Visibility, accuracy and efficiency are words often associated with radio frequency identification (RFID) and its use in the retail industry. Gaining such qualities streamlines supply chains, thereby cutting costs and improving reliability.
There’s a lot more to RFID however, and a new whitepaper from RFID technology and IoT solutions provider Mojix explores The Future of RFID in Retail: Finding Value Beyond Efficiency.
RFID adoption is no longer a question for the retail sector to answer. Efficiency is enough to justify investment and keep RFID adopters in the competition. However, the difference between the best and the rest will be decided by who can harness the far-reaching benefits of RFID
Retailers with the biggest ambitions are in no doubt about the value that RFID is bringing to their businesses. RFID provides priceless information that is redefining the strategic process, it is the best way to enable the exciting new world of omni-channel shopping, and it enhances the customer experience with a clear impact on sales.
Global apparel retailer River Island reported a 10% sales increase when piloting RFID technology in many of their stores. Perhaps more significantly, the retailer experienced an equivalent drop in sales in those stores when RFID technology was removed after the trial.
The growing body of evidence from deployments like this is quickly building the case for RFID in retail and other sectors. In fact, 73% of retailers and brands are either currently implementing or piloting RFID technology, according to Kurt Salmon’s 2016 RFID in Retail study.
The tide is turning in the modern retail landscape. RFID is fast becoming commonplace and it’s not just for the major players. Retailers of all sizes are increasingly excited by this revolutionary technology that promises to create value and develop efficiency across almost every segment of their business