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About a year ago, I pursued an internship for my Bachelor BA at a relatively small company within the finance and accounting sector. My role involved to work a lot with clients and I received some side projects to fill my week. One side project was to make E-learnings about accounting standards. The goal was to develop E-learnings for the purpose of selling to finance departments struggling to familiarize themselves with the complex accounting standards. To get started, my supervisor gave me the big IFRS book and told me to start with a training about IAS 16 – Property, Plant & Equipment. He suggested me to create the E-learnings in Talentlms, a very old school E-learning program, recommended by a friend of him who used it for his E-learnings at his company.

I dove in the project, reading about an hour through IAS 16. The content is very boring, dry and hard to read without much interpretation. So, I started to ask GPT to create a training based on a IAS 16 document I uploaded in ChatGPT. I would use the output from GenAI as input for Talentlms. But then I asked myself: Why would someone be willing to pay for an E-learning with information they already have access to? They just have to prompt ChatGPT: “make me a comprehensive training about the accounting standard IAS 16.”  

The added value of an E-learning, making static content less dry by turning it into a more engaging learning package, is completely overtaken by GenAI tools now. The information is already available and GenAi tools could turn it in a comprehensive training with questions, quizzes and real-life cases in just a snippet of time.

At the company, we recognized and embraced this internally by switching to another platform: Edapp. Edapp integrated GenAI in their platform, which allows us to offer dynamic tailored learning experiences on demand. Furthermore, Edapp steps away from the so-called old school method and their model integrates gamification techniques plus microlearning into the trainings.

All in All, The experience of creating E-learnings about accounting standards revealed a fundamental shift in how knowledge is shared, but also accessed. The rapid advancements in AI mean that complex information is more accessible than ever before. Therefore the new challenge in E-learning is to add value beyond what AI can generate.

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Virtual Reality is no longer a novel exiting concept in the gaming world, it is reshaping traditional industries. From virtual real estate tours to healthcare surgeon simulations, VR’s has shown its transformative potential to revolutionize industries. By offering a three-dimensional simulated environment where users are immersed and able to interact with each other, the experience becomes unique, realistic and believable. This enhanced interaction and experience is extending to the retail sector as well.

Currently many stores are experimenting with AR in their stores. For example, L’óreal Paris has a make-up simulator for a virtual makeup try-on to prevent spillage of make-up products. Zara and Nike are exploring with enhance the customer experience (Sripathi, M., & Bhuvaneswari, T., 2022). But what is more interesting to consider for retailers, even with the advancements AR has brought to the retail experience, is the possibility of VR to eventually be a feasible replacement for the brick-and-mortar stores by switching from AR to VR.

One of the first adoptions of VR completely taking over the concept of the physical store is Buy+. Buy+ from Alibaba was released in 2016 during the annual Singles Day shopping festival and It allows customers to shop in virtual reality, pay with Alipay, and inspect items in 360 degrees from their homes (Feng, J., 2021). Research implies that VR shopping encourage impulsive shopping behavior and increases the hedonic shopping value (Alzayat, A., & Lee, S. H. M., 2021). Although this concept has not been revolutionizing yet, it is a step towards an futuristic immersive shopping experience. As VR technology enhances, it becomes more widely adopted and accessible for people, it has the potential to reshape the current retail industry.

What do you think is it just a matter of time before we get rid of the physical stores and replace it with virtual stores or will the physical stores always exist in our shopping habits?

References

Alzayat, A., & Lee, S. H. M. (2021). Virtual products as an extension of my body: Exploring hedonic and utilitarian shopping value in a virtual reality retail environment. Journal of Business Research, 130, 348-363. https://www.sciencedirect.com/science/article/pii/S0148296321001703

Feng, J. (2021). Research on the influence of VR scenarios in online shopping on consumer impulsive purchase behavior: The perspective of flow experience. International Journal of Business Marketing and Management, 6(8), 51-57.http://www.ijbmm.com/paper/Aug2021/8340436268.pdf

Sripathi, M., & Bhuvaneswari, T. (2022). Role of augmented reality (AR) in marketing. Emerging Trends in Business, Commerce & Management, 1.https://www.researchgate.net/profile/Devika-Prakash-4/publication/378858975_Increased_Use_of_UPI_Transactions_A_Comparative_Study_Before_and_After_the_Pandemic/links/65ee4041b1906066b28c2c6c/Increased-Use-of-UPI-Transactions-A-Comparative-Study-Before-and-After-the-Pandemic.pdf#page=5