October 6, 2020—Vancouver, BC—iQmetrix hosted the first-ever live, virtual Industry Address.
This morning at 11AM ET, iQmetrix hosted the first-ever live, virtual Industry Address. The telecom industry has undergone fundamental changes throughout 2020 and with that has come major shifts in how retailers do business. With this in mind, iQmetrix experts crafted 90 minutes of industry-minded information to arm business leaders with insights to future-proof their business.
Through investigating all that the trends in the telecom industry, three key takeaways emerged from the Industry Address:
- The intricate relationship between telcos and the merging of wireline and wireless
- Retail channel strategies that will push telecom forward
- Product developments and enhancements that aim to create a unified customer experience
Telecom retail is a complex industry and with ever-evolving customer expectations, it’s clear the complexities are only going to grow. With those trends and complexities in mind, iQmetrix announced brand-new products and enhancements into the company’s software suite to provide even greater support to those looking to get into, or those looking to grow within, the telecom retail space.
The Telco Relationship: Wireline Meets Wireless
Mergers and acquisitions of telecom businesses changed the relationship between wireless and wireline. On both sides of the aisle, businesses broadened their offering beginning with the merger of T-Mobile and Sprint, resulting in the divesting of Boost Mobile stores which enabled Dish to enter confidently into the wireless space.
The trend consolidation continued throughout 2020 as iQmetrix saw fewer clients but an increase in overall doors. Wireline and cable telcos such as Dish and Charter are expanding their revenue potential by moving into the wireless space.
Telecom convergence was pushed further by the introduction of 5G—a technology that poses both a threat to wireline internet revenue lines while simultaneously being an opportunity for growth in wireless. The convergence is a response to 5G that has blurred the line between wireless and wireline companies even further. iQmetrix no longer considers these industries to be separate, and instead are viewing the two as a pivotal part of the telecom industry at large.
It’s also worth noting that not only wireline retailers are moving into wireless, but big-box brands and OEMs as well. Multi-channel and store-within-a-store businesses are emerging to supply consumers with even more avenues to make wireless purchases.
Trends in Telecom Retail Channel Strategies
Nice-to-have technologies are now becoming essential. The industry has seen rapid adoption of omnichannel solutions including curbside pickup; more advanced e-commerce channels; buy online, pick up in-store; and other digital retail methods that support consumer-centric strategies.
Of the available omnichannel solutions, home delivery, contactless payments, and curbside pickup/checkout are considered top listed retail investments for retail in a post-COVID era. When telecom retail is considered, BOPIS and ROPIS solutions should also be top of the list. For businesses who have to pick and choose when it comes to implementing new methods of retail, these should be considered table stakes. Above other technologies, solutions that widen the purchase channel possibilities and make telecom retail more convenient will determine who takes the lead in the industry in the coming months.
And at last, we have seen what has long been promised—a coveted hockey-stick growth for e-commerce. In just three months, growth for e-commerce solutions has skyrocketed, experiencing the equivalent of 10 years of growth.
iQmetrix Product Developments
In response to the rapid rate of change telecom is in the midst of, iQmetrix announced many product enhancements as well as two new products tailor-made for retailers in the industry.
Product experts outlined detailed changes in RQ version 6.30—the latest iteration of iQmetrix’s retail management software—as well as introduced Queue Management and Pay Anywhere.
Queue Management is a queuing solution where telecom retailers can manage in-store traffic, reduce lost revenue potential through walkouts, and provide an exceptional experience by eliminating idle wait times for customers. When a customer joins the queue, it eliminates the need for them to stand in a physical line outside a telecom retail store. While today’s concern is touchless retail and physical distancing, tomorrow’s landscape will focus on creating enhanced retail efficiency. Queue Management enables telecom retailers to be prepared for both.
Pay Anywhere is a transactional process that enables customers to pay for in-store purchases without a traditional payment terminal. Whether a customer is looking for a distanced payment process or they would like to speed up the transaction and pay on their own, Pay Anywhere enables it. Launching in November, the Pay Anywhere solution is a prime example of how retailers can leverage mobile solutions. Customers request Pay Anywhere, and a payment link is sent to their mobile device. They then complete the transaction using a credit card, Google Pay, or Apple Pay. It’s a mobile-first process that provides an elevated level of customer experience.
The iQmetrix Industry Address provided an investigative look at what telecom retailers need to plan and execute on strategies for differentiation. Click here to learn more about the event and for a recording of the entire 90-minute session.
iQmetrix's intelligent retail management software is designed to power the telecom industry. Our solutions are built around enabling telecom retailers to deliver a buy-anywhere strategy through multi-channel inventory management and digital retail solutions that unify customer, brand, and retail experiences across all purchase channels. For more than 20 years, iQmetrix has been passionate about helping leading brands in telecom thrive by providing the software, services, and industry expertise they need to see continued success. Currently powering 20,000 retail locations, iQmetrix is a privately-held software-as-a-service (SaaS) company with offices in Canada and the U.S. Visit www.iQmetrix.com to learn more.