skip to Main Content

5G will advance payments and mobile commerce

Although still in the early stages of its deployment, 5G technology could bring positive changes to the retail industry as retailers seek to maintain their digital transformation efforts and bring consumers safely back to the market. stores in 2021. Retailers will use their IT investments in 5G to improve the customer experience, both in-store and online.

coronavirus impact interest select digital retail technologies among us consumers

5G technology could bring positive changes to the retail industry.

Insider Information

As noted in our December 2020 report “The Future of Retail 2021,” early digital retail experiences with contactless checkout will become more common this year. Consumer interest in mobile payments and mobile app orders is already significantly higher: 30% and 28% of US consumers expressed interest in these respective technologies in a June 2020 survey from Periscope By McKinsey, all two up more than 10 percentage points from a similar poll in March. 2020. The industry can also expect the frictionless stores of the future to proliferate, as digitally-driven retail experiences such as Amazon Go continue to grow.

Amazon Go, a cashierless convenience store concept with its patented Just Walk Out technology, continues to expand its presence. Amazon also has expansion plans for Amazon Fresh grocery stores, which feature “Dash Carts,” shopping carts that automatically scan and load items placed there. Stores have sprung up near major cities, including Los Angeles and Chicago.

In September, Amazon also unveiled Amazon One fingerprint scanning technology that identifies customers at the entrance to the store. The company will seek to license these technologies to other physical retailers, which could significantly increase its footprint and accelerate consumer adoption.

Integrating Amazon’s accounts and payment systems with in-store technology, like computer vision systems and smart shelves, is part of the magic of its contactless stores, but not every store without a cashier does not. will not rely on computer vision technology. Shekel Brainweigh has developed a stand-alone retail store format with intelligent AI-enabled shelving systems that count inventory by weighing items on the shelves.

The technology works in tandem with a Hitachi Light Sensing and Telemetry (Lidar) system that uses light to measure the distance of objects for tracking shoppers instead of facial recognition, according to Guy Moshe, co- Founder and CTO of the Retail Innovation Division at Shekel Brainweigh. . The Casino Group is currently testing the store format in France. Stores can be placed anywhere there is a cellular network, including 5G, but Moshe expects them to cost less and require less computing power than stores that support computer vision.

Mobile payments

Shopping and checkout experiences that take advantage of computer vision, lidar and other technologies for inventory management and customer identification are expected to become more common. We forecast that the volume of mobile payments in the United States will grow from $ 705.28 billion in 2019 to $ 2.541 billion in 2025 in mcommerce, proximity mobile payments and peer-to-peer (P2P) mobile payments. ). In short, mobile devices are becoming essential to enable payments to retailers.

With the increasing use of mobile wallets, the bandwidth and latency benefits of 5G networks can help speed up the payment process, whether through contactless or proximity payment method. In addition, the use of SIM authentication through the cellular service provider (i.e. no Wi-Fi connection), as well as fast networks for processing biometric data for identification, offer also new opportunities to speed up the payment process while reducing the risk of fraud. and ensure that the transaction is secure.

Interested in getting the full report? Here’s how to get there:

  1. Join other Insider Intelligence customers who receive this report, along with thousands of other ecommerce and retail forecasts, briefings, charts and research reports delivered to their inboxes. >> Become a client
  2. Buy the individual report in our store. >> Buy the report here

Are you a current Insider Intelligence customer? Log in and read the report here.

This article was originally published on eMarketer.

Source link

This Post Has 0 Comments

Leave a Reply

Your email address will not be published.

Back To Top