5 RFID STATISTICS BRAND OWNERS SHOULD KNOW
Retailers are moving quickly in adopting RFID. That affects brand owners and manufacturers, too.
You probably already know RFID technology can improve your inventory accuracy up to 99.99%. However, to reap the benefits of a strong, accurate supply chain, retail brand owners need to be convinced that RFID is fully worth the investment. Because simply encoding your items with RFID tags is not what will get the cost saving benefits you’re looking for.
RFID is neither an expense nor some magical tool. It’s an investment that can cut costs out of your supply chain if implemented correctly. If you have been hesitant to implement RFID tagging your supply chain, consider the following statistics.
5 RFID Statistics For Brand Owners
Retail manufacturers & distributors who implement RFID technology into their supply chain see an 80% improvement in shipping/picking accuracy.
Chargebacks can cost thousands of dollars. With the right combination of RFID hardware and software, you can verify outbound shipments at incredibly high rates. By minimizing chargebacks, RFID adoption can quickly pay for itself.
Retail manufacturers & distributors who implement RFID technology into their supply chain see a 90% Improvement in receiving time.
Fixed RFID readers read the tags of every single item in the carton. The system compares the ASN (Advance Ship Notice) from the factory and confirms that each carton contains exactly what was ordered. This validation is an audit of every single carton arriving from overseas and it happens in real time without any misreads and without slowing down the receiving line. For one customer whose goods are tagged at source, fixed RFID readers on inbound conveyors read the tags of every single item in the carton.
With merchandise tagged with RFID, retail brand owners can increase inventory count rates from 200 to 12,000+ items per hour.
So, what does that do for you? No more shutting down your warehouse to do inventory. No more bogging down your team when it’s time to do inventory. Now, your employees can be elsewhere doing other important things. It’s efficiency on a whole new level.
Once you integrate RFID into your brand’s supply chain, you will see improvements in visibility, shipping accuracy, speedups in put away, and so much more. RFID is a compounding solution that can take your inventory management initiatives to the next level.
Over 7 billion RFID tags will be in use within the retail industry in 2017 alone.
Retailers are adding product categories and rapidly expanding their RFID compliance mandates. In short, it’s full speed ahead. 7 billion RFID tags will be in use within the retail industry this year. That is triple the amount in 2014. In just a few years the retail industry will look extremely different. Big data, online shopping, and changing trends in how consumers shop are driving immense changes in retail.
97% of retailers plan to implement RFID technology into their supply chains.
The benefits of RFID are being reaped by brands more and more every day. According to U.S. and Canadian results from a new global study of 1,378 warehouse and IT professionals conducted in October 2015 by Zebra Technologies, 97% of respondents are currently or plan to be have their warehouses RFID enabled by 2020. 41% percent of respondents have an RFID system in their warehouse, and 56% plan to be RFID-enabled by 2020.