Virtual Shopping In The Metaverse: What Is It And Why do we need it?

If the lockdown has demonstrated anything to retailers, it’s the power of online commerce coupled with virtual shopping experiences. Amid the disruptions brought on by the COVID-19 pandemic, retailers have found themselves?flourishing with the help of virtual retailing .?

All of this has seen virtual shopping’s market share increase. In China alone, live video shopping is predicted to hit a value of?over $170 billion,? the implications of which are potentially huge for retailers. Virtual shopping has evolved from a feature that was nice to have one day into the next big thing to elevate the retail experience

THE RISE OF VIRTUAL SHOPPING

Ecommerce has been steadily growing since it first entered the retail landscape. However, despite the introduction of next-day delivery and mobile shopping, physical stores continued to hold a majority of the market share. In 2019, brick-and-mortar transactions still accounted for 90% of retail sales with a?$4.4 trillion ?market share. But this changed overnight.?

The COVID-19 pandemic has massively shaken up the retail landscape with physical stores forced to close or severely limit their operations. As a result, retail has seen a rapid channel shift with almost all transactions, besides those for essential items, occurring online.?

From apparel brands such as?rag & bone ?who implemented their own virtual styling feature on their website, to beauty brands such as?Deciem ?and?Credo Beauty ?who are making use of virtual consultations,?virtual shopping has found success across retail industries.

The COVID-19 crisis has even pushed luxury brands such as Gucci to recognize the value in virtual shopping experiences with the launch of Gucci Live, a service designed to connect shoppers with associates in a studio designed to look like a store.

In light of store closures and massive uncertainty, retailers are increasingly looking to close the gap between the online and in-store shopping experiences by turning towards virtual shopping—and it’s paying off. As brands have adapted to unpredictable circumstances, more and more have started to recognize the power of virtual retailing, therefore Exarta is facilitating the brands to reach out to their customers in a more innovative and engaging way.

Online store limitations and how the virtual stores will address them

Although, Online stores are doing fast fulfillments and providing a large variety of product choices at a low cost, yet the lack of interactivity and feel of merchandise result in cart abandonment. Consumers tend to spend less online because they lack the confidence to follow through with a purchase. When buying in a physical store, customers benefit from having retail associates on-hand to offer advice and answer questions. Likewise, customers enjoy the tactile experience offered by brick-and-mortar stores, particularly when it comes to buying luxury apparel or furniture. Ultimately, when left without human assistance, customers are more likely to walk away from purchases through online channels, which is why shopping cart abandonment through e-commerce channels reached?69.5% in 2019 .?

Despite the convenience and accessibility of online shopping, the physical store maintains a strong hold on consumers. This is because, beneath the desire for faster and more convenient retail experiences, there is a need for human interaction. This is where?virtual shopping in Exarta can offer a much better retail experience for customers. You can have a 3d view of the product, try the product virtually, and also take the assistance of in-store virtual assistants.?

Through this real-time connection, customers can ask questions, view products, and get recommendations from a product expert while also browsing the entire catalogue of products in a more immersive setting.?

Virtual shopping is revolutionizing the ways in which consumers buy, allowing them to take part in the human experience of the physical store from the comfort of their own homes. And it doesn’t have to end there.?

While increasing sales through e-commerce channels,?virtual shopping is also helping to secure the future of physical stores. In the current climate, where stores are still feeling the impact of lockdown, virtual shopping technology is helping to convert online customers to in-store foot traffic. In this instance, customers are using online sessions with store associates to scope out product choices before leveraging physical stores to complete purchases, helping to ensure brick-and-mortar commerce remains alive and well.

The future of retail is virtual. The question is: are brands ready?

Follow us on Twitter

The article was originally published in the usehero