Though still in the early stages of rollout, 5G technology could bring about positive changes to the retail industry, as retailers seek to maintain their digital transformation efforts and bring consumers safely back into stores in 2021.
What retail applications will be affected by 5G?
Retailers will use their IT investments in 5G to enhance the customer experience, both in-store and online. On the customer side, augmented reality (AR) and virtual reality (VR) applications and payment systems will be beneficiaries. Further, investments in store data and analytics and internet of things (IoT) systems, including computer vision systems, will bolster store operations like inventory management and fulfillment.
How can 5G enhance or transform the retail experience?
Retailers consistently talk about enhancing the customer experience through personalization. 5G services will help deliver store inventory information and in-store location services via AR applications to customers more quickly, while employees will get immersive, on-site training to stay up to date with everything from display arrangement to management training.
How should retailers get ready for 5G?
Executives in the retail industry understand that while 5G services are in the early stages of deployment, they need to prepare for the future. That means investing not only in 5G-ready devices and services, but also in the development of applications that support AR experiences and store and process data. Additionally, partnering with other players in the 5G ecosystem will make bringing innovations to market easier.
WHAT’S IN THIS REPORT? This report examines five key areas of the in-store retail experience that 5G technology can enhance or transform.
KEY STAT: Per January 2020 data from Splunk, 21% of retail IT and business managers worldwide said their organization was currently using 5G services, and 63% expected their company to adopt 5G services in the future.
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