Verizon Business, Deloitte bring 5G to retail, transforming customer experiences

Rhea-AI Summary

Verizon and Deloitte have launched a retail digital platform leveraging 5G and mobile edge computing (MEC) to enhance operational efficiency and customer experience in retail. The initiative aims to provide real-time analytics to address common challenges like inventory management and customer engagement. Key technologies include AI, AR, and video-based analytics. This collaboration will also integrate SAP’s software solutions to enable improved revenue, margins, and overall sustainability for retailers. CEO Tami Erwin emphasized the importance of digital transformation in today's retail industry.

Positive

• Launch of innovative retail 5G and MEC platform aimed at improving operational efficiency.
• Integration with SAP's software to enhance revenue and profitability for retailers.
• Real-time analytics to tackle inventory management and customer engagement issues.

Negative

• None.

What you need to know:

• Verizon’s 5G and mobile edge compute, coupled with Deloitte’s retail industry and solution engineering experience, aims to improve store operating efficiency and enhance the customer experience.
• The platform will drive automation with near real-time monitoring, analytics, and insights within stores, distribution centers, and warehouses, enhancing operations, enabling customer personalization, and improving inventory productivity.

BASKING RIDGE, N.J., Feb. 10, 2021 (GLOBE NEWSWIRE) -- Verizon Business and Deloitte today unveiled a 5G and mobile edge computing (MEC) retail industry digital platform that is designed to give retailers the ability to gain significant efficiencies in their retail operations and transform customer experiences. This innovative platform can unlock retail in-store data with near real-time analytics to improve customer engagement, inventory efficiency, and associate productivity. The in-store experience should be significantly enhanced by addressing challenges retailers typically face, such as out-of-stock items, plan-o-gram compliance, and frictionless/cashierless checkout.

Verizon’s 5G network and MEC, combined with advanced technologies such as video camera and sensor-based analytics, artificial intelligence (AI), and augmented reality (AR), are the foundational elements of the retail platform. Together with Deloitte’s retail industry and solution engineering experience, the two organizations have developed a set of enterprise-wide use cases that can be enabled by the platform, a reference architecture that amplifies back-office application integration value, and a customizable approach to accelerate outcomes and ROI.

Verizon Business and Deloitte are collaborating with SAP to integrate SAP’s innovative software suite, including SAP Customer Activity Repository and SAP S/4HANA^® into the platform. Enablement of these technologies can offer retailers sustainable business performance and profitability acceleration across key levers, such as revenue, cost of goods sold, and operating margin.

“It’s an exciting moment to unveil this innovative retail collaboration with Deloitte and SAP,” said Tami Erwin, CEO, Verizon Business. “We are entering a new era of technology-led disruption at the exact same moment every retailer is looking to accelerate digital transformation, increase productivity and improve customer experiences. We’re ready to open the doors to Verizon’s transformative 5G and mobile edge compute platform and look forward to helping our customers reimagine everything from their employee experience and supply chain to end-customer use cases.”

Of the many use cases under co-development through this collaboration, one example is near real-time actionable intelligence to address out-of-stock shelf inventory management, where the platform generates automated replenishment notifications to in-store associates to refill shelves from the back of the house and alerts distribution centers to allocate additional inventory. This co-innovation aims to help retailers increase sales, improve margins, offer greater product availability, and give associates more time to engage with customers when they don’t have to spend as much time on activities like cycle counting.

“The opportunity for 5G and MEC to enable frictionless retail experiences and improve asset productivity should have a seismic impact on the retail industry,” said Anthony Stephan, principal, Deloitte Consulting LLP, and US Consulting consumer industry lead. “Our collaboration with Verizon Business and SAP enables us to efficiently and effectively address the concerns of retailers today, providing a best-in-class digital transformation experience that can respond and deliver at the speed of 5G.”

For more information, visit this Verizon Business landing page.

About Verizon Communications Inc.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology, communications, information and entertainment products and services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $128.3 billion in 2020. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 7,000 private companies. Our people come together for the greater good and work across the industry sectors that drive and shape today’s marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthier society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Now celebrating 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s more than 330,000 people worldwide connect for impact at www.deloitte.com.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at https://www.verizon.com/about/media-center. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Verizon Media Contact:
Kyle Ragonese
kyle.ragonese@verizon.com
732.236.3526
@KyleRagonese

Anisha Sharma
Public Relations - Deloitte Services LLP
anissharma@deloitte.com
201.290.9119
@anishap

                                                        

FAQ

What is Verizon's new retail platform with Deloitte about?

Verizon's new retail platform, developed with Deloitte, utilizes 5G and mobile edge computing to enhance store operations and customer experience.

How does the Verizon retail platform improve inventory management?

The platform offers near real-time analytics to automate replenishment notifications and address out-of-stock items.

What technologies are integrated into Verizon's retail platform?

The platform incorporates AI, augmented reality, video analytics, and SAP's software solutions.

When was Verizon's retail digital platform announced?

The retail digital platform was unveiled on February 10, 2021.

What are the expected outcomes of using Verizon's retail platform?

The platform is expected to improve sales, margins, and enhance customer service by optimizing inventory management.