Executive Briefings

Here Are the Top Global Innovations in RFID for Retail

While the on-demand economy has led to many brick-and-mortar stores declining, NXP Semiconductors reports that omnichannel services continue to grow. Smart supply chain management with advanced tracking and monitoring capabilities enabled by RAIN RFID support both short- and extended-range communication, NXP reports, and are empowering retailers to address a multitude of new use cases.

Here Are the Top Global Innovations in RFID for Retail

In combination with consumer-to-goods interaction, NXP says, Near Field Communication (NFC) tags are being increasingly adopted as key elements of consumer interaction and loyalty strategies. Interactive store functionalities, brand verification solutions and contactless payment with NFC smartphones are also gaining traction as an integral part of the consumer shopping experience.

Here are the top global trends in RFID for the retail market, according to NXP:

Trend 1: Retailers are embracing RFID to enhance the smart consumer shopping experience

Smart fitting rooms are equipped with intelligent mirrors to assist and enhance the shopping experience. Smart mirrors read the RAIN RFID tags of merchandise and display the items on a touchscreen behind the mirror's glass, while a recommendation engine displays matching accessories, such as shoes or a purse.

By enabling interaction between customers and shop assistants, or feedback from friends via social media, smart fitting rooms can meet the demands of customers that perceive smart connectivity as a natural enhancement of the shopping experience. Some high-end retailers, like Ralph Lauren and Rebecca Minkoff, have credited interactive changing rooms for a 30 percent increase in sales, NXP reports.

Trend 2: Retailers are leveraging RAIN RFID for omnichannel smart supply chain management

With the advent of the on-demand economy, multichannel processes and omnichannel retailing have grown considerably to address the need for accurate information about stock and the location of goods. According to NXP, brick-and-mortar stores are leveraging predictive analysis software that allows the optimization of processes and enables retailers to recognize sales potential in order to introduce new and special click-and-collect departments into the store.

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In combination with consumer-to-goods interaction, NXP says, Near Field Communication (NFC) tags are being increasingly adopted as key elements of consumer interaction and loyalty strategies. Interactive store functionalities, brand verification solutions and contactless payment with NFC smartphones are also gaining traction as an integral part of the consumer shopping experience.

Here are the top global trends in RFID for the retail market, according to NXP:

Trend 1: Retailers are embracing RFID to enhance the smart consumer shopping experience

Smart fitting rooms are equipped with intelligent mirrors to assist and enhance the shopping experience. Smart mirrors read the RAIN RFID tags of merchandise and display the items on a touchscreen behind the mirror's glass, while a recommendation engine displays matching accessories, such as shoes or a purse.

By enabling interaction between customers and shop assistants, or feedback from friends via social media, smart fitting rooms can meet the demands of customers that perceive smart connectivity as a natural enhancement of the shopping experience. Some high-end retailers, like Ralph Lauren and Rebecca Minkoff, have credited interactive changing rooms for a 30 percent increase in sales, NXP reports.

Trend 2: Retailers are leveraging RAIN RFID for omnichannel smart supply chain management

With the advent of the on-demand economy, multichannel processes and omnichannel retailing have grown considerably to address the need for accurate information about stock and the location of goods. According to NXP, brick-and-mortar stores are leveraging predictive analysis software that allows the optimization of processes and enables retailers to recognize sales potential in order to introduce new and special click-and-collect departments into the store.

Read Full Article

Here Are the Top Global Innovations in RFID for Retail