A few years ago, when Virtual Reality just stepped into the Indian scenario, who would have imagined it making inroads into every possible market and every possible industry. After having taken the retail sector in the automobile, electronics and home decor industries by storm, the next in turn for VR is the ever-green industry of gems and jewellery in the Indian market.
India’s jewellery industry, which generally perceived as the flagbearer of tradition, is now embracing cutting-edge technology. And how? Through VR!
The leaders in the industry, the likes of PC Jewellers and Popley & Sons have begun leveraging the offerings of virtual reality (VR) to give their customers shopping experience. PC Jewellers, which already has about 85 stores spread across 20 states in India, now plans on adding a personalized virtual-reality experience to it’s offering.
VR is not only improving the experience of the buyers, but it is also seen to be reducing the working capital needs for inventory of these brands.”The buyer needs to just wear the VR headset and feel as if she is in a virtual showroom. She can get a virtual in-store experience of choosing any jewellery, seeing the piece from different angles, and zoom in on the item to appreciate the intricate designs,” said Balram Garg, Managing Director of PC Jeweller.
The jewellery chain is also planning to boost it’s online presence and sales this year. Going online and opting for VR technology would not only help lower the inventory expenditure and increase the stock turnover ratio, adds Garg.
VR is not only improving the experience of the buyers, but it is also seen to be reducing the working capital needs for inventory of these brands, which can prove to be a revolutionary advancement for the industry.
According to sources, PCJ is expected to start its VR experience offering at five airports this year. The technology can easily be placed in areas like airports and shopping malls, which attract considerable foot-fall.
Similarly, other competitive players in the domain are also experimenting with the VR technology. Kalyan Jewellers, in an official remark, have claimed to be bringing several new innovations to the market in a short period of time. Popley and Sons have recently added 360 degrees viewing feature on their customer website.
Evidently, the jewellery stores have become increasingly aggressive in their bid to lure new customers, particularly those coming from the tech-savvy younger generation. VR technology can, in fact, be a very effective tool in that direction!
Source: Economic Times
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