RFID implementation remains a point of debate within the retail industry. Although the benefits have been proven, the price is still an insurmountable barrier for most retail organizations.
While many retailers see the potential of RFID for item-, pallet- and case-level tagging, most remain reticent about the technology because of the price tag. In a recent survey conducted by Retail TouchPoints, 30% of respondents agreed that “as soon as the price is more reasonable, it (RFID) will become an integral component of retail operations.”
Another 16.7% believe RFID already is becoming an integral part of retail operations.
While approximately two thirds of retail respondents still have no plan to add RFID, one third plan to add RFID functionality or currently are using it for item-, pallet-, case-level and promotional display tagging.
Inventory Management Success Stories
Inventory management solutions often provide a quick payback for retailers in a time when cost savings spell success. More than 50% of survey respondents have seen an ROI in less than 12 months. And, for future implementations, close to 70% of organizations anticipate the same.
On the flipside, retail organizations are finding numerous areas of improvement from inventory management solutions, with reduction of out-of-stocks (80%) as the number-one benefit. Real-time inventory visibility is number two (66.7%); and tied for third are elimination of manual processes and matching inventory to consumer demands.
Regarding impact to the overall customer experience, approximately 43% report that comp store sales have increased. Close to 37% of respondents also note that customer complaints have decreased and store managers are able to spend more time on the store floor.
Another primary goal for retail organizations today is the ability for store associates to spend more time interacting with shoppers. Approximately 20% of respondents said their current inventory management system provides this ability, but more than 53% say it’s a future goal.
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