A virtual store is not here just as a trend, it is here to stay. It is radically transforming the way in which companies are managing. When the question comes to mind “what is a virtual store?”, then an appropriate answer would be- A store that is changing traditional commercial operations through digital conversion to give an immersive shopping experience to users.
This powerful e-commerce helps in driving sales and ROI for businesses to invest in the future of Web, Web3.0 and in the metaverse. The virtual stores are powered by virtual reality, augmented reality for displaying exciting results.
Here are few statistics:
- According to Valuates Reports $5.5bn is the expected global virtual reality figure in retail market size by 2028.
- As per PwC, 32% of VR users tested products or browsed stores through VR before starting purchasing.
- As per McKinsey in the next 5 years, 48% are interested in immersive shopping experiences.
- Today about 22% of people like to do online shopping every week, and 27% do it every two weeks.
- Statista is projecting the global AR-VR market size to reach $72.8 billion by 2024.
- As per Global Web Index survey, 55% of consumers globally were interested in using AR technology to visualize products before making a purchase.
- According to a Grand View Research report, the global virtual try-on market size is expected to reach $6.4 billion by 2027, with a compound annual growth rate (CAGR) of 22.3% from 2020 to 2027.
What is a Virtual Store?
This is a digital representation of a physical retail store. It helps customers to browse and purchase products or services in an effective environment. The store uses different modern technologies like Augmented Reality, Virtual Reality, 3D models and Holographic displays to give customers VR shopping experience. This strats with lots of possibilities to present the products or services in front of users.
It gives the customers a feel like they are inside a physical store and virtually connect with products. It is crafted to make an easier and personalised customer journey and pushes visitors to make a purchase with reduced returns.
How Does a Virtual Store Work?
This is a digital format store, a replica of a physical shopping experience. The places employ advanced technologies for instance artificial intelligence, machine learning, computer vision to simplify the shopping experience for users. Take an overview how they work:
- Design
The stores are designed to resemble the physical ones with effective aisles, product displays, and shelves.
- Product Catalogue
A catalogue of services or products available online with images, descriptions and pricing information for a better user understanding.
- User Interface
The user interface shows ways to customers for navigating the virtual store. Interact with products through browsing options and by using intuitive controls.
- Interaction
The interaction features include zooming in for a closer look, rotation options for different perspectives along with additional information for better access.
- Checkout Process
After customers select their products, they can proceed to the checkout process. In the process they can review their order, select payment from different provided options and complete the purchase at the end.
Virtual Store vs. Online Store
Though both offer digital shopping experiences, virtual stores have more immersive and interactive environments. As the traditional physical stores, virtual ones replicate them to explore products in a simulated environment, interact with them and help them in purchasing decisions.
Benefits of Virtual Stores
- Distinctive Shopping Experience: These supply places offer more immersive and interactive shopping experience in comparison to traditional online buying options. It allows customers to explore products in a simulated environment for better understanding.
- Enhanced Engagement: The effective stores’ immersive nature encourages customer engagement, leading to longer browsing sessions and increased likelihood of purchase.
- Reduced Returns: These stores’ virtual try-on feature helps customers to make more informed purchasing. It helps in reducing the likelihood of returns,those occurred due to incorrect sizing or mismatching expectations.
- Cost Savings: No physical travel, reduce overhead costs associated with maintaining brick-and mortar buying places with the help of these stores.
- Global Reach: You can access this store from any place, just with an internet connection. It allows retailers to reach a global audience without the limitations of physical location.
What is the Future of Virtual Stores?
Current scenarios are giving a promising future for these stores. Continued technology advancements drive the retail industry innovations. With technology involvement, virtual stores become more immersive, seamless integrated, and personalised for better shopping experience. Checkout the key trends those are shaping the future of these stores:
- Personalisation
These supply places leverage customer data and artificial intelligence to give a personalised shopping experience. It offers tailored product recommendations and customised promotions.
- Integration with Social Media
These supply destinations integrated with social media platforms, so that customers can discover and purchase products directly from their favourite social media channels.
- Mobile Accessibility
A virtual store prioritises mobile accessibility, ensures customer’s easy access and shop from these stores by using their smartphones and tablets.
- Enhanced Realism
AR and VR technology advancements help in enhancing the buying places realism. It allows customers to interact with products in increasing lifelike environments.
How to Increase Marketing and ROI Through Virtual Stores?
Here are few strategies to boost marketing and increase your businesses’ ROI using virtual stores:
- Product Demonstrations: Craft interactive product demonstrations to showcase key features and benefits, helping customers make informed purchasing decisions.
- Events and Experiences: Host virtual events and experiences, for instance live demos, product launches, interactive workshops, to engage customers and drive sales.
- Social Media Integration: Social media integrations with these supply places help to reach near wider audiences. It will help to drive traffic to your store through targeted advertising and influencer partnerships.
- Loyalty programs and Rewards: Implementations of loyalty programs and rewards in these effective supply destinations help to incentivize repeat purchases and increase customer retention.
- Data analytics and Insights: Using data analytics and insights from virtual store interactions help in product optimizations. It helps to make better pricing strategies with better marketing campaigns for maximising ROI.
How Does Kodehash Pioneers Next-Gen Virtual Stores Solutions?
As a leading software solutions company, Kodehash is revolutionising the virtual store world through innovative solutions by combining cutting-edge technology and intuitive user experiences. Kodehash is on its way in developing immersive effective supply platforms with AR and VR experts. So that retailers can provide a lifelike shopping environment, which can be accessible from anywhere and at any time. With advanced features integration like interactive product demonstrations, virtually try-on solutions and seamless checkout process, Kodehash team is strengthening retailers to enhance customer engagement, drive more sales in this competitive market. With the main focus on customization, scalability and user-centric design, Kodehash is way ahead in shaping the future of these stores by redefining the way of online shopping for consumers.
Final Thought
The main elements here make us realise that implementing a virtual store is not as simple as it seems. However, the potential benefits of a store are practically endless. Here everything is depending upon our ability to manage and organise, build trust and attract new customers and the skill we can adopt through new technologies and upcoming changes in the market.
Virtual stores are the future of e-commerce. As we are entering into metaverse, web3.0 and new technologies it helps in bringing revolutions on online shopping and on internet works. Contact Kodehash today to meet our Virtual stores’ experts and learn how your business can tap into these unique opportunities to boost sales and ROI.