Team VR Couture’s topic is virtual reality in e-commerce with a focus on fashion retail. The team’s only Korean member from KEF is Shinhye Kim, who decided to team up with international Aalto University students taking the Management of a Technology Venture course, which is organized in cooperation with Startup Garden. Shinhye says that she decided to work in an international group because she thought that it would be a good chance to improve her English skills and to learn about working in an international context.
In recent years, e-commerce has deepened its presence in various markets across the globe, and the amount of people using e-commerce is increasing. Fashion has become the fastest growing e-commerce category, but the problem encountered in the field is that a lot of items get returned due to poor fits. With traditional online fashion stores, the only way to know whether the product fits is to order it and try it on at home. The amount of returns can lead to the collapse of many promising retailers who are not able make ends meet. Retailers end up being acquired by the major players or bankrupted.
This problem could be dealt with by giving customers the option to virtually try on the product before purchasing it. Virtual reality technologies are continuously developing and online fashion companies could create virtual stores to provide immersive and social shopping experiences for their customers. Team VR Couture’s idea is to create such a platform for capturing value in the e-commerce market.
Videos by VR Couture: