How Virtual Will Help Retail Achieve New Heights?
The retail industry has seen a lot of changes over the last few decades. The internet has made it possible to sell products online. However, before the internet, smaller retail businesses had been forced out of business by more intelligent investments or poor management.
Many smaller stores closed down in the years before the Great Recession of 2008. Larger chains followed them as the housing crisis gripped the globe. Although specialty stores survived, they were joined by more niche-oriented and well-managed chains. However, many other chains went out of business.
The ever-growing internet commerce or e commerce is further threatening the physical retail sector. Amazon has taken the world by storm, and has grown into an online platform that sells everything from textbooks to niche fishing fabrics. Target, Walmart, and Macy’s were also influenced by Amazon’s success and invested huge resources in creating easy-to-use e commerce websites that would appeal to a larger audience.
The next stage of Evolution:
Although it may seem like the traditional retail store is in decline, the company is actually at the next stage of its evolution. Brisk Logic is a company that creates 3D virtual shops. It wants to prove that traditional retailers still have a role in this industry. Brisk Logic proprietary 3D engine has enabled customers to experience fully interactive virtual shops that recreate traditional retail experiences.
This is an innovative innovation in e-commerce, but the real benefit of the Brisk Logic invention is that it gives retailers a better chance of success. Brands are now able to enter a new realm by using virtual stores: the Metaverse. Virtual stores allow companies to reach large audiences. They can make physical store experiences a reality for people who aren’t able or unable to travel. Companies can create environments that offer the same attention and service as a physical store, without having to deal with the people and stress. This could be used by neuro divergence and people with different abilities to have a great experience, rather than an unpleasant one.
Companies will also find that they are able to appeal to younger generations by virtue of the positive environmental impact of going virtual. Virtual stores are more environmentally friendly than producing large amounts of food waste and boxes. All that is required to open a virtual store is creativity and power. Instead of having to sacrifice one goal in order to achieve the other, a retailer can save money, gain goodwill, and grow its services all from one location. The technology Brisk Logic created is helping to make another idea a reality: the Metaverse.
The Metaverse is a culmination of technology that allows people to communicate with each other in a virtual world with clarity and precision. Brisk Logic, with its 3D shops, has made the first step toward integration. Retailers have the opportunity to benefit from these ideas sooner than their competition.
The Metaverse in Retailer:
A retailer could instead of going through the pains of creating a virtual shop after the Metaverse is established, create it now. It is possible to work out details and create new concepts so that, when more people access the Metaverse, a retailer already has a fully-formed and ready store for them. Imagine the joy on people’s faces as they browse virtual shelves filled to their specifications. Then imagine how social media would be abuzz with praises about the experience. This is a great step for any company and one that can be done early to allow for eventual integration.
Some companies have taken this step already. Brisk Logic has helped Lancome, a beauty giant, to open virtual stores in China. This is the first foreign company to be able to do this. Brisk Logic was capable of making their platform work seamlessly on WeChat. This is an amazing development. They also hosted an engaging event on Yi, another China-specific platform. The enthusiastic response from shoppers was overwhelming and additional store openings were planned to meet growing demand.
Brisk Logic is also able to create seamless Virtual Stores throughout Latin America. These stores ran efficiently and smoothly despite the differences in local internet infrastructure. These stores, which were the first of their kind in Latin America and were welcomed by local shoppers enthusiastically, are a great example of the potential benefits retailers can reap from expanding their services to the virtual world.
Virtual stores combine the convenience and fun of e-commerce with the physical experience of shopping in a physical store. Brisk Logic helps retailers achieve this balance, which many believed impossible. These ideas are being brought to life by the Metaverse, which is growing at an incredible rate.
Virtual locations will allow people to shop in the same way they used to in malls, but from their own homes. Already, we are seeing the results of people replicating these environments in virtual locations such as Brisk Logic. These ideas are being taken further. Now, fully interactive virtual reality-based shopping centres are possible within a few years. New innovations are occurring every day.
As technology advances, it will be clear that virtual stores are the way to go. They also offer retailers a way to regain their lost relevance. Like the surprising resurgence in vinyl records, retailers will be back stronger than ever in this new frontier technological innovation.
3 Ways Virtual Reality Will Transform Retail:
Virtual showrooms can be viewed by users
Virtual showrooms and virtual stores can add an extra level of intrigue to online shopping. These virtual stores and showrooms offer customers an experience that is almost as real as going to a physical store.
Lowe’s Holoroom is a leading player in this new technology. Lowe’s Innovation Labs explains that while it can be difficult to visualize a home improvement project, customers are able to use a virtual showroom to help them better visualize the end result.
It gives users a mock-up of what their home might look like when they are outfitted with different products and items. Users see a virtual home and can use the immersive experience to visualize how different products might work together.
These technologies can be used to benefit not only the home design industry. Virtual reality shops have been added to the product line of many stores and consumer markets around the world, including eBay Australia and Myer department stores.
This is the core idea behind immersive shopping. They would wear a headset from home and instantly find themselves in a virtual superstore. They can browse virtual products almost exactly the same way as if they were in a store.
Customers can virtually see products
Many companies are trying to capitalize on this “try before buying” novelty by giving consumers the opportunity to see how the product will look before actually purchasing it. Instead of focusing on virtual reality (i.e. Technology companies have also begun to explore AR.
Augmented reality differs from VR in that it shows a video of the real world with only a few virtual elements. A consumer could wear a headset to instantly see the space they are in. AR allows AR to overlay products or items on top of the view. The AR tool allows users to see the dress they are considering purchasing in their bedroom or the new desk lamp. AR allows consumers to visualize how certain items will fit in their daily lives. This is better than the visuals available in physical stores.
Customers can interact with virtual visualizations in a whole new way. Customers no longer need to read product descriptions and dimensions in order to see how the product will look physically. They can simply press a button to view it themselves.
This gives customers a reason to come into your store.
Many consumers still prefer to shop in physical stores. The Walker Sands Future of Retail survey of 1400 US shoppers found that many prefer shopping in-store to online. The eCommerce market shows no signs that it is slowing down. However, this trend has more to do with convenience and less with what customers want from their shopping experience. This poses a challenge to eCommerce leaders. They need to make online shopping feel more like being in a physical store.
Virtual Retail Experience With Brisk Logic:
Brisk Logic technology allows retailers to provide customers with a virtual retail experience. It has been carefully replicated to resemble real-life counterparts. By avoiding the need to rent physical stores, retailers can reach more customers via their virtual nature. This allows them to save money and reduce costs. Customers won’t need to drive to get to them. Instead, they can “walk” in their store any time of the day with their computer.