Omni-channel retailing driving demand for RFID technology
When it comes to accurately tracking inventory, there may not be a hotter technology to do so than radio frequency identification tags. In the face of omni-channel retailing, which demands consistency across brick-and-mortar stores, social networks, e-commerce websites and mobile devices, RFIDs are even more valuable.
A Frost & Sullivan report predicted the global RFID marketplace will increase from $738 million in 2014 to more than $5.4 billion in 2020.
Ram Ravi, an analyst at Frost & Sullivan, said RFID delivers full transparency across the entire supply chain – a capability that is behind the market’s future growth prospects. Businesses leveraging RFID tags can track items and identify any challenges along the pipeline that must be fixed.
“As the market for RFID in retail is still nascent, participants need to showcase the benefits of their products to customers through training and trade shows,” Ravi said. “Additionally, emphasis on offering a wide range of RFID products and strategic services to gain a competitive edge in the market is important.”
Omni-channel retailing demands a new way of approaching customers. Businesses using outdated point-of-sale systems are not doing themselves any favors because they will be in a difficult position to stay on top of inventory demands and customer preferences.
A cloud based POS could help retailers achieve organization-wide data accessibility, enabling employees, regardless of which Internet-connected device they use, to view real-time information pertaining to inventory stock, consumer loyalty rewards and past purchase histories. Such insight is critical to offer personalized customer service to all shoppers, regardless of their preferred purchasing methods.
Businesses with RFID tags and cloud based POS systems in place should thrive in the omni-channel retailing sector – something many firms have struggled to accomplish up to this point. Firms that embrace these solutions could get an early leg up on the competition in their respective markets.
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