The global radio frequency identification in the retail market is expected to progress at a steady growth rate over the forecast period. Radio frequency identification (RFID) in retail uses electromagnetic radio-frequency to transfer data from a tag attached to an object through the utilization of a wireless scan system. It is mainly employed for automatic identification and tracking purposes. The RFID in the retail market is expected to grow significantly owing to low cost, ease of tracking, and inventory management.
RFID tags carry unique product numbers, which are attached to the product. If the consumer buys and pays for that product or good with a credit or debit card the shop keepers can link the purchases to the recorded RFID data and use the recorded data for marketing information to figure out individual consumers’ behavior through a store. This kind of data helps the retail sector to make improvements, such as by contributing to optimize a store’s inventory to anticipate consumer behavior. Manually scanning and counting the inventory is resource intensive, RFID can help in identifying the inventory and can track products easily. It improves the employees’ efficiency and helps in inventory management. It provides security from store theft, the products have a tag if not removed from the product at payment counter, it raises alarm while leaving the shop.
Some unique types of tags are manufactured for big retail outlets; these tags can be scanned at once, which helps in scanning many tags simultaneously and enables an entire pallet of goods to be scanned at the same time.
Technological development is expected to lower the cost of solution implementation in the next few years. Time spent on check out process can be reduced by improving the RFID reading machine. Advancement in RFID technology which helps in providing real-time notification to the customer if the product is out of stock on devices such as mobile.
North America and Europe are considered key contributors to the RFID in the retail industry. The radio frequency identification in the retail industry is expected to grow over the forecast period owing to increase in retail sales volume in countries such as the U.S., Canada, Germany, and France. Labor cost is high in North American and European countries, RFID reduces the manpower requirement and helps in reducing the labor cost.
Asia-Pacific is expected to grow significantly over the forecast period owing to continuous development in the retail sector in countries like China and India. Need to automate the system and increase in productivity is another factor that drives the Asia Pacific market. The Middle East and Africa have low awareness about the technology and hold enormous potential.
A key player in the RFID in the retail industry is Alien Technology, Avery Dimensions, Checkpoint Systems, Global Rangers, Impinj, Nedap, Smartrac, RFID4U, SML Intelligent Inventory Solutions, Software AG, TIBCO, Tellago, and Zebra Technologies.
In November 2015, SML Intelligent Inventory Solutions launched Clarity 3.X software, an upgraded version of cloud technology based software that simplifies retail RFID deployment to enable real-time apparel inventory management across the global retail channel.
In April 2015, Alien Technology manufacturer of Radio Frequency Identification (RFID), Ultra High Frequency (UHF) products and services launched ALR-F800 enterprise-class ultra-high frequency RFID reader. ALR-F800 provides Power over Ethernet (PoE) transmit power and performance.
In October 2015, Checkpoint Systems a global supplier of merchandise availability solutions for the retail industry launched EVOLVE MV E10 2.0 antenna which offers the ability to leverage powerful data analytics and a highly customizable design to empower loss prevention, operation, and merchandising apparel retail professionals.
In April 2015, Zebra Technologies Corporation launched RFID multi-operating structure sled designed to add easily high-performance RFID and one-dimensional or two-dimensional bar code scanning on mobile devices using iOS and Android operating system. Zebra mobile devices such as the MC40 and TC55 can be converted into handheld RFID readers by using RFD8500, and the transformation is cost-effective.
In November 2015, Impinj launched RAIN RFID Retail Solutions with In motion, Diego and Nedap. The Impinj Platform improves the needs of retailers looking to deliver exceptional customer experience, the end-to-end solutions and store operations, and sales. The Detego and Impinj solution offers intelligent product-level article management and in-store analytics through complete, real-time supply-chain visibility. The RAIN RFID Retail Solutions delivers insights to store managers about product availability and merchandise flow, this allows them to minimize the markdowns.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.
"The quality of research they have done for us has been excellent."
The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.