LifeVR’s new technology for seamless shopping experience

In order to ensure ease of shopping, many retailers have started leveraging virtual reality to provide an immersive and engaging customer experience and fill in the information gap. According to an ET report, the retail industry is slated to be the top spending industry on AR and VR.

Looking at this opportunity, Bengaluru-based virtual reality startup LifeVR is creating a medium for retailers in India which will allows any business customer to be at any store at a time of his/her convenience and is also working on creating a unique exclusive store which is designed for every individual’s customer preference.

Founded in 2016 by Abhilash Balan, Arun Jeevraj and Sukumar AJ, the company has the sole objective of creating a complete VR ecosystem. Recognised by two leading international universities, the startup has four years of research and development experience behind it, across different parts of the world in VR.

In an exclusive interview with Retail4Growth, Abhilash Balan, Technical Director of LifeVR said, “We are creating an immersive and interactive virtual future store that can learn customers action and preference and allow Future Group to better understand these dynamics action without being an intrusive element. The computer-generated shopping centre will be highly customisable to fit the individual likes of the customer, hence making the VR shopping experience more connected to the customer in an effective and more impactful manner. The payment gateway can also be introduced to make VR shopping experience even more seamless.”

The startup also aims to make the technology accessible for millions of customers by making it extremely affordable. “Customers will be able to use their personal smartphone to access this VR shopping experience and the additional costing is only for the VR headset, which is ₹300 onward,” Balan said.

According to Balan, the company plans to teleport millions of customers into their favourite shopping destination from their location at their convenience by simply using a VR headset and also create a perfect amalgamation of physical and digital by bringing the entire businesses inside a headset.

LifeVR currently aims at retail to be around 20% of their overall business revenue. Balan also said that the startup had made significant inroads in the event capturing arena using VR and also had gained significant traction in hospitality and entertainment industries.

Currently, the company is in a non-disclosure agreement with Future Retail.