For the last 20 years, the cable industry has been fueled by three revenue streams: cable television, landline phones and high-speed broadband. But emerging technologies have meant fewer households require a landline, with millions shifting from cable TV to streaming platforms like Netflix, Disney+, or AppleTV.
Wireless is a competitive and ever-changing industry, and previous forays into it by cable operators have been hit or miss. Many even speculate that past attempts have been mostly for retention tools for broadband and video offerings.
But with this go-around, we’re already seeing cable operators making successful moves into the wireless market. And, interestingly, they aren’t just doing so to offset slowing traditional cable revenue – operators have found the right offerings that have turned their services from a retention tool to one that turns a major profit.
cable is coming on strong, with growth accelerating faster than predicted.
While the industry may seem saturated, and business feeling anything but normal these days, consumers are always in need of effective, efficient, and convenient wireless services. If you’re considering entering the wireless market and needed a little nudge, consider this your proof: Cable operators stand to gain substantial ground, and revenue, by going wireless — if they have the right retail POS system.
So, why go wireless?
Entering the world of cellphone retail is a bold move but doing so will create a formidable and powerful network for cable, wireline, and multi-service operators.
Services that operators are offering have moved beyond a retention tool to one that turns a profit. And perhaps the biggest advantage up their sleeves is that they are posed to disrupt legacy networks with speed, flexibility, and connectivity of their network.
In a variety of industries, jobs have been created, expectations have changed, and opportunities for growth have emerged all because of the advancement of technology, specifically mobile.
The market share gain is accelerating, and the competitive dynamics are shifting.
Take the telecom giant, Comcast for example. By adding their wireless service in 2017, they were able to increase revenue by 31.2% ($1.167 billion). And they’re not the only success stories. As wireline-focused telecommunications businesses focus on improving their mobile offering, they’re quickly becoming the go-to for mobile consumers.
With this fundamental and societal shift, it’s more important than ever to be able to stay connected. That’s why wireless is so lucrative and the opportunities to be had are vast.
Consider the impact of 5G
When moving into wireless, you need to be considering the future. And what is just around the corner for all retailers alike is the very near, and very real, digital transformation of 5G.
5G will be a part of the retail sphere faster than you’d think and it’s the perfect time to ready your business to take full advantage of all of its benefits. This new level of network connectivity is going to elevate the incredibly high expectations of consumers. They’ll expect that every mobile device has lower latency, higher speeds, and improved performance.
As the next generation in wireless technology, 5G promises to boost data speeds by up to 100 times, making them competitive with the fastest wired broadband networks. It also will:
- Increase revenue potential
- Enhance the customer experience
- Improve operational efficiencies
Entering into the wireless industry will allow your business to capitalize on these benefits, but the more entrants in the market, the thinner the profits will be. This is where agility will come in handy; provide wireless services before your competitors catch on.
Do you have the right POS to go wireless?
When it comes to wireless retail, your cellphone stores need far more than a basic POS: it needs a tightly integrated store system that positions you to deliver the satisfying end-to-end customer experience consumers are expecting, such as handling inventory, rate plans and pricing, reconciling commissions, and the complexity of sales associate commissions, all while ensuring a consistent brand experience across your stores.
Before leaping into wireless, be sure to examine every potential gap in operations that would cause delay, disconnection, or ineffective onboarding of this new offering. Preparedness is everything. That’s why asking the right questions and installing the right tools will smooth your path to industry entry:
- What do your current accounting processes look like?
- What training would your staff need?
- Will wireless onboarding disrupt your customer experience?
- Can you still satisfy wireline customer expectations while adding wireless into the mix?
These are just a few of the questions you’ll need answers to.You may be making this decision alone or you may have a team of decision-makers to bounce ideas off of. Picking the brain of many stakeholders will ensure you’re able to see wireless from all angles and get employees of every level ready for this new and exciting addition to your service menu.
Ready to go wireless?
If you’re interested in adding wireless and want a detailed look at what it takes to succeed as a new entrant into the market, download the free eBook below! Complete with critical questions to ask and a wireless checklist, it’s everything you need to head confidently into the wireless industry.