What is V-commerce?
Virtual commerce, or V-Commerce, is a sales tool that places experience at its core, allowing the user to get closer to products, handle them, try them on, see them in the context they are intended for, and ultimately purchase them.
The heart of V-Commerce is composed of two technologies: virtual reality and augmented reality. The first enables immersion in an environment that enhances understanding and encourages purchasing, while the second allows integration with the real world, so the user not only has a 360-degree view of the product but can also incorporate virtual information into the existing real environment or even enhance the experience.
“Indeed, these virtual elements create a fun & cool shopping experience for consumers but they also show strong promise for companies looking to increase their profits. In a 2020 survey, 45% of respondents³ indicated that they are inclined to purchase more with brands that offer product/service interactions using immersive technologies. It’s not surprising therefore that by 2028, VR retail solutions are expected to be a $5.5 billion market⁴ while the AR retail market size will reach $6.7 billion.⁵ As for AI & virtual products, the virtual goods market for fashion alone is forecasted to be worth $6.61 billion by 2026⁶, while the AI market in retail is expected to hit a whopping $20 billion⁷ by the same year.” (full report here)
But AR and VR are just technologies; it is not because of them that our users buy the products we sell, but rather it is the experiences we offer them and that they experience within Enoverse.
A small example: we recently introduced in one of our metaverses (Auriga Mountain Winery) an animation that allows an avatar to fish. Many thought it was silly, but our goal is to create activities that allow guests to spend a few moments of serenity thus placing them in a more relaxed psychological state, thus inclined to make an instinctive purchase. Does it work? Oh yes!
Take a look the stats about ar in c-vcommerce
61% of consumers say they prefer retailers with AR experiences over retailers without AR experiences.
40% of shoppers would be willing to pay more for a product if they are able to experience it through augmented reality first.
73% of shoppers report higher levels of satisfaction when using AR.
56% of shoppers agree that AR gives them more confidence about product quality.
54% of shoppers want to readily view information about an item or product as soon as it’s scanned with the phone camera.
What is V-commerce?
This is certainly not to say that the technologies implemented in our V-Commerce are not important; proof of this is the importance within the Enoverse/V-Commerce project of E-Business Suite, the CRM that monitors in real time purchases, reservations, abandoned carts, where users come from, dwell time and many other data that, once processed, presents them in tables and graphs on special dashboards.