RFID or radio frequency identification has rapidly evolved from an innovation used at the retail industry’s peripheries to a global technology that allows retailers to reach unimaginable heights of prosperity. After studying RFID in retail for decades, modern-day researchers have learned that RFID has not only gained a firm footing in the market – its position is constantly improving.
Retailers are using RFID to get used to disruption. RFID tops the priority list, with just 3% of retailers not considering the technology. The majority of retailers (85%) said the advantages of RFID could never be duplicated by anything else. One can, without a doubt, say RFID is here to stay, and it is exhilarating to imagine how retailers will use it down the road.
RFID in the Retail Industry is Flourishing
The experts providing inventory RFID system said that when it comes to RFID adoption, the United States of America continues to be the leader, with about 92% of the retailers there utilizing RFID. When you factor in other aspects and not just piloting or implementing, the United States of America, Asia-Pacific, and Europe have noticed a substantial increase in RFID usage.
Retailers love all the beneficial features. RFID contributes to inventory accuracy and is known for accelerating omnichannel capacities. Over the past couple of years, the increase in RFID adoption has overlapped with the rise in expanded use cases and return on investment for this technology.
The latest RFID research showed that adaptive retailers are identifying multiple use cases. Even though inventory visibility remains the most critical use case, omnichannel offerings and supply chain visibility follow closely.
Retail Use Cases Elevate RFID Value
High adoption, more use cases, and a rise in omnichannel enablement contributed to return on investments. When retailers enable five or more omnichannel purchase experiences, they see a twenty percent high ROI than retailers who pair the technology with four or fewer omnichannel purchase experiences.
The coronavirus outbreak had a profound impact on RFID adoption and other technologies. The excellent news for RFID is that larger segments of the respondents agree that RFID is necessary for implementing other technologies. RFID functions as a companion.
Retailers Unlock RFID’s Full Potential
The experts providing the best RFID inventory management system said RFID adoption calls for radical changes, and there is so much for the associates to learn. However, almost all retailers believe that the merits successfully outweigh the demerits.
Retailers can implement RFID in the following ways –
Finding the Right Partners or Suppliers
To scale the RFID technology, retailers must consider collaborating with top-notch partners, advisors, and suppliers who support advancement over everything else.
Computing the Value of the RFID Investments
Retailers must create comprehensive business cases, relying on data to compute the potential returns
Training and Communicating with the Employees
RFID implementation changes store operations to a great extent. Therefore, a powerful strategy is necessary for gaining and generating support.
RFID can be effective only when it seamlessly functions throughout an organization – from sourcing to the stores and team members. Leadership sets the stage. Explain to people how technology can bring value.