ABI Research recently forecast that VR in retail and marketing sectors will generate $1.8 billion in 2022, with shopping and travel listed as two categories likely to be transformed by immersive consumer experiences.
Major retailers including Walmart are exploring the potential for VR and augmented reality to change the way consumers shop. Other retailers and manufacturers are experimenting with giving users the virtual experience of visiting a prospective travel destination, virtually test-driving a car, seeing how apparel and accessories would look and trying out different furniture and home improvement ideas before making a purchase, according to ABI.
Payments will likely be woven into VR technology, but it’s too early to tell whether VR will be an enhancement or a disruption for existing payments providers. Here’s a look at recent VR activities involving payments providing some clues to the future.
Though those numbers seem relatively small, the adoption curve so far is steep. The percentage of potential VR users is higher among Internet users versus the general population, but VR is becoming available in more public venues for demonstrating products, exposing a wider audience to the technology.