AccentureStrategy RFID in Retail Study 2018
Transforming Modern Retail: Findings of the 2018 RFID in Retail Study
RFID has experienced unprecedented growth in user adoption, capability development, and overall business impact within the retail industry.
Of 110 global retail executives surveyed as part of the Kurt Salmon, Part of Accenture Strategy 2018 RFID in Retail Study, an impressive 69 percent of retailers around the world 1 have cited a significant level of RFID (Radio-Frequency Identification) adoption. Much of this growth can be attributed to the requirement of omnichannel execution and the pressure to constantly improve the customer experience. RFID has significantly improved inventory accuracy and driven increased profits both in-store and online.
Omnichannel capabilities and improved inventory accuracy have huge impacts on profitability. While RFID cost per unit has been a hurdle for some retailers historically, lowering technology costs and increased recognition of use cases continue to strengthen the RFID business case. On average, all retailers who have piloted or adopted RFID reported an 8.3 percent return on their investment. In addition, during the time between piloting and full adoption alone, retailers report an average ROI increase of more than 30 percent due to efficiencies gained while utilizing the technology. The positive correlation between maturity of RFID adoption and return on investment is another data point captured through the evolution of the technology and the continued refinement of the process. RFID is now playing an integral role in transforming the way business is done in the modern retail environment.
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