RFID and the Internet of Things (IoT) are certainly not new technologies, but several recent developments in retail have given both of them that new tech “smell.” Some of the most notable trends include:
- Global supply chain crises that have put a premium on knowing the exact location of cargo containers and the products within them, making it an area where RFID can be an important data source;
- Retailers’ desire to make popular BOPIS and curbside pickup operations more efficient and cost-effective, increasing the need for real-time inventory and item location data;
- The increasing popularity of “smart” consumer devices, including phones, home technology and automobiles, opening up new opportunities for IoT-enabled products to “talk” to them in ways that can provide retailers with a better understanding of post-purchase usage of these products; and
- Rising consumer interest in circularity, sustainability and product origins that makes item traceability a valuable asset for brands, particularly those in the luxury space or those targeting at Gen Z consumers.
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