“Retailers have been looking beyond efficiency and finding additional value from RFID technology. From product monitoring to loss prevention, or social media integration to advanced analytics, the technology has positioned itself at the center of a new era of RFID in retail,” states a new white paper from market-leading RFID technology and IoT platform solution provider, Mojix.
The paper was written to explore and disseminate the seemingly unlimited applications of radio frequency identification (RFID) for the retail sector. What’s been found is a technology that has gone beyond its great reputation as an efficiency tool to one that keeps creating new value wherever it’s applied.
RFID creates unprecedented stock accuracy, the paper finds, enabling omni-channel retail – a must for companies hoping to thrive in the modern retail landscape. RFID not only tracks the location of a product but can also track its condition, ensuring sensitive items arrive in good shape for display and sale. The technology is also central to the automated warehouse, which is revolutionizing the retail supply chain.
RFID goes further by tracking items in-store to prevent theft, loss and ensure customers can find the products they are looking for. This IoT platform can also track customers as they shop; adding to a wealth of information fed into insightful big data analytics systems. RFID has even found ways to integrate retail with social media, appealing to the millennial generation among others.
The additional value RFID adds to the retail business is not just speculation anymore. Hard statistics are now emerging that demonstrate new benefits almost anywhere the technology is being used. Most retailers were already convinced by the ROI of RFID for efficiency alone, now there should be little doubt in anyone’s mind.
“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,” the new white paper concludes.