RFID technology reduces the burden and speeds up the development of the retail industry

Radio frequency identification (RFID) technology is one of the fastest growing technologies in use today. RFID technology consists of electromagnetic tags attached to objects, bills, Assets and commodities, RFID reading and writing devices and RFID software. These electromagnetic tags contain electronically Stored information, sensors and antennas. Through radio waves and hardware (such as beacons or communication sensors for proximity marketing), tags are activated by a reader/antenna that reads and transmits data. These labels are not only affixed to products, but also on shelves and displays in stores, and some are even embedded in luxury goods.

RFID entered the retail market in the late 1980s, primarily for inventory management. In the early days, RFID hardware and tags were cost-prohibitive for mainstream products, with each tag plus antenna and sensor costing $7 or more. In 2019, the RFID market was worth approximately 482 billion yuan, and innovation in the Internet of Things (IoT) is growing. Today, the cost of tags is about 0.6 yuan or less per tag, which greatly reduces the cost of use for the entire industry.

RFID Jewelry anti-counterfeiting tags

Unmanned retail stores using RFID technology

RFID covers tag manufacturers, sensor hardware, platforms, software and solutions. We will focus on retail business solutions, using RFID technology to create "smart products" and provide information delivery, promotion, intelligent identification and positioning services. Luxury brands embed RFID electronic tags into their products to verify the authenticity of unique items, while mainstream retailers focus on applying RFID technology to inventory management, and they can easily realize return on investment from this application alone.

clothing tags with built-in RFID electronic tags

RFID solutions are delivered with IoT and the entire supply chain, streamlining operations, increasing efficiency, enabling true omnichannel inventory, and tracking the entire item from design to delivery, throughout the product's lifecycle and into the hands of the customer . In-store solutions can heat map stores, provide product information to sales associates, provide real-time inventory to increase sales, replenish inventory, provide promotional strategies and product recommendations, and provide a personalized customer experience. Retailers can also track product trajectories and combine this data with customer data to obtain valuable data for analysis. RFID also integrates interactive technology, which is used in magic mirrors, digital fitting rooms and information kiosks to attract customers.

Companies like CXignited were recently acquired by Mojix. CXignited embeds small RFID electronic tags in luxury goods such as clothing, footwear and leather goods, which can not only track specific goods throughout the supply chain, but also provide product authenticity verification and provide in-store experiences. Mojix's hardware and IoT platform combined with CXignited solutions provide a comprehensive solution for luxury and specialty retailers. Retailers are applying RFID technology to the industry and have achieved good results. Some of the companies recently mentioned in the news include leading vertical competitive retailer Lululemon, which has improved its inventory using RFID technology so that sales associates can now access product inventory and provide experiences to customers without leaving their side, resulting in increased sales. quantity. Customers also receive products within minutes, and associates can complete a store-wide inventory count in less than an hour. Specialty retailer Rebecca Minkoff has launched a limited edition smart bag with an RFID electronic tag. It not only verifies customer identity, but also provides membership benefits and personalized promotions to owners, while also developing different event recommendations and invitations for different customers. In addition, it utilizes smart magic mirrors, digital concierge walls and self-checkout capabilities to enhance customer experience. Macy's, a leading department store chain, also stated that RFID technology has had a significant impact on sales and profitability. The application of this technology has reduced out-of-stocks by 50% and increased sales revenue.

At the same time, as a professional manufacturer of RFID electronic tags and reading and writing equipment, the company is committed to producing a variety of RFID electronic tags and reading and writing equipment that are suitable for use in various commodities in the Retail Industry, and to coordinate this hardware with the RFID used in retail commodities. Application solutions are also being continuously developed and improved.

Obviously, the commercial benefits of RFID are huge. It can simplify manual and labor-intensive processes in warehouses and in-stores, greatly streamlining the workload of retailers picking, packing and receiving goods, thereby achieving 99.95% inventory accuracy. Reduce supplier stock-outs, increase sales, get accurate inventory visibility in real-time, and a better customer experience.