RFID is on the rise. In Kurt Salmon’s first large retail study of RFID in 2014, 34 percent of respondents had either implemented or were piloting RFID. Today, that number has more than doubled to 73 percent.
Part of the reason for the significant growth in RFID use is that more and more retailers have the ROI data to prove that the technology is delivering significant results. One standout among ROI measures is inventory accuracy.
Inventory accuracy is the most widely used metric—93% of retailers surveyed measure it related to RFID—with the largest improvements due to RFID, an average of 25.4 percent. Even more interesting is that retailers reported that lack of inventory accuracy accounts for a loss of 8.7 percent of total sales, on average.
For the 27 percent of retailers not implementing RFID, 86 percent say it’s because management is focused on other priorities, but only 2 percent said management didn’t believe RFID would provide substantial benefits.