The connected retail new technologies are enabling us to unleash the new era of customer-centric, data-driven, and personalized experiences. After years of waiting and mounting, 5G technology has become a reality and is all set to realize the potential of the connected world and connected experiences. 5G has accelerated omnichannel e-commerce, providing an immersive digital experience with the help of Augmented Reality (AR) and Virtual Reality (VR), AI-enabled chatbots to provide instant support to customer queries.
The rollout of 5G has a greater impact to transform the retail industry and to usher a new era of connectivity and experience. 5G comes with high bandwidth and low latency which allows connecting with more devices with internet access at the same time. The retail industry is been disrupted by e-commerce for over two decades now, but now 5G will be the driver in transforming the retail as well as the online stores. Retailers will be able to gather more data about their customers and prospects with the help of AR and AI by integrating them with the digital possibilities and thereby creating an omnichannel experience.
Here?s a deep dive into how retail stores can personalize their customer?s shopping experience-
Creating an Immersive Shopping Experience-
It can create a host of new shopping experiences as it supports AR and AI. This can enable brands to showcase their products in such a way that they can visualize them with high internet speed. With the 3D experience, the customer can just sit in their living room and they can visit the home store and order what they want. Retail stores can aim to create seamless shopping experiences with these AR solutions and take advantage of 5g by taking this experience to the next level.
Delivering Hybrid Shopping Experience-
We all know that the future of shopping is hybrid which means a seamless blend of physical and digital to provide a comprehensive shopping experience. For instance, the mirrors in the changing room will be replaced with virtual shopping assistance and provide real-time assistance to the customers. In the retail sector, brands can start with no checkout stores and encourage customers to start with ?Just walk out? technologies. They will even leverage the concept of BYOP ? Bring Your Own Payments giving shoppers a safe and contactless way of shopping.
Adopting an Omnichannel Retail Strategy-
Gone are the days customers used to visit stores for now and then things, and omnichannel retailing is not just being there everywhere but where your customers are. Adopting an omnichannel retail strategy will benefit both customers and retailers by giving them greater efficiency where customers can view the product and experience the brands consistently across all the channels.
The rise in AI- Enabled Chatbots-
Advancements in Natural Language Processing (NLP), have enriched customer query solving in real-time. Users who are increasingly moving away from traditional phone inquiries and want everything accessible from their mobile phones can easily access chatbots. Chatbots have potential in the customer service industry and will encourage retailers to understand their future uses for several other aspects of business operations.
The advent of the 5G network offers a glimmer of hope for the retailers to be ready for the next-gen connectivity and accelerate their efforts in augmented reality (AR), virtual reality (VR), AI-enabled chatbots, and omnichannel communications. It?s the best time for businesses to engage with their customers and target audience and access new revenue streams. At the start, businesses will think about the initial investments required but later once it?s matured, they will witness a transformation in their operations.
The author is MD & Group CEO, Route Mobile.