In recent years, RFID tags have entered the fast lane of development, have been widely used in many fields. The most important needs of retail enterprises, including
corporate profits, sales, business intelligence these three blocks. While the application of RFID technology in the retail industry successful helped enterprises improve production and sales efficiency, increased corporate profits, and changed User’s consumer experience.
RFID tags total increase rapidly, highly favored by retail
From the total amount of application of RFID electronic tags, 2016 nearly 6 billion, by 2021 nearly 27 billion. In terms of production value, it will exceed $390 million in 2016
and more than $1.4 billion by 2021. It is understood that the retail apparel giant Decathlon, H&M, Marks&SpencerEMEA, Martha, Metro, Wal-Mart, Tesco these super-retail giant and Decathlon sporting goods retailers are promoting the popularity of RFID application.
Earlier, Decathlon RFID project director Jean-MarcLieby said: “Approximately 85% of Decathlon’s products have been used RFID tag, which has increased store inventory efficiency by 5x (for RFID-labeled products), improved store loading rates by 5% and reduced product loss rate by 9%. 5% of sales growth attributed to the use of RFID inventory tracking system.”
RFID tags show off its talents to overcome the six points of retail
RFID tags brought tangible benefits to retail industry, no wonder retail company pay more attention to it. So, in the field of retail industry, how RFID technology display their
As we all know, the retail industry from the procurement, storage, packaging, loading and unloading, transportation, distribution, sales to service, the entire supply chain
interlocks. Companies must grasp flow and change of the entire business flow, logistics, information flow and capital flow in real time and precisely to be able to effectively
and quickly achieve sales or replenishment. In addition, the retail inventory efficiency, real-time data, employee engagement, data accuracy, product feedback, data depth has
been regarded as the retail industry’s six pain points, these are also the hurdles retailers want to overcome.
Retailers are using RFID electronic tags as the information carrier, relying on network communications, system integration and database applications and other technologies, set up a set of information platform by government regulation and sales. While this information platform can realize the record of each link of the whole industry chain from production, processing, storage and transportation to terminal consumption.
RFID electronic tag with its own unique identification methods and technical characteristics so that the supply chain system can be more simple and automatic to track the commodity dynamic to achieve the automated management of goods. Moreover, RFID electronic tags also provide the retail industry with advanced and convenient data acquisition mode, convenient customer transactions, efficient operation mode, quick and insightful decision-making methods. Through the application of RFID technology, retail inventory, return, anti-theft, and cashier are gradually realizing the digital management of logistics.
There are three main reasons why these retailers are so highly valued by rfid electronic tags: First, RFID can help these enterprises reduce inventory; second, RFID can improve the accuracy of inventory; third, RFID can bring higher efficiency business results.
Last year the total sales of global retail industry exceeded $22 trillion, it is expected to exceed $28 trillion by 2018, which reinforces the retailer’s need for RFID technology. Another factor driving the adoption of RFID technology in the retail industry during the forecast period is the e-commerce market’s competition for services such as price and delivery time. RFID electronic tags can reduce operating costs, shorten lead time and reduce error rate.
Furthermore, each RFID tag has a globally unique ID number – UID, no need to read the barcode label for each item, which can greatly improve the efficiency and save labor costs. Moreover, the enhancement of anti-theft function based on RFID technology can reduce the loss rate and the material cost.
RFID tag applications in the retail sector will continue to increase, and will play an increasingly important role in improving the competitiveness of modern retail enterprises. In the future, RFID labels may replace paper labels, setting off a new wave of applications. However, it can be predicted that in the future there will be more RFID companies to enter the retail layout to compete for the retail market dividends.