The Expected Impact Of 5G In The E-Commerce Industry | Ask The Experts
5G services are now formally available globally, especially in prominent cities. For a long time, there has been speculation about the changes and opportunities that the 5G network will bring to the world, and now is the time when the real impact of the 5G Network on different niches can be studied. After the pandemic, the eCommerce industry globally experienced phenomenal growth, which is now coinciding with the 5G technology availability.
The Popularity Of the E-Commerce Sector
Today, all the prominent brands along with other small brands, have marked their presence in the eCommerce industries. Traditional offline selling, even though it still exists now, is not as prominent as the online market. It is especially true during the different festive seasons. The popularity of eCommerce was high even when people were using 4G networks. You can use a Speed Test to check your current internet speed to buy a product. Now that the 5G network has marked its presence, now is the right time to predict the expected impact of 5G in the eCommerce market soon. Here is how 5G can impact the eCommerce industry across the globe.
Ultra-Rich Content
Most of the product pages of different eCommerce platforms houses static photos. One reason for the static images can be attributed to the fact that it consumes fewer internet data. With any kind of internet speed, which you can check on platforms like Verizon, it is possible to lay hands on the images of the product. However, with the 5G network, the internet speed will be high, and the internet speed will no longer be a constraint.
Therefore, we expect to see more video and ultra-rich content on the product pages of the eCommerce platforms. With the introduction of 5G networks, we believe more prominent brands will work towards pushing more video content to sell their products.
Enhanced Mobile Commerce
The 5G network brings with it faster internet speed and low latency results. Hence, the reliability improves for its users. All these positive features of the 5G network will enhance the mobile eCommerce experience of the customers. The users can experience a smoother transaction while shopping. The loading time will also reduce, and overall, this will drive more sales in mobile commerce. The possibility of improvement in mobile commerce is vast; therefore, we will see many prominent eCommerce platforms making huge investments in apps.
Live Commerce
Live commerce is not something new, but it is sometimes not very popular. Mainly, live commercials are hosted by influencers with huge fan followings. In live commerce, the customers are presented with exclusive deals. With the spread of 5G technology, we expect more frequent live commerce, especially during the festive seasons.
Also, during live commerce, we might see the influencers act like micro-influencers who will help the customers to buy the products. They will help the brands improve their sales and, of course, will earn attributions.
Use of VR and AR
Goldman Sachs previously predicted that the global VR and AR market will reach a revenue of $80 billion by 2025. According to speculations, prominent brands will now engage in VR and AR to showcase their products and services to their customers. In 2016, IKEA ran a VR campaign, which was a huge success. More brands might follow in IKEA’s footsteps to give customers a new experience.
Better Customer Service
The 5G network will allow companies to provide a better customer experience. Firstly, the 5G network will improve the call quality issues due to the low latency rate. Furthermore, we can expect more effective communication in different communication platforms. Also the data derived from such platforms can then also be used to improve the customer result further. As a result, the customers will get to enjoy a more personalized customer journey.
eCommerce platforms are now much more than merely selling and buying products and services. eCommerce is now a huge part of our lifestyle, and people are now using it to buy things anytime and anywhere. Massive growth lies ahead for the eCommerce industry, thanks to the immersive experience that the 5G network will bring with itself. The customer base of the eCommerce industry will grow, and along with it, the revenue will grow too. 5G technology will bring a win-win situation both for businesses and customers.
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