With Oculus, Samsung, Sony, Google and Xiaomi all competing for positions in the market, VR is rapidly growing. Researchers predicted that there will be 2 million—non-Google Cardboard—virtual reality headsets in consumers’ hands by the end of this year and 36.9 million by the end of 2020. It is estimated that the VR industry will be worth $4 billion by 2018.
By placing customers in the heart of the action, customers are made “the hero of their own story” and assume ownership of their relationship with the brand. Because the immersive experience has the potential to forge strong engagement, VR is a powerful branding tool. Brands can potentially insert product placements into VR experiences other than their own, almost like virtual native advertising.
Several brands have already invested in the market: Ikea has allowed customer to view and place 3D virtual products in their own homes; designers Tommy Hilfiger has added Virtual Reality tools to their flagship store in New York, which give customers the opportunity to see the current season’s runway collection through a VR headset.
When customers shop with a VR headset, they are given the opportunity to experience the product from every angle, with the freedom to move, rotate, and zoom in and out however they choose. This give the chance to online customer to try a product before they buy, just like they would do in a brick and mortar store.
Today is it not yet possible to buy a product directly through the VR headset. Customers have to try a product in VR and then go on their mobile/laptop/desktop in order to make the purchase. But with the upcoming eye tracking technology, allowing the headset to follow your eye movement, it will allow customer to go through menu directly into your brand VR store and buy the product with an eye movement, increasing the conversion rate.
So are you ready to give your customer a VR experience of your products?