Opening a storefront is no longer necessary due to the popularity of online shopping. In the United States alone, online sales are expected to surpass $740 billion by 2023!
The changes aren't temporary; they're lasting, and they're redefining what a meaningful retail experience may be. Virtual tours and experience filled the gap as in-stores were closed and played a vital role in the recovery of that same bricks-and-mortar retail. It provides customers with meaningful information, allowing them to view any site in the world in vivid detail.
With the rapid change in digitalization, businesses can now provide access to virtual stores via their mobile app or website. Brands virtualize their physical retail experiences, providing customers with personalization and real-time engagement with employees. In other circumstances, brands create a 3D store that appears just like their flagship retail location but is accessible via an app
Covid-19 Pandemic Pushing Digital Transformation
Throughout the pandemic, clear product descriptions and images, fast website loading times, easy navigation, product reviews, and visual aesthetics grew in popularity.
The Revolution of Smartphones
Since the introduction of handheld mobile phones in the 1970s, mobile phones have progressed significantly. Phones have generally grown to be more portable, to have longer battery life, and to allow the addition of capabilities other than making calls, such as running apps that allow entrepreneurs to bring their business to clients wherever they are.
In recent decades, the development and application of new technologies has accelerated significantly, as has the desire for technical advancement. This rapid technological change is affecting almost every sector of the economy, society, and culture, but it has had the greatest impact on the retail industry. Encouraging entrepreneurs to be more technologically inventive.
Increasing Demand for Innovation
The development and implementation of new technology has encouraged consumers to continually expect innovation from owners in all industries, but particularly in retail. The “always wanting more” or “always something better” ethos has fostered a demand for innovation including the rise of virtual stores for retailers.
Competitive Business Environment
Because of the Covid-19 pandemic, which created new inventive and innovative concepts, the business industry has grown more competitive than ever. Retailers should constantly have a strategy in place to surpass their competitors.
Millennials and Gen-Z start their buying journey where they spend the most time: online. A brand can pique a shopper's interest in their product or service by creating an engaging experience through virtual stores.
Brands can build more personalized virtual experiences by allowing customers to directly communicate with in-store workers using solutions such as VirxPo™. Customers can browse a retailer's product catalog directly through its online website, and they can utilize video, text, and chat to see the products as they are on shop shelves, thanks to real-time access to in-store personnel.
There is no doubt that the next big thing online is virtual experiences. The digital take on a genuine shopping experience is poised to be massive, providing countless new ways for marketers to offer their items to buyers. Virtual storefronts allow businesses to quickly increase engagement and improve the purchasing experience for their customers.