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The top driver of planned 5G adoption in stores is the increase in customer mobile devices in stores — and 93% of retailers are expecting a boost of in-store phone usage. That’s according to the new study conducted by Verizon and Incisiv.
The study highlights the pressure that store networks will be under as respondents have indicated that customer mobile device usage, the number of technology applications and percentage of technology that will be deployed in the cloud will all increase significantly in the next 12-24 months.
As consumers increasingly demand their in-store and online experiences to be seamlessly connected, retailers are already deploying technology to bridge this gap. For example, 83% (eight in 10) of retailers indicate that the amount of technology deployed at their stores will increase by 2025.
With the number of customer and associate mobile devices increasing, and more in-store technology deployed, retailers’ lack of network support will be a challenge. In fact, only 20% of grocery and general merchandise retailers are satisfied with their ability to manage peak network traffic. Customers are demanding more from their in-store, mobile and online experiences — and 5G provides the core capability to deliver those experiences.
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While overall 5G adoption stands at about 13%, it’s expected to almost triple by 2024. With increased network speed, bandwidth, and lower latency, retailers can offer customers and associates expanded capabilities and continue to enhance the customer experience. It is the realization of these enhanced business use cases that will accelerate the adoption of 5G across the retail industry.
The findings are based on quantitative and qualitative research with over 100 respondents, 42% of which represent companies with over $1 billion in revenue.
Read the full report by Verizon and Incisiv.
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