Today, virtual reality is a multi-million-dollar market. By 2020, it’s slated to be worth some $70 million. The technology has come a long way. Created and otherwise tossed aside in the 1980s and 90s, VR has seen a resurgence in the smartphone era with awe and amazement.
Consumers are drawn to VR because they’re impressed by the ability to play interactive games and travel the world. However, now, they’re starting to realize that virtual reality can have real-life applications, too. Ecommerce is the biggest and best example to date.
Online shopping revolutionized the consumer experience. You no longer have to get in your car, drive to the store, hear a sales pitch or dig through piles of clothing to get what you want. With a few simple clicks, you can shop and have a product delivered right to your door. While eCommerce essentially turned brick and mortar on its head, it still hasn’t totally solved the problem that a number of consumers still want to visualize a product on them or in their homes.
That’s where virtual reality comes in. Today, eCommerce retailers are jumping on board to bring their products right into the consumer's hands with VR technology. It’s the best of both worlds: shopping in the comfort of your own home with the added value of getting to see the size and shape of a product in ‘real life.’
Imagine trying on a shirt and a pair of shoes at home, or checking out the dashboard of a brand new car—even taking it for a test drive on the open road. Companies like Converse, Audi and even Ikea are leveraging this technology to bring their products into consumers’ homes so they can try them out. It’s the ultimate new marketing tool to appeal to consumers because it satisfies both their need for convenience and longing for the familiarity of a real shopping experience.
While this technology is still in the early stages, consumers seem to be on board. Sixty-six percent of consumers are interested in using VR to make a purchase, and another 22 percent surveyed by Walker Sands said they’d be less likely to visit a brick-and-mortar store if VR was introduced.
And the technology has major implications beyond the consumer. For example, just think about how many fewer returns an eCommerce clothing store might have if they offered VR. Or consider the kind of brand loyalty that VR technology can create by guiding the consumer to the best product without pushy sales people or other annoying aspects of a brick-and-mortar shop.