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In the current era of retailing, consumer and operational efficiency expectations are radically changing. Retailers and brand owners are actively exploring digital transformation opportunities for their supply chains and stores, and are asking important questions. What to invest in next, and how much?
Many retailers are turning to digital identification technology as the answer, and among them, radio frequency identification (RFID) is proving to be among the most effective.
One company succeeding in this area is SML, a global leading RFID and labeling solutions provider founded in Hong Kong in 1985. Today, SML operates in more than 20 countries with over 4,500 employees. SML has invested considerably into RFID technology in the past years. “We are seeing a new era of retail emerging, so in the last 10 years we have heavily invested into RFID,” says Ignatius K.C. Lau, CEO of SML. “At present, only about one-fifth of the retailers and brand owners (RBOs) have deployed RFID, suggesting great potential for growth.”
The case for RFID: How much does it actually help?
RFID technology has become popular because it enhances operational efficiency, reduces costs, and improves sales performance by dramatically improving on-shelf availability. By increasing inventory accuracy to 93-99% while adapting to existing enterprise systems, retailers are now able to replenish shelves and fulfil on-line orders more accurately.
Compared to many other forms of identification, RFID stores large amounts of data, does not require line of sight, and can read hundreds of tags every second (>20x faster than barcodes). It can also read contents of unopened boxes, support advanced anticounterfeiting, and provide accurate real-time data despite tough environments (e.g. extreme temperatures, rough handling). This allows associates in the stores to spend more time serving customers, while also allowing retailers to get better visibility within…
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