In This Article, We Are Going To Discuss 5G Will Revolutionize Retail Management
5G stands for fifth-generation cellular network technology, the next major development in wireless communications. While companies preach about the 5G “revolution” and governments scramble to win a “race,” we’re often left scratching our heads.
Impact of 5G will be on 4K video streaming on your phone, 10x faster internet browsing, lightweight augmented reality (AR) sunglasses, and self-driving cars. For better or worse, next-gen networks will enable us to put the internet in every thermostat, toaster, and truck.
5G will also have significant enterprise applications, supporting digitalization and connection across industries. New services, such as remote surgery or vehicle-to-vehicle communications, can be built on the back of 5G networks. For businesses, the 2020s will truly bring the internet of (so many) things.
How will it impact the Retail Segment?
Faster processing speeds means Consumer Data is captured more easily and put to use much quicker through AI driven Machine Learning. Cashierless Amazon Go is just a tip of the iceberg here.
More Sensors Smart trackers in stores will deploy sensors these are like eyes watching the moves of the customers, their buying behaviour and how they navigate. So whatever data is available for online shopping, abandoned cart etc, this will be available for physical or in person shopping.
Overhead cameras will also send in tonnes of data on consumer behaviour and reduce pilferage, stock outs, proper displays and pricing. The ‘human element’ will be out for in store merchandising.
Asset tracking will be available real time and much more real time. Optimization of ROMI (Return on Marketing Expenses) will be optimized.
Virtual Reality and Augmented Reality experiences can allow customers to mix online and offline experience. The concept of buying a product online after “trying” it on virtually or previewing it in the living room. So how stores are designed and inventory stocked will change
Retail supply chain management, and in-store data analytics can and will become real time. Data is capture, processed, decisions are made, suppliers and aligned and the entire end to end operations if streamlined can work on minimum inventory stock out or even better no or virtual inventory and it keeps on updating as per consumer trends. So annual projections are out, Big Data processing will be key
Machine Learning will enable all data captured to be converted in decision making and productive actions. Imaging via machine learning brand management is being done and online advertising campaigns are run, budgets allocated, analysis done and inventories ordered!
The Big picture: 5G will have its biggest impact out of the store for ecommerce players and their warehousing, logistics, and delivery operations. It is going to overhaul the entire retail automation and bring in efficiencies never seen before. For companies and retailers, who are not at the fringes of using retail data to their advantage are already missing out immensely and will not be able to survive in the new 5G hyper data processing age. One piece of advice, start looking to partner with Data Agencies now.