Virtual shopping malls a further threat to mainland China’s dwindling department stores
Mainland China is the largest e-commerce market in the world
Shopping in virtual reality could be the next big thing in mainland China, with industry experts saying department stores and traditional retail brands need to evolve before the ongoing e-commerce wave wipes them out.
Virtual reality allows viewers looking through a goggle-like headset plugged into a mobile device or a computer to be transported and completely immersed in a three-dimensional environment, that could be a purely digital creation or based on reality.
British virtual reality content provider Infinity is road testing its virtual shopping concept, in which people can purchase items while watching a movie or video in “shopping mode” in the comfort of their own homes while wearing a virtual reality headset.
If you see a movie [through the virtual reality headset], and you like the lady’s dress, then you can just click on it and purchase it
“For example if you see a movie [through the virtual reality headset], and you like the lady’s dress, then you can just click on it and purchase it,” said Johnny Hon Sei-hoe, executive chairman at Gate Ventures, an investment company which holds a 61 per cent stake in Infinity.
Infinity also produces content for Oculus, a virtual reality technology company acquired by Facebook for US$2 billion.
“We believe that’s a big thing going forward. In the future a lot of the media content will be driven by e-commerce companies or retail brands,” he said, adding that virtual shopping malls could be ready as soon as the end of this year.
Mainland China is the largest e-commerce market in the world, and Hon said virtual shopping, an extension of online shopping but in a virtual reality format, could take off there.
The rise of e-commerce in China has led to dwindling sales for department stores and traditional retail brands, with some forced to close.