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Technology has become more pervasive than ever. And, to cater to the ever-growing need of the modern consumer, businesses are stepping up their game in implementing digital tools and platforms.
Retail players and e-commerce companies are no exception. Many companies are now venturing into the virtual commerce space.
Virtual commerce, or v-commerce, brings an element of augmented reality (AR) and virtual reality (VR) in the online shopping domain. Basically, v-commerce is the buying and selling of products through a virtual medium realized online through digital platforms, augmented reality technology, and real-time interactions. A few real-life examples could be as follows:
Many companies are already using voice-powered commerce and interactive, AI-based bots also use the term virtual commerce. Compatible devices leverage voice commands to fulfill a customer’s transaction, making the shopping process more immersive and convenient. A key example of this would be completing an entire purchase journey on Amazon through voice commands given to Alexa.
The logical next step is to create a store-like immersive experience online.
Virtual commerce is fast emerging as the new paradigm of facilitating online business. This type of online commerce brings a real experience into the virtual shopping experience, allowing customers to explore products, gauge the touch and feel, talk to experts, and make a purchase. All this, in one single interaction. VR/AR apps make the “try before you buy” option the star of online engagement. It helps companies offer real-time visualization of products. And, on the customers’ end, all they need is a smartphone and internet connectivity.
Technology, therefore, is helping companies implement and leverage the best features that v-commerce stands to offer. And, the testament to its success can be seen in the global brands that are already implementing v-commerce to boost their online sales. Leading brands like IKEA, BMW, L’Oreal, Nike, etc. have implemented the principles of v-commerce in their operations.
Virtual commerce is basically e-commerce on steroids. It leverages virtual spaces and cutting-edge technology to offer consumers the opportunity to test out any product of their choice before making a commitment of purchasing it. For customers, v-commerce translates into the absolute comfort of shopping per their convenience without compromising on the personalized attention and real-time engagement that a physical store offers. For brands, it gives a major boost to their online sales, increases conversions, and creates an enticing environment to pull in their customers. In other words, it’s a win-win!
Virtual commerce is here to stay. 2022 will mark the era of v-commerce, opening a new arena of online shopping.
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