The retail industry has developed rapidly in the past few years and shows no signs of slowing down. In order to survive and develop, retailers need to keep up with the latest retail technology. Some RFID manufacturers have helped retailers cope with a variety of challenges, including Omni channel fulfillment, loss prevention and automatic self checkout. Famous foreign brands such as Nike and Zara have obtained considerable returns in their RFID investments. The following three aspects decompose the obvious benefits of investing in RFID solutions in the retail industry.
1. Omni channel performance
During the novel coronavirus pandemic, when stores were closed to encourage social distance, consumers turned to online shopping. Even if the store reopens, shoppers now want to get the best of both worlds and flexible options, including online purchase, in store pick-up (bopis) and online purchase, and pick-up at the roadside (bopac).
In order to meet the demand, retailers need an inventory system to provide higher accuracy, higher visibility, and access to real-time data about the current location and status of each item. These are the basis of other omni-channel demands, such as inventory replenishment, ATP and picking packaging delivery fulfillment.
According to Accenture, retailers that have adopted RFID solution say that this technology is the key to resist the covid-19 economic crisis. As we adapt to the digital world after the pandemic, more RFID solution will be widely used in the retail industry.
2. Automatic self-service settlement
RFID self checkout solution can automatically read hundreds of products without scanning the code, which means that customers do not need to use the barcode or SKU number. This reduces waiting time, improves customer convenience, and minimizes close contact with others, which brings comfort to many shoppers in the post pandemic era.
Self checkout using RFID does not simply transfer the cashier's work to shoppers, but allows the store to create a convenient, intuitive and fast customer-centric experience. According to retail experts, RFID enabled self checkout will continue to be popular.
3. Loss prevention
With the relief of the COVID-19 epidemic and the gradual relaxation of control, customers are returning to offline stores for shopping. However, labor shortage makes it difficult for retailers to provide adequate customer service and prevent shoplifting. RFID solutions can help retailers understand the content, manner and time of specific items lost, and prevent future market contraction.
Using traditional loss prevention technology, if the goods with anti-theft device pass through the door, the alarm at the exit of the store will alert the retailer. Retailers only know that the goods are lost, and they cannot know exactly which items are lost or how many are lost.
RFID solutions for retail can reduce shrinkage and prevent losses. By better understanding the details of loss events, retailers can identify and quickly respond to new strategies that may be used by thieves and organized retail criminal groups.
RFID solution(more info) -- indispensable technology
Although the pandemic has brought rapid and tremendous changes to the retail industry, it has only accelerated some changes that have already occurred. Either way, we can't go back to the past. According to a public opinion survey conducted by Accenture, two-thirds of the global consumers surveyed said that they were very likely or very likely to use the door-to-door service now, and half of them chose to pick up goods by the roadside. In a similar poll conducted by Accenture on retailers, 87% of the respondents said that focusing on RFID enabled them to provide a better omnichannel experience during the pandemic. At the same time, 82% of people said that RFID solution was crucial to the implementation of emerging technologies, and 80% said that the benefits of RFID could not be replicated by another technology.
Retailers believe that RFID solution can provide the accuracy, visibility and insight required for use cases such as Omni channel fulfillment, loss prevention and self-service checkout. With more products supporting RFID, the scenario is also expanding. More importantly, the return on investment of RFID becomes more complicated with the more businesses use it.
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