Even in the early stages of commercialization, we know that 5G offers the quickest throughput and connective potential of any standard ever developed, but it remains rather speculative. That age is coming to an end as 5G products and experiences begin to surface in stores and homes.
Chris Melus, vice president of product development, advanced wireless solutions at T-Mobile for Business, explored the numerous ways 5G technology is going to or is already transforming whole sectors in a chat for the PayPal collaboration “Digital Payments Flip the Script: 10 Merchants and 10 Visions for Digital Transformation.”
Unlocking Virtual Virtuosity with 5G
Other retail issues that 5G can alleviate include some of the most prevalent frictions associated with shopping in physical stores including wanting to buy but not wanting to wait.
He stated that we’ve all been in a retail store, found the thing we desire, then looked at the long checkout line and decided to abandon the purchase. This is a barrier to conversion, and 5G apps are one-way retailers may circumvent it. The ability to securely verify consumers in-store quickly adds a new dimension to physical settings.
“Let them check out whatever they want,” he said. “If it’s with a human, wonderful; if it’s with an avatar, terrific,” as opposed to just going to a kiosk or even using our own personal gadgets to check out, an experience we may hope to have soon.
Payment alternatives are also important, as he believes that having various options at the POS is vital for customer interactions, and sees that degree of connectedness in the shop as the foundation for how retailers can create new consumer experiences in the future.
Creating a 5G World
Aside from payments and retail transactions, the monetization of 5G has vast applications ranging from healthcare to data interchange to — yes — the metaverse.
Melus discussed how T-Mobile recently co-hosted a 5G XR retail competition with partner Deutsche Telecom, which resulted in something called “Mall of the Metaverse.”
“They’re planning to build a 100-story structure with over 100 million square feet of virtual retail space so that individuals can stroll around that space without leaving their house and receive the whole shopping experience,” Melus explained.
Another area that 5G is already revolutionizing is the supply chain, but what it will shortly accomplish dwarfs present applications. The use of mobile edge computing, artificial intelligence (AI), and machine learning (ML), as well as “building digital twins of their whole supply chain so they may anticipate choking spots before they come,” has significant supply chain ramifications.
