RFID is changing business and bringing radical change, occupying a significant position in the Retail IT landscape over the past decade. Until now, beacon technology has been primarily used for in-store digital marketing efforts. RFID solutions can offer much more detailed location data for certain applications than proximity-based beacons, eventually helping in assessing the effectiveness of a store’s layout, displays and endcaps on a real-time basis.
Proving the authenticity of products has been a challenge to building consumer confidence for any brand. The rise of counterfeiting and illegal cloning have been a threat to retailers worldwide! Luxury houses are prone to having their items stolen and sold in the black market, as they are synonymous with status.
Keeping track of high-end products is key to accurate inventory. Knowing what arrives in your distribution centre or store and then knowing what leaves should, in theory, give you an accurate inventory. However, boxes and crates are often misplaced & shopper behaviour leads to items turning up all over the store, making real-time location tracking a tedious task. Unlike a regular Walmart or Target store where each product has multiple sizes and variations, Luxury products are limited edition and often custom made; each misplaced product could potentially equate to loss in sale, customers and opportunities.
Source: RFID: RFID: Success strategies for apparel retailers, Retail News, ET Retail