The retail industry has dramatically evolved in the past decades. Critical factors like the industrial revolution, globalisation and digitisation have played a key role in shifting the retail scenarios. While food, fashion, decor and technology dominate the retail industry, sectors like healthcare and education are rapidly catching up.
Over the past few decades, digitisation has proven to be a revolutionary means of reaching out to customers and audience. As evident in the media and entertainment industry, it has undoubtedly attracted huge retail traffic too. Moreover, according to GSMA, the number of mobile users in the world is around 11 billion which is approximately 60% of the world’s population.
It is necessary to understand the importance of this transformation. Furthermore, with economic and commercial change happening around the globe, a big deal of the population has shifted their shopping preferences. Moreover, consumers prefer a quick yet easy way to carry out daily shopping and digital transformation has made it easy.
Digital retailers like Amazon, Walmart have positively adapted to RFID trends enabling them to outperform physical retail stores. These sites attract the target demography by providing flexible shopping, delivery and payment options.
Top RFID trends (2021) in Retail digital transformation
As previously mentioned, the digital platform is a rapidly growing trend serving as an easy way to reach the masses. This is the right moment for retail businesses to grab on and capitalise on the trend.
Since it is a virtual platform driven by consumer needs, the trends take over now and then. A few trending digital transformations are:
Social Media Shopping
One of the most upbeat shopping trends is social media shopping. A lot of influencers, content creators, and YouTubers promote and review the products online. Their influence over the customers creates a great impact on the followers.
Data is the new oil! Data collection and analysis plays a key role in pushing up sales in the retail business. Therefore, it is of utmost importance to collect and organise the obtained data, as this helps keep track of the inventories. Data collection makes it easy to track, record, locate and verify the product throughout the workflow.
RFID makes it easy for businesses and retailers to manage processes and keep precise data on products. The RFID identification system efficiently collects and stores the data.
For a retail business to run unhindered, it is necessary to have an organised workflow. And automation has helped various industries to maintain a steady and efficient workflow. Automations adhering to RFID trends helps to strike a balance between the systematic track of the products and the workforce. Subsequently, enabling you to reduce the workforce and the instances of human errors associated with it.
Accurate In-Store Layout
Efficient collection of data with the help of RFID tags has helped store layout come a long way. This system of data accumulation helps determine the most bought product and most grouped products. Furthermore, it improves the shelving and arrangement section as per the customer demands.
It becomes easier to track the shortage and surplus of any product and thus helps determine the future demands. Consequently, this enhances the overall customer experience and makes it easy for both the consumer and retailer.
Listed as one of the top RFID trends of 2021 by Gartner, touchless interactions are among the leading trends all around. During these trying times, we have witnessed the intensity and importance of social distancing. Hygiene is of utmost importance, due to which the customers are seeking options facilitating contactless interaction.
Online stores play a vital role in making touchless interaction possible. Apart from this, cashless payment is also highly preferred nowadays. Moreover, many online retailers are opting for contactless deliveries using drones.
These services that peaked during the pandemic have become a trend and a foreseen opportunity for the RFID industry.
How can RFID trends of 2021 be the future of retail?
Apart from the points mentioned above, numerous upcoming trends will change the retail game. Today’s retail world is highly competitive, and for any business to thrive, it is vital to follow up with the competitors. Radio Frequency Identification (RFID) provides solutions for adapting to these transforming retail trends.
Touchless interactions are carried out efficiently with the help of RFID. When it comes to checking the products in inventory or at the billing counter, scanning the tags can accelerate the process. The use of tags and scanners reduces the need for manual labour to efficiently collect and record product data.
Cost optimization is another important aspect of a successful retail business. Furthermore, RFID produces opportunities for a price reduction that is a great scheme that attracts more customers.
With the help of RFID tags, the manufacturer receives instant and consolidated data of the products sold. Hence, a retailer and manufacturer can use this data to work on the demand and maximise their profits. Thereby, easing the process of cost calculation and profit maximisation.
In other words, with the help of RFID tags, the need for re-shelving the stocks becomes predictable before the stock runs out. These aspects turn out to be a major cost saver for the retailers.
Smart shelving is yet another virtue among RFID trends that is changing the retail game. Scanning the individual product makes it easy for the stores to track and optimise their high demand products. Furthermore, scanning the tags enables the management to track the next available product and speed up the stocking process.
This identification of the product at their process level makes it quicker to restock and shelf. Furthermore, it facilitates foreseeing demands, thereby making it possible to place an early order. Moreover, overall customer preference data is received, and therefore demands are met and worked upon at a quicker pace.
VR Zones in fashion and other physical stores have become a new trend that is slowly picking up. Physically visiting a store can be monotonous and time-consuming. To avoid this, multiple retailers have come up with RFID backed virtual stores.
Ultimately, you can eliminate the need for manual labour to scan and collect product data by RFID. Furthermore, the product visibility increases at minimal labour cost, and above all, the workflow becomes more efficient.
How to catch up on the rising trends?
A successful business keeps up in the trend game and grabs on to the foreseen opportunity. RFID and VR stores are the new retail future. Consequently, updating and revamping business strategies according to the RFID trends of 2021 helps to stay ahead in business.
Manufacturers and retailers can slowly incorporate these upcoming trends. It is easy to start by using RFID technology at the inventory level to tag company assets. Subsequently, using it at an individual product level makes product tracking and data collection easy. Moreover, tagging the company assets and products will prove to be cost-efficient in the long run.
Technowave’s RFID technology services help you to incorporate such digital features in your retail and manufacturing businesses. Technowave provides an efficient solution for all scales of businesses adhering to your business requirements and budget constraints. Moreover, our partnerships with global brands like Datalogic and Zebra enables us to offer a wide range of technological solutions. Subsequently, making us the best choice when it comes to procuring technological solutions adhering to RFID trends of 2021.