New Zealand’s retail industry is essential to the nation’s economy, engaged in the sale of goods and service both in physical stores and online. The retail industry has experienced rapid evolution due to the introduction of new technologies, such as virtual reality (VR) shopping.
The New Zealand Retail Industry
The retail sector in New Zealand is a key contributor to the country’s economy, representing 14.5% of the total GDP in 2017. It includes a diverse range of activities, from selling food and retail items in supermarkets to selling books and clothes in stores. According to Statistics New Zealand, the country is home to more than 28,000 retailers. The number of people employed in the retail sector has been increasing steadily over the years and is currently estimated to be around 164,000.
The retail industry in New Zealand is characterized by competition and innovation as businesses try to keep up with the rapidly changing consumer trends and preferences. Retailers have been shifting their focus to online shopping, which has become increasingly popular, particularly among young people.
The Impact of Virtual Reality Shopping
Virtual reality (VR) technology has been making waves in the retail industry, and New Zealand is no exception. VR shopping provides consumers with a unique, interactive shopping experience that is not possible with traditional shopping. Here are some of the advantages that VR shopping has to offer:
- Immersive Shopping Experience: VR shopping allows consumers to explore stores and products in a virtual environment, instead of just browsing the shelves of a physical store. This enhanced experience creates a more engaging shopping experience.
- Time Savings: VR shopping allows consumers to quickly search for items and make comparisons between different items, eliminating the need to physically visit multiple stores. This helps them save time and effort.
While VR shopping offers many advantages, there are some potential drawbacks as well. VR shopping requires significant investment in technological infrastructure, which is not always feasible for small retailers. Furthermore, it could potentially lead to increased digital divides, with those without access to the necessary technology being left behind.
The Potential of Virtual Reality Shopping in New Zealand
Despite the potential drawbacks, VR shopping has a lot of potential in New Zealand. Many retailers have already started experimenting with the technology, with some of the leading players in the industry, such as Farmers and The Warehouse, investing in the virtual shopping experience.
The use of VR technology is expected to increase in the coming years as retailers continue to explore innovative ways to engage their customers. Already, there are some exciting applications of VR technology being developed, such as virtual fitting rooms and 3D product views.
In addition, VR technology presents an opportunity for retailers to reach out to international markets. With the technology, they can create virtual stores that customers can access from anywhere in the world, allowing them to tap into new markets and increase their revenue.
In conclusion, VR shopping is expected to have a significant impact on the retail industry in New Zealand in the coming years. It offers a unique and immersive experience to shoppers and could help retailers reach out to new customers and markets. Therefore, it is essential for retailers to explore VR shopping and take advantage of the opportunities it presents.