Click to Brick: Case Study of a Virtual Reality Company

Click to Brick: Case Study of a Virtual Reality Company

Abhishek Gupta (GreyKernel Technologies India Pvt. Ltd., India) and Abhishek Goyal (GreyKernel Technologies India Pvt. Ltd., India)
Copyright: © 2019 |Pages: 10
DOI: 10.4018/978-1-5225-6064-7.ch010

Abstract

In 2017, India witnessed a new technological revolution in new media marketing fueled by the ready availability of high speed data and the emergence of a new generation of advance visualization solutions like virtual reality and augmented reality. Brands today are now focusing on distinguishing themselves from their competitors by redefining the customer experience and engaging them into their brand story. Myntra conceived the idea of creating its own brand of clothing for the travelers called Roadster focused over the needs of new generation of tech-savvy millennial customers. After the initial success of Roadster, it decided to bring Roadster closer to the customers in the form of brick and mortar showroom, opening its first ever store in Bangalore with a revolutionary virtual reality-based gamification experience, Highway 360, for experiential personalized shopping.
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Organization Background

GreyKernel Technologies India Private Limited is India’s leading Virtual Reality (VR) & Advance Visualization Company which is continuously re-inventing the experiential content space; disrupting the traditional way of consuming digital content and revolutionizing the new media marketing (Grey Kernal Technologies, 2017). It delivers upon its motto “Inhabit Your Imagination” and allows people to live their imagination.

VR teleports people to a world of imagination; a place within their dreams. It allows viewer to be in a story rather than viewing it from an angle thus making every VR experience a personalized experience.

It was incorporated in 2015 and since then it has been creating experiential content to a diverse global client base. Its content has been consumed by 20,000+ global users with high net promoter score; motivating to continue creating more experiences. It helps its customer to create a lasting impression among their target audience by applying a right mix of state-of-the-art technology with definitive product statement; offering personalized solutions to its clients by designing value driven content and gamification of their brand story/problem statement.

In 2017, India is witnessing a technological revolution fueling the new age entrepreneurs and disrupting the conventional way of doing business. There has been a phenomenal push both from the government and the industry for moving towards digitalization. At the forefront of this revolution are the e-commerce start-ups which were introduced to the Indian Market in 2007 after the initial start-up bubble burst of 2001.

The Indian e-commerce industry has been on an upward growth trajectory and is expected to surpass the US to become the second largest e-commerce market in the world by 2034. India’s e-commerce industry is expected to grow at a Compound Annual Growth Rate (CAGR) of 30 per cent to reach US$ 200 billion by 2026. India’s internet economy is expected to double from US$125 billion as of April 2017 to US$ 250 billion by 2020, majorly backed by e-commerce.

Much growth of the industry has been triggered by increasing internet and smartphone penetration. Internet penetration in India grew from just 4 per cent in 2007 to 34.08 per cent in 2016, registering a direct increase of 89 per cent in 2016 over 2007. The number of internet users in India is expected to increase at a CAGR of 15.6 per cent from 450 million as of June 2017 to 700 million by 2020.

The changing consumer lifestyles, internet penetration and better economic performance supported by the younger population base of India, have given a boost to the e-commerce business. More than half of the total 1.3 billion population of India falls under the ‘below 25 years of age’ bracket. Also, about 65.0 per cent of India’s population, representing the working age group of 15 to 64 years, would aid the further growth of e-commerce, driven by their rising disposable income. Notably, discretionary spending in India is expected to jump to 70.0 per cent by 2025. Also, the growing inclination towards purchasing online is reflected in a trend for higher value online transactions. The Government of India's policies and regulatory frameworks such as 100 per cent foreign direct investment (FDI) in B2B e-commerce and 100 per cent FDI under automatic route under the market place model of B2C e-commerce are expected to further propel growth in the sectors.

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