RFID (Radio Frequency Identification) technology is known for asset tracking, inventory tracking, and so on! But RFID is more than just asset tracking! RFID is more popular in the retail sector.
According to Statista,
“In 2020, the global market for RFID tags is projected to be sized at around 24.5 billion U.S. dollars. Retail applications are expected to account for the largest share of the market.” In just 4 years of the span, RFID doubled its global market. Hence, it proves that RFID technology is effective.
RFID technology has been there for a long time, but small size organization still hesitates in implementing RFID technology. On the other hand, big brands are looking at how they can utilize RFID in other creative ways.
Therefore, in this blog, we will explore which top brands are using RFID technology, how they are using it, and for which purpose. So, let us begin!
Companies utilize RFID Technology
RFID was created back in 1948 by Harry Stockman and was utilized primarily for military applications. Now in today's world RFID is used in many sectors for many purposes.
Amazon's Research and Development teams working on RFID. They are innovating RFID to provide a phenomenal customer experience.
The team of Amazon Go has just done that, you do not have to register yourself and even you do not have to checkouts to buy a product. In simple words, all you have to do is enter the amazon store via an RFID Amazon app, take the product and walk out. Exactly why the tagline of Amazon Go is “Just Walk Out”. Therefore, it means you do not have to wait in a queue and waste time.
How does it work?
Download Amazon Go app on your smartphone and connect it with your Amazon account. Simple, right? Show your smartphone to the scanner device, it will scan the mobile screen. After that, enter in Amazon Go store.
Then, take the product & payment for the product will deduct from the amazon account when you walk out of the store. At last, the receipt will be sent for the purchased product. For further clarification, see the video.
Zara is a huge fast fashion retailer brand. You must be wondering how are they using RFID asset management technology in the clothing industry?
It's pretty simple actually!
They are used for inventory tracking. Also, tackling the counterfeit problem was one of the biggest problems in the clothing industry!
RFID assists in overcoming that issue and another advantage is tagging your clothes will give you exact information about all clothes! You will know when your clothes will be out of stock so you can plan according to that.
Therefore, restocking racks of the fast-selling cloth. Whenever one item is sold, the stock room is notified, and they put on another item of the same size and color. Zara is using this technology successfully in its hundreds of stores.
H&M has been a rival of Zara for a long time. The Swedish multinational clothing retail company has grown quickly but later in the market, the product sales fell down and other brands such as Zara, Asos gain the edge.
In 2017, H&M failed to understand the market and its unsold stock had grown to 7% and now worth 35 billion, more than $4 billion U.S. dollars cloths were unsold.
The H&M top management changed gears and started concentrating a lot of their technology, vitality on distribution center mechanization, meta-information analysis, and RFID garments labeling with the goal that staff individuals are constantly looking where the issues are and how to move faster to address stock undersupplied or oversupply. RFID is being utilized to even the chances among retailing top brands.
H&M is improving its offer to attract customers, which should lead to increased sales and earnings. RFID can help in providing crucial data and that data can help in improvising sales and engaging customers better.
Decathlon is one of the world's significant retailers specializing in sportswear, shoes & other merchandise. The French organization sells in excess of 600 million individual items consistently across the world. They have thousands of stores in Europe, Africa, South America, and Asia.
Decathlon's main objective was to make sure that the product is available in the store if the customer is willing to purchase. Decathlon did not want to disappoint any customer. In simple words, they do not want to lose the sale. Therefore, they utilized RFID technology.
Utilizing RFID technology would also encourage a quick checkout experience, which together with improved item accessibility persuaded them to settle on the strategic choice to convey an RFID solution. As a result, Decathlon integrated RFID solutions in its supply chain to never disappoint their customer.
5. BJC HealthCare
BJC HealthCare, which operates several hospitals in Illinois and Missouri. It is one of the largest nonprofit healthcare organizations in the United States.
They are using radio frequency identification technology for several years to track and deal with a huge number of surgery tools, medicinal stock supplies, and track their validity dates. They also use RFID on the patient to keep track of them and their health records.
Through data, you can retrieve information, if the disease is chronic? or, Has been a patient admitted before for the same cause?
These questions assist doctors in understanding a patient's condition & also help in case of emergency.
Another way RFID helps in HealthCare is that the manual reordering process of medicine can lead to excess inventory. With an RFID system in place, the organization believed it could gain a real-time view of each medicine and its location, expiration date, etc. It automatically orders medicine when a medicine stock is low.
RFID keeps on demonstrating to be an energizing innovation that can incredibly improve brand visibility. Specifically, in supply chains, asset tracking, and access control applications. RFID provides crucial data and assists your organization all the way.
It does not matter what your business is, either it is on a big level or small. Each company has assets either they are few in number or many. Keeping a record of every asset is very important. Which condition are they in? Are they working efficiently or not?
Are you utilizing an RFID asset tracking system to its full potential? If you want to implement RFID technology in your organization then we can assist you in achieving this objective.