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  • Editing Team 18:01 on January 16, 2014 Permalink | Reply
    Tags: retail,   

    Global RFID Adoption Accelerating in Retail Industry 

    The Big Ideas panel session hosted this week focus on the acceleration of global RFID adoption by retailers.

    “Of the top 30 retailers in the US, two out of three have something going on with RFID. If you’re not doing it now, you’re already behind, and if that doesn’t scare you, it should,” says industry expert Dr. Bill Hardgrave, “To succeed in the retail and apparel industry, you’ve got to solve the fundamentals first, which means inventory accuracy, and then you can focus on enhancing the customer experience. If you haven’t started addressing the fundamentals, you are behind.”

    “RFID is about sales growth and improving customer experience,” says expert Pam Sweeney, “We’re moving forward with additional categories and penetration into existing categories. The greater the penetration of RFID throughout the supply chain, the greater the benefits we see. I encourage more retailers to get on board.”

    “We’re seeing a significant number of retailers piloting and adopting RFID around the world,” says expert Francisco Melo, “This is due to the return on investment RFID delivers, its ability to significantly improve inventory accuracy and the simplification of implementation.”

     
  • Editing Team 08:33 on October 26, 2012 Permalink | Reply
    Tags: , , , , retail,   

    Why Should Retailers Adopt RFID? 

    retailer-tag-rfid-blogMany retailers may have a common concern: when it comes to RFID, am I ahead of, behind or out of the game? Clearly, RFID adoption is on their minds.

    In order to be competitive in the marketplace, retailers must have high inventory accuracy. According to studies from Auburn University and the University of Arkansas, RFID can improve inventory accuracy from an industry average of 60% or less to more than 95%. And if retailers can improve the inventory accuracy to 95%, many retail problems are solved or reduced — out-of-stocks go down, safety stock or unnecessary stock declines, and sales and/or margins improve.

    Now the answers to the retailers’ question are clear: If you have fully deployed RFID throughout your stores — tagging all items in all stores — you are ahead. If you have not started considering potential uses for RFID in your stores, you are behind.

    Over the past few years, there have been a significant number of retailers adopting RFID, particularly those in apparel (both specialty and department stores). Yet the number of retailers not deploying the technology is still large, too.

    However, the fact is that any retailer without RFID has an inventory accuracy problem. Many retailers know they have a problem but do not want to admit it, while others even fail to realize it — they look at existing data and assume all is well, yet in fact they are relying on bad information. There are still some retailers who realize they have a problem and spend lots of resources trying to correct it. They typically hire more workers to manually scan the barcodes on items, which is expensive and inefficient.

    To solve a problem, one needs to acknowledge the problem. Then good data is needed to fix the problem. Finally it comes to addressing the related cost concerns. Tracking items with RFID provides good data and is more cost-effective than increasing labor resources.

    In the near future, retailers will require RFID to be competitive. It’s time for all retailers to ask, “Am I using or planning to use RFID to improve inventory accuracy?” If the answer is no, it’s time to take steps to get into the game.

     
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