Verizon and Deloitte Partner on 5G Retail Data Platform
Retail businesses have not enjoyed the boom of technologies that have been lavished on their digital counterparts. So far, retailers have been forced to put up with a relative dearth of solutions – specifically data accessibility and optimization.
There is no denying that such technical handicaps have eaten into customer experience (CX) quality, while stifling staff productivity.
Retailers will soon get a long-deserved sigh of relief as Verizon’s trailblazing 5G-based partnership with the global consulting firm Deloitte promises to soothe this retail pain point.
But what does this partnership offer retailers in terms of data?
The Verizon-Deloitte partnership
Verizon and Deloitte announced this month a groundbreaking 5G and mobile edge computing (MEC) digital platform optimized for the retail industry.
The platform is aimed at enhancing CX and operational efficiency and enabling retailers to access a deluge of real-time in-store data.
With better data analytics, retailers will be more equipped to ramp up their customer engagement, staff productivity and inventory management. Sound exciting?
Specifically, infamous deficiencies associated with in-store retail CX, such as plan-o-gram compliance, depleted inventory and cashier-less checkouts, stand to be addressed soonest.
What's in the platform?
The retail 5G data platform by Verizon and Deloitte will pioneer retail automation.
Verizon’s 5G infrastructure and the mobile edge computing digital platform will be spruced with technologies such as artificial intelligence (AI), video camera- and sensor-based analytics and augmented reality (AR) and transform a retailer’s data ecosystem.
When further combined with Deloitte’s retail engineering experience, there’s a gamut of promising enterprise-wide solutions, some of which are achievable in the not-too-distant future.
Their platform includes real-time supervision, data analytics and insights derivation from conventional retail data hubs, such as distribution centers and stores.
Retailers will achieve a digitized system that increases application integration value on the administrative end and also on the customer-facing end, furnishing retailers with a flexible mechanism to enhance business outcomes and overall ROI.
Deloitte and Verizon are raising expectations on the platform further by partnering with SAP, global leader in enterprise software.
The collaboration between these three market leaders will allow for the seamless integration of SAP’s software suite into the 5G retail data platform. This integration will features the introduction of SAP S/4HANA and SAP Customer Activity Repository technologies into the platform.
Tami Erwin, CEO at Verizon Business, is enthused about the success the collaboration promises.
“It’s an exciting moment to unveil this innovative retail collaboration with Deloitte and SAP,” Erwin said. “We are entering a new era of technology-led disruption at the exact same moment that every retailer is looking to accelerate digital transformation, increase productivity and improve customer experiences.”
Retail use case
The retail data platform will change the way retailers do business. Some of these transformations will blossom with the technological consolidation through 5G, while others are already at hand.
One immediate use case is the bountiful supply of actionable real-time intelligence. With such data, retailers will better manage their inventory, eliminating out-of-stock scenarios.
The platform with MEC will automatically send notifications to re-stock items to either in-store associates or transmit these replenishment notifications to distribution centers for stock re-fills.
As a result, retailers using 5G data platform should see improved margins, amplified sales and improved CX, particularly when in-store staff isn’t allocating time to cycle counting inventory.