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In this day and age of digitization, technology is the driving force for all businesses. The world is becoming increasingly tech-based, and thus organizations, big and small, have included technology in their services to abide by the norms of the day. The last decade has been primarily dictated by robust technological advancements that have transformed how businesses worldwide function. Technology now is at the core of all sustenance and growth in every industry vertical.
Further, the COVID pandemic has only added to enhance the importance of technology and how it dramatically improves the operational aspects of every business. The use of technology is now more of a necessity than a choice. In this scenario, the latest innovation that is gaining rapid prominence in recent times in the landscape of mobile networking technology is 5G. (See: 5G: The Enterprise Game Changer)
What is 5G, and how it is going to change our world
5G or the fifth-generation technology is the latest edition to the advancing field of mobile broadband technology. It is the successor of the previously used 4G or LTE networks and is said to surpass it on all levels. The 5G technology is expected to be several times faster than its predecessor and is thus much more efficient. Apart from the general benefits, the 5G tech significantly improves user experience and business operations. It is projected to be a pioneer in promoting IoT (Internet of Things) across industries and verticals.
This technology is set to make an expected appearance in the Indian markets by the end of next year. In this scenario, one must speculate some potential benefits that it may carry for the Indian businesses.
Some ways in which 5G can prove to be a big boon for Indian e-commerce are listed as follows:
Cutting-edge user experience
The infusion of 5G will transform the way virtual experiences work. The promptness, density, and strength of 5G networks will work to upgrade AR and VR-generated user experiences. It will also make possible the use of higher resolution images and videos online to make the user experience more natural and entertaining. In this way, 5G will be beneficial for e-commerce platforms that are fast-growing nowadays.
Further, it will help promote the inclusion and upgradation of Artificial Intelligence used in e-commerce platforms. Several AI-based tools like virtual assistants and chatbots will now intensify the customer experience by using their preferences and patterns to serve them better. That combined with the speed of 5G will truly level up the consumer experience. It will also facilitate the option of personalized, high-resolution ads and customer communication, both of which are critical to the e-commerce user experience.
Automation and tech are the way forward
A business utilizing the 5G network technology will be able to avail its several benefits in terms of cost and time effectiveness. Several operations can be fully automated using this form of tech, thereby saving businesses monetary and time-based expenditure. These additions will enable customers to have a smooth online shopping experience that is quick and hassle-free.
5G will also reduce latency compared to its predecessors, and thus its inclusion in e-commerce portals will do away with the need for long, undesirable waiting periods, which will add to the customer experience and satisfaction. Lastly, it is also a secure approach, and thus, it will allow customers to enjoy a greater level of security along with quality performance.
Since automation and tech have emerged to be notably utilized innovations in today's times by e-commerce platforms to enhance their profits, the inclusion of 5G in this area serves as an up-and-coming prospect.
Increased security of payments
Since 5G provides centralized control and a highly secured gateway for operations, its inclusion in e-commerce segments can be beneficial for online payments and such processes that require a greater level of security. Quick and safe financial operations online will attract customers, thus making 5G a must-have for the e-commerce portals of tomorrow.
Since 5G offers a more strengthened connection, quick pace, and greater security, any doubts or problems that the customers may face concerning online payments will be solved by integrating the payment gateways of e-commerce portals.
The enhanced reach of operations
The 5G technology is much stronger than its predecessors and thus sports an unmatched pace of operations and a higher connection density. As per Statista, 5G's connection density is almost ten times stronger than what 4G offers, making it capable of carrying over a million connections within a square kilometer. Further, Statista also states that the use of 5G will prove to be economical to the masses, making it more appealing to all and thus might even help increase internet usage and exposure.
A greater reach is always desirable for an e-commerce portal as it can spell out more leads and sales. Thus, online businesses will be able to capitalize on a broader customer base that might come from introducing 5G broadband technology.
With customer experience at the cornerstone of every enterprise discussion, 5G has the potential to unlock the real potential of digital transformation. However, businesses need to know the specific use cases of 5G and the potential benefits it can have on their ecosystem to leverage ultra-low latency and deliver exceptional bandwidth for their unique use cases.
The author is CEO & Founder of StoreHippo
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