Virtual Reality Impact on Luxury Industry

When VR enters into luxury industry

How can Virtual Reality impact Luxury Industry? Virtual reality has grown exponentially in these last years, according to Google Statistics. Thus, technology related to Virtual reality is becoming more accessible to the mainstream and consequently to brands too. And for them, there is an entire new world of redefining creativity through Virtual reality, and that is exactly the power of of VR, which will also shape the future of storytelling.

Besides redefining creativity, it also enables us to capture feelings and experiences – which is tremendously exciting for brands and consumers. So what implications does VR hold in the luxury industry?

There are a few major brands that had the intention to drive consumers in-store and engage them into their vision and it is good to learn from their experiences. For example, Dior created Dior Eyes, with its own VR headset that offered an captivating encounter with the brand’s fashion atmosphere. And this is exactly what most designers and fashion stores are willing to do as a way to embrace this technology.

The Google Cardboard is another good example to share. Created by Rebecca Minkoff, this headset offered fans a seat at her show. It is undoubtedly providing a new level of engagement with consumers on way never seen before.

Audi is one of the leading automotive companies when it comes to incorporating VR in its business. It offers a headset with a high-end Bang & Olufsen surround-sound system, and lets consumers experience an authentic driving experience in any model they desire. Plus, the customization of leather, inlays and color can also be explored by consumers, making every interaction even more complete.

The greatest potential of VR for luxury brands is simply that it can increase sales from people who are time poor, for instance, which its very applicable to high-net-worth consumers. Potential consumers can use VR to browse a collection, take a test drive or visit the catwalk, all within a few minutes. Also, the effect on the luxury travel and property markets is enormous, too. There is already a number of virtual showrooms where customers can explore several properties.

When sales in-store start slowing down, retailers might also need to consider some growing strategies – and why not include VR? For consumers willing to browse their favorite luxury store from the comfort of their yacht or lounge, soon there will be brands offering virtual in-store experiences. This offers not only the opportunity to browse, but also purchase very quickly.

In the world of luxury, VR appears to fit perfectly, as increasingly luxury is all about the experience. And the number of luxury brands developing as pioneers is growing fast.

#virtualreality #vr #luxury #brands

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