them. That’s why North Face wants you to take a hike, virtually. Tommy Hilfiger wants you to always remember that they’re a posh fashion brand with their VR runway experiences. And although Mercedes-Benz is not a retailer, we do like to continue showing you more huskies. Everyone likes huskies, right? Check out their great VR experience that’s meant to associate Mercedes-Benz with warm fuzzy feelings, outdoorsy stuff and the sense of exploration.

Brands that inspire people and generate an emotional response for them are 3 times more likely to be advocated by customers themselves through word-of-mouth and other brand advocacy tactics. This all drives better sales and growth figures.

So it all looks fine and dandy for VR and its future in retail. But is it really true or are we looking at another case of overhype? 

Playing around with the idea of just sitting there with a small headset on, trying to pick a dress or a pair of shoes, is kind of weird. It’s not the same as your ordinary ‘add to cart’ process that we’re all used to. Of course, this only deals with some of the use cases that we mentioned, and this is just pure speculation based on our vision of some of the bottlenecks that VR might be facing in the retail industry.