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Covid-19 is arguably one of the most disruptive events to impact the retail industry. To date, thousands of retail stores remain closed, and millions of retail employees have been furloughed or laid off. This crisis’ impact on the retail industry could be severe, with many large and small retailers going out of business due to the lack of customers in their stores. What remains is a new normal that creates possibilities for a new model for shopping and opportunities for new retail entrants to compete against bigger retailers. Consumers are envisioned to trade speed for convenience and a shopping experience they can enjoy from the comfort of their own home. However, experienced virtual reality (VR) solution provider One VR Malaysia says, consumers will still want the experience of being physically in a store to shop, or at least feel that they are shopping in-store. “Consumers will want to roam aisles. They will want to seek out bargains and pick-up and examine products off a shelf. Price and assortment will also remain important to consumers. “We believe that the next big thing in retail will be the use of virtual reality (VR) to give consumers the opportunity to virtually shop from the comfort of their home, while providing them with an ultra-realistic retail experience. People will be amazed at how realistic shopping inside a virtual store is,” said Jayden Lee, Chief Executive Officer, One VR Malaysia. Having been in the market since 2017, the firm holds that VR technology has numerous benefits for businesses and retail seeing as it can create rich, immersive and memorable customer experiences. “This can do wonders for conversion rates. VR is also a social media goldmine which proves fantastic for brand awareness. It is an experience and a share-worthy one that gets customers talking about you and sharing their experiences on social media,” Lee adds. The advantage of a 360-degree product view allows shoppers a better perspective of the product of interest. “We believe VR breaks down language barriers. If a picture is worth a thousand words, then VR must be worth a million! It is much easier to demonstrate a product’s worth by showing than telling and this can be extra helpful in demonstrating complex products, especially to someone who speaks a different language,” Lee cites, adding that the technology is adaptable and applicable across the board – whether it is jewellery, groceries, or even apparel and shoes. Seeing the advantage that VR presents, Lee announced the launch of VI Mall by One VR Malaysia – a 3D shopping mall where shoppers can virtually navigate through a simulated shopping mall environment. Consumers are able to walk through the mall, visit shops, examine products and make purchases in VI Mall’s virtual stores. “This one-of-a-kind experience makes online shopping more enjoyable and engaging for customers. Shoppers can also interact with fellow-shoppers via the social chat feature available in VI-Mall. Entertainment will be one of the key features in VI-Mall where the long-awaited cinema which set to be opened virtually in VI-Mall,” Lee adds. VI-Mall is currently available for merchant leasing for merchants to participate the V-Commerce trend. It is also open to investors looking for investment opportunities during this pandemic era that wish to join the bandwagon of the V-Commerce. Lee said One VR Malaysia is set to launch its very first ‘3D Virtual one-stop-home-solutions Centre’ in the upcoming months. The segment caters to those looking for home solutions with a variety of choices. Boosted by the implementation of VR and alternate reality (AR) technologies, it will eliminate hassles of returns for customers, and reduces spending for retailers. For details on VI-Mall, visit https://www.onevrmalaysia.com/vi-mall where you can also register interest.
Featured Stories 2, Press Release
Virtual Reality shopping presents retailers a new lease of life
Mime Asia Team July 27, 2021

Covid-19 is arguably one of the most disruptive events to impact the retail industry. To date, thousands of retail stores remain closed, and millions of retail employees have been furloughed or laid off.  This crisis’ ...

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SILVERPUSH AIMS FOR A HIGHER GROWTH TRAJECTORY, PROMOTES KARTIK MEHTA AS THE NEW COO.
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SILVERPUSH AIMS FOR A HIGHER GROWTH TRAJECTORY, PROMOTES KARTIK MEHTA AS THE NEW COO.
Mime Asia Team July 27, 2021

INDIA, 26 July 2021 – Silverpush, well-acknowledged for its AI-powered contextual video technology, announced a major change within their corporate structuring.  As part of their all round organizational growth plans, Silverpush has promoted Kartik Mehta ...

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Tech support scams remain a threat globally and in Asia Pacific despite drop in encounters: Microsoft survey
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Tech support scams remain a threat globally and in Asia Pacific despite drop in encounters: Microsoft survey
Mime Asia Team July 26, 2021

Globally, three out of five consumers encountered a tech support scam in the last 12 months, a five-point drop since 2018 Gen Zers and Millennials most likely to continue interactions when targeted with tech support ...

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Be a part of Germany’s Successful Vocational Education & Training System
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Be a part of Germany’s Successful Vocational Education & Training System
Mime Asia Team July 16, 2021

A Dual Vocational Training (DVT) programme is a great way to prepare for students’ future career in Germany. The DVT programme was created to bring attention to the skills gap in Germany’s numerous vocational and ...

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Nearly a Quarter of Exploits Sold on Cybercriminal Underground Are More Than Three Years Old
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Nearly a Quarter of Exploits Sold on Cybercriminal Underground Are More Than Three Years Old
Mime Asia Team July 14, 2021

Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cybersecurity leader, released new research urging organizations to focus patching efforts on the vulnerabilities that pose the greatest risk to their organization, even if they are years old. ...

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MoneyMatch Secures RM18.5 million Total Fundraising Round Closed by KAF Investment Bank
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MoneyMatch Secures RM18.5 million Total Fundraising Round Closed by KAF Investment Bank
Mime Asia Team July 14, 2021

 Malaysian fintech startup MoneyMatch [www.moneymatch.co] announced today the successful closing of its Series A fundraising round totaling MYR 18.5 million [approximately USD 4.5 million] over two tranches, initially led by Cradle Seed Ventures in 2019 ...

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"Leading 5G and Connected Impact " UNISOC Sparkles at MWC 2021 In Barcelona
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“Leading 5G and Connected Impact ” UNISOC Sparkles at MWC 2021 In Barcelona
Mime Asia Team July 14, 2021

The 2021 Mobile World Congress (MWC), the world’s most influential exhibition in the field of mobile communications, was held in Barcelona, Spain from June 28th to July 1st with the theme of “Connected Impact”. As one of ...

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84% of Organizations Experienced Phishing & Ransomware Type Threats in the Past 12 Months
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84% of Organizations Experienced Phishing & Ransomware Type Threats in the Past 12 Months
Mime Asia Team July 14, 2021

Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cybersecurity leader, published new research revealing that half of US organizations are not effective at countering phishing and ransomware threats. The findings come from an Osterman Research study ...

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New Research Signals The Rise Of A Growing Aspirational Consumer Class In Hong Kong, Increasingly Dominated By Millennials, According To New Research By IAB SEA+INDIA And Carousell Media Group
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New Research Signals The Rise Of A Growing Aspirational Consumer Class In Hong Kong, Increasingly Dominated By Millennials, According To New Research By IAB SEA+INDIA And Carousell Media Group
Mime Asia Team July 14, 2021

According to a new report published by Carousell Media Group (CMG) and IAB Southeast Asia and India (IAB SEA+India), income levels and purchasing patterns in Hong Kong signalled towards a growing aspirational consumer class. 64% of Hong ...

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MyClaaz.com: Digital platform empowers trainers with numerous opportunities for monetisation
Featured Stories 2, Press Release
MyClaaz.com: platform empowers trainers with numerous opportunities
Mime Asia Team July 13, 2021

A fully-automated online marketplace for education – MyClaaz.com – has given people a lease of life during difficult times. It has produced several trainers earning up between RM50,000 and RM300,000 in just three months. Leveraging ...

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