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Company news about Digital Transformation in the Retail Industry: Indispensability of RFID Technology
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Digital Transformation in the Retail Industry: Indispensability of RFID Technology


Latest company news about Digital Transformation in the Retail Industry: Indispensability of RFID Technology

The digital transformation of new retail, driven by technology, plays a vital role in RFID. RFID, as the core technology of the Internet of Things perception layer, has many advantages compared to traditional barcodes, including contactless operation, long-distance capability, automatic identification of multiple labels, anti-counterfeiting traceability, high capacity data read and write, and data security.


Based on RFID technology, combining with other multi-perception technologies, big data, and cloud computing, FarSighted Valley has created a single-item level ecosystem management system for the retail industry. By collecting production and manufacturing data, logistics and supply chain data, as well as product and customer behavior data from terminal stores, it achieves digitization of people, goods, and scenes, builds a real-time and visualized business intelligence decision-making system (BI), and realizes lean management, reducing operational costs and enhancing consumer experience.


In terms of intelligent manufacturing, by implanting RFID tags into goods from the production source, it is possible to achieve visualized management throughout the production process, as well as on-demand mass customization, achieving flexible C2M manufacturing.


In terms of supply chain, logistics, and warehousing, the RFID system enables batch reading, efficient inventory checking, and automatic sorting, improving circulation efficiency, reducing supply chain costs, and minimizing human errors.


In the smart store segment, applications are even more diverse. RFID technology can collect user behavior data (such as fitting, touch rate, etc.), while combining RFID with video, it achieves VIP customer management and remote store management. The RFID-based batch checkout counters eliminate the need for individual scanning, achieving zero waiting time at the cashier. Additionally, it enables efficient and quick online ordering, offline item searching, and pickup, as well as real-time allocation management of nearby store inventories and online/offline inventories.


According to retail customer practice data, the application of RFID technology has brought considerable benefits. In warehousing, inventory accuracy has improved to 99%; inventory levels have decreased by 10%-20%; and the efficiency of receiving, packing, and inventory checking has improved by over 300%. In the supply chain, the error rate in shipments has decreased by 99%; logistics efficiency has improved by over 30%; and the probability of detecting exceptional events has increased by over 30%. In stores, goods loss and theft have decreased by 50%-70%; store sales have increased by 5%-20%; and service efficiency has improved by 10%-25%.


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