The Combination of 5G and AI Could Create Incredible Advancements in All Fields - Including Retail
AI and 5G technologies offer incredible potential for human advancement on their own, but the combination of these two technologies could drive unprecedented advancement in the near future.
While AI offers powerful automation solutions, the rise of 5G allows developers to scale up their projects quickly with no need to build fiber-optic networks to transmit data. New 5G networks are transmitting data faster than ever before which is allowing developers to come up with more advanced systems.
"5G in the field, in real-world deployments, enhances the value of all these other technologies,” Bill Menezes, a senior principal analyst at information-technology research and advisory firm Gartner Inc., said to the Wall Street Journal.
The combination of these technologies is already making an incredible impact and experts believe there are many more advancements to come. We are already seeing developments in a variety of fields, including retail.
According to Trevor Sumner 5G and connected devices are bringing retailers incredibly detailed customer intelligence while changing the consumer shopping experience.
Perch by Raydiant connected retail-marketing platforms include sensors installed on store shelves which can track when customers pick up items to investigate them. This information is then sent back to store managers to keep them informed.
"We can say, this product was picked up a hundred times, but people decided to put it back,” Sumner says. “Let's go find out what's wrong."
When these platforms are combined with AI-enabled software and advanced analytics, retailers can use this data for a variety of reasons from resetting prices to improving product displays.
This type of technology is advancing the customer experience as well. Perch by Raydiant interactive displays feature a video screen that provides information to customers as they shop. According to Sumner, retailers who use this technology like Sunglass Hut, Sephora, Kate Spade, and Pernod Ricard, are reporting 60% average increases in sales.
Sumner expects 5G networks to decrease latency speeds for these products significantly, allowing retailers to use more advanced tools to target customers with more consumer-specific messages.
With the help of these technological advancements, Sumner believes brick-and-mortar stores will be able to better compete with large online retailers like Amazon that can tweak their products based on computer behavior. With the technology Perch by Raydiant implements, physical retailers are able to use advanced data to provide similar client customization.
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