Understanding the Impact of Virtual Reality on Sales : Empirical Evidence from an Online Real Estate Platform
Research output: Conference Papers › RGC 32 - Refereed conference paper (without host publication) › peer-review
Author(s)
Related Research Unit(s)
Detail(s)
| Original language | English |
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| Publication status | Published - Nov 2020 |
Conference
| Title | INFORMS Conference on Information Systems and Technology (CIST 2020) |
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| Location | Virtual |
| Period | 7 - 8 November 2020 |
Link(s)
| Permanent Link | https://scholars.cityu.edu.hk/en/publications/publication(6d188fae-b3c6-4400-8397-eef0ed2fbebc).html |
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Abstract
Online product presentation is essential to digital commerce. Virtual reality (VR) allows consumers to learn rich product features through a simulated 3D virtual environment. Compared with pictures and videos, VR can satisfy consumers’ personalized information needs of product characteristics. However, VR’s ease-of-use is a potential concern that may hurt users’ satisfaction. To understand the impact of VR on sales, we examine the role of VR Tour (an online house tour function) in the real estate market. We find that, on average, VR Tour could accelerate the selling procedure. “VR badge” could help consumers rapidly find out promising properties during searching. Rich details provided by VR Tour could mitigate consumers’ concern of quality uncertainty during evaluation and improve their intention of offline house visits. Also, VR Tour may present a short-term decelerating effect if users have little prior using experience. Besides, we find VR Tour is a good substitute over pictures.
Research Area(s)
- Virtual Reality, Product Uncertainty, Survival Analysis, Real Estate Platform, Consumer Decision Making Process
Bibliographic Note
Information for this record is supplemented by the author(s) concerned.
Citation Format(s)
Understanding the Impact of Virtual Reality on Sales: Empirical Evidence from an Online Real Estate Platform. / Yan, Zhenbin; Meng, Zixuan; Tan, Yong.
2020. Paper presented at INFORMS Conference on Information Systems and Technology (CIST 2020).
2020. Paper presented at INFORMS Conference on Information Systems and Technology (CIST 2020).
Research output: Conference Papers › RGC 32 - Refereed conference paper (without host publication) › peer-review
