About Virtual Stores- It’s funny how life can change in the blink of an eye. Before COVID-19, we probably wouldn’t have even considered a virtual hangout. What would even be the point?
But the last two years have changed us. We are certainly bouncing back, but we are not the same. Now that we have discovered the convenience of staying at home and still getting all the facilities that we want, how can we ever go back?
Look at the way the popularity of the metaverse is spreading like wildfire. Look at the way e-commerce and social commerce have grown since the pandemic.
The Indian e-commerce market is expected to reach $350 billion by 2030. And as per social commerce, that is expected to grow to $70 billion by 2030.
We want to do everything that the world has to offer, but we want to have the option of not leaving our homes.
Can e-commerce capture the essence of the group shopping experience?
E-commerce platforms have made shopping easier and more convenient. But they have missed out on the hangout vibe of group shopping.
Of course, you can complete your shopping while lounging on your sofa in your pajamas. But you can’t substitute for the sharing of opinions and spirited discussions that you could have had with your friends.
In fact, for many people, shopping is not just about buying products. It’s also about spending time with friends and family, trying on clothes together, and sharing their opinions on products. The social aspect of shopping is what makes the experience fun.
Online shopping is definitely more efficient. But while it is convenient, it is not a social activity. At least, not in the form that is readily available today.
So how can we make this a social activity?
How can you create the ultimate virtual hangout destination that offers convenience with social mingling?
How can you shop in a group without leaving your home?
Can virtual group shopping become a reality?
Yes. It most definitely can. It is the next natural step in this progression.
Take the launch of the Watch Party feature on Amazon Prime and Netflix, for instance. Virtual group shopping extends the same premise in the e-commerce industry.
One way to do this is by using virtual reality technology. VR allows users to create a virtual environment that looks and feels like a physical store.
You can interact with the environment, try on clothes, and even chat with friends in the virtual store. It’ll be just like you’re in a mall with your friends.
Several companies like IKEA and Nike are already experimenting with VR technology to create virtual stores. Imagine being able to explore an IKEA store from your room!
While the applications of VR are endless and it makes for an uber-cool experience, it is very costly. You’ll need expensive equipment, which not everyone can afford. Also, as it is still quite a new technology, there is insufficient awareness of VR.
Another way to create a virtual hangout destination is by using social media platforms. Facebook and Instagram are both starting to emerge as good platforms for marketing handmade products and sustainable living, among others. But it is difficult to generate meaningful social media engagement.
Many e-commerce platforms like Myntra and Nykaa have introduced elements of social commerce and video shopping. However, they have not been able to replicate the social aspect of group shopping.
To create a virtual hangout destination, social media platforms need to find a way to integrate the social aspect of group shopping into their platforms.
One way to do this is by creating virtual events where users can shop together and interact with each other in real-time.
What are the challenges?
One main problem that any startup in this field will need to solve is the issue of privacy and security.
With virtual hangout destinations, users will be sharing personal information. If the platform is not secure, it could be compromised.
Another challenge is the issue of scalability. Creating a virtual hangout destination requires a significant investment in technology and infrastructure. For smaller businesses, this may not be feasible.
The road ahead
There have been crazy developments in the field of social commerce. Group shopping, too, will become a reality in the near future.
Several companies are already experimenting with this concept. For example, Popshop Live is a mobile app that allows users to shop together in real-time.
You can certainly leverage the powers of social media to allow for meaningful interaction during the shopping experience. The ideal solution will be a blend between Instagram and Amazon.
It should make the product discovery process as efficient as possible without taking away from the experience.
Let’s see what the future brings.
Well, guys, that brings me to the end of my blog. I hope I have left you with some food for thought. If you liked reading the blog, do share it with your friends and family. And if you’re looking for some of the most unique made-in-India products, you can browse our collection here.
Please do share your views in the comments, and share this blog with your friends and family.
If you are into product making and start selling your unique products with us, register now!
Comments