Although 5G is still in its early phases of commercialization, we now know that it has the fastest throughput and connectivity potential of any standard ever created. As 5G-related goods and experiences start to appear in shops and homes, that era is coming to an end.
In a chat for the PayPal collaboration “Digital Payments Flip the Script: 10 Merchants and 10 Visions for Digital Transformation,” Chris Melus, vice president of product development, advanced wireless solutions at T-Mobile for Business, examined the various ways 5G technology will or is already transforming entire sectors.
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.
Building the 5G World
The commercialization of 5G has a wide range of applications beyond payments and retail transactions, including healthcare, data exchange, and, yes, the metaverse.
Melus talked about how T-Mobile and partner Deutsche Telecom recently co-hosted a 5G XR retail competition that led to the creation of the “Mall of the Metaverse.”
They intend to construct a 100-story building with more than 100 million square feet of virtual retail space so that people may go around it and get the whole shopping experience without ever leaving their homes, Melus said.
The supply chain is another industry that 5G is already transforming, but its future potential exceeds its current uses. Significant supply chain consequences result from the usage of mobile edge computing, artificial intelligence (AI), and machine learning (ML), as well as “creating digital twins of their whole supply chain so they may foresee choke points before they arise.”
