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Growth of the Radio-Frequency Identification Market

As retail stores are growing across the globe, the need for reliable inventory solutions is on the rise. According to a recent market study, more than 55 percent of the customers prefer brands with a robust online and offline presence. And, in order to, successfully manage their Omnichannel presence, retailers must invest in enhanced inventory management and control systems.

Benefits of RFID technology

Radio-Frequency Identification (RFID) solutions enable store owners to improve inventory accuracy by more than 90 percent. Therefore, the RFID market has gained immense popularity over the years and will continue to do so in the future. Store owners can place RFID tags on assets and utilize scanners to collect, manage and store information. Industry experts believe that firms can implement RFID for accurate, seamless and real-time inventory management. Furthermore, it also assists in optimizing day to day operations and promotes productivity across the organization.

The RFID scanners allow retailers to scan multiple tags at the same time, and thus, allowing firms to gain store insights. Therefore, businesses can reduce dependence on store personnel as well as avoid human errors, duplication of tasks and wastage of valuable resources. Through the use of RFID solutions, retailers can accurately locate and monitor products in-store. As a result, firms can fulfill shopping orders and avoid lost sales opportunities due to out of stock or misplaced products.

Tackling Online Concerns

Despite the various benefits of RFID solutions, businesses are concerned with this advancement. Growing online risks and data privacy issues have significantly impacted RFID adoption and implementation. However, with the presence of new and advanced cybersecurity measures, retailers can protect in-store data and promote overall business growth. In addition, it also allows in streamlining the process of supply chain management and enhancing inventory visibility in-store.

RFID technology enables retailers to enhance the overall store layout to boost sales. Furthermore, the data generated through this advancement assists in optimal tracking, allocating and managing human resources. As a result, the RFID market is expected to reach $24.5 billion by the end of the year.

The benefits of RFID are endless. From gaining insights on relevant and up to date information to introduce a more cost-effective way of inventory management, RFID is on the rise. Businesses must rely on RFID technology to improve store infrastructure effectively and efficiently. Furthermore, RFID will also generate a more cost-effective and faster way to locate assets, fulfill demands and satisfy customers. As a result, retailers investing in this advancement will promote repeat purchases and gain an advantage over the industry competition.

 

Written By: Ranjeewa Dias

Business Technology Manager

2020-03-17T06:39:39+00:00

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