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The Huge Market of Retail RFID Application
2019/1/9 2:45:26 / Editor - Naomi / Source - RFID tag World - XMINNOV

The Huge Market of Retail RFID Application


The retail industry, also known as the circulation industry, is related to the national economy and people's livelihood. It is the link and bridge between producers and consumers, just like the arteries and cash flow of the national economy. In 2017, China's total retail sales of consumer goods reached 36.6 trillion yuan, ranking second in the world, with physical retail sales accounting for about 85% and online retail sales accounting for about 15%. In the past three troikas (investment, export, consumption), consumption upgrading has increasingly become the main driving force for the current Chinese economy.


According to Technavio, global UHF RFID is growing rapidly in the retail industry with a compound annual growth rate of 40%, making it the fastest growing market segment for all applications. The 2017 retail UHF RFID market was $1.57 billion in 2017 and is expected to reach $3.8 billion by 2020. The retail UHF RFID market has great potential.


RFID plays an important role in the digital transformation of new retail technology driven by technology. As the core technology of the Internet of Things sensing layer, RFID has the advantages of non-contact, long-distance, multi-label automatic identification, anti-counterfeiting traceability, large-capacity data reading and writing, and high data security.


Based on RFID technology and integrating other multi-perception technologies, big data and cloud computing, Invengo has created a single-level ecological management system for the retail industry. By collecting production and manufacturing data, logistics supply chain data, and commodity and user behavior data of terminal stores, digitalization of people, goods, and fields is realized, and real-time and visualized business intelligence decision-making systems (BI) are constructed to achieve lean management and reduce operating costs. Improve the consumer.


In the aspect of intelligent manufacturing, RFID tags can be implanted into the commodity from the production source, which can realize the visual management of the whole process of production, and can also realize on-demand large-scale batch customization to achieve C2M flexible manufacturing.


In the aspect of supply chain logistics and warehousing, RFID systems can realize functions such as batch reading, efficient inventory, and automatic sorting, improve circulation efficiency, reduce supply chain costs, and reduce human error.


In the smart store, the application is more abundant. RFID technology can collect user behavior data (such as fitting, touch rate, etc.), and RFID and video combined to achieve VIP customer management and remote patrol management; RFID bulk checkout, no need to scan code one by one, to achieve zero waiting for cash. In addition, you can also realize online ordering, offline search and pick-up, efficient and fast; real-time transfer management of surrounding store inventory and online and offline stocks.


According to retail customer practice data, the use of RFID technology customers have a good income, in the storage chain, the inventory accuracy rate increased to 99%; inventory reduced by 10% -20%; collection and delivery, inventory efficiency increased by more than 300%. In the supply chain: delivery error rate reduced by 99%; logistics efficiency increased by more than 30%; abnormal event discovery probability increased by more than 30%. In the store chain: goods loss and theft reduced by 50% -70%; store sales increased by 5% - 20%; service efficiency increased by 10% -25%.


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