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High speed internet and the single bill for home and mobile broadband services are the two main motivations for their shift to 5G, but they are not the only two. Although there are some drawbacks with 5G it can contribute to both the way we shop and the way that we consume information. According to a recent study, providers have already begun piloting new technology, but it is estimated that 5G will begin to grow gradually from early 2021.
Strong uncertainty prevails within companies about the capabilities provided by 5G, as only 44% of businesses and technology companies in the world, believe that 5G will be 100 times faster than 4G. So how will this affect business and buying?
So in an age that is moving at a digital pace, entrepreneurs should also realise that they now have a new distribution channel for their products and services. The power is in your hands. Change may seem difficult at first, but it brings significant advantages over conventional distribution media. The benefits of drop shipping have been seen for a long time but with 5G coming into circulation we can expect things to be at our fingertips, with new technology knowing what we want, including targeted ads and easier paying methods.
Why is this good for business? It certainly brings you into the new decade! Not only is it great for the shopper but also good for businesses to jump on the bandwagon. The installation of 5G proves to be a strong lever for the growth of many economies, contributing significantly to the strengthening of GDP as well as to the increase of jobs.
It’s time to appreciate an ‘Omnichannel customer experience’. Consumers use a growing number of channels at all stages of research and purchase of products and services (e-shop, marketplace, social media, physical store). The omnichannel commerce offers consistency and uniformity in the customer’s shopping experience. Companies should focus on providing a seamless experience to their customers, whether they are shopping online from a mobile device, laptop or in one of their stores.
Room for growth is massive and it can allow businesses to keep on top of new trends instantly. New trends such voice shopping are likely to take centre stage as well as allowing shoppers to make their online shopping part of their daily life wherever they are at home, at work, on the train. These channels will be: social, search, news media, store, e-shop) and devices (smartphone, virtual assistant, TV, laptop).
Social commerce is also likely to grow and it’s certainly important to distinguish between social commerce and social media marketing. With the latter, the user is guided by the promotion of the product (advertisement or simple post – tweet) on the corresponding page of the product in the e-shop to be informed in detail in order to purchase the product from the online store. 5G is going to make all this incredibly fast paced and easy to digest, for an exciting future. So despite your concerns, it’s certainly going to be a lucrative choice.