The report categorizes the global retail RFID security tags market by frequency (HF tags, UHF tags, and LF tags) and by product (passive tags and active tags). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: ensuring better inventory management practices
The use of retail RFID security tags in the retail industry has increased focus on improving shelf availability of products, thereby reducing the chances of items being out of stock. It also helps to track hidden items that cause problems for store stockers. RFID applications are designed to keep track of the entry of items in inventory backrooms and their exit to store floor. It can also visualize when a case is returned from the floor to the backroom.
According to Narendra Nandaigari, a lead analyst at Technavio for retail systems research, “The use of RFID technology at the item level in stores allows retailers to ensure better inventory management with high levels of accuracy and precision. This is because it collects all sorts of data as the items progress through the supply chain of the retailer. Keeping track of such information allows retailers to track the exact phase of the products.”
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Market trend: growing omnichannel retailing
Omnichannel retailing is a new trend that is focused on providing a seamless shopping experience for customers of both traditional and digital shopping platforms. Omnichannel shoppers spend anywhere between 30% and 60% more than single-channel shoppers. The automatic identification technology such as RFID feeds sale information into the supply chain software so when an item is sold, the inventory data is updated on all the channels. RFID security tags offer an inventory accuracy rate of 95% which is compelling retailers to equip themselves with this technology to provide customers a holistic shopping experience.
Market challenge: growth in online sales
The rapidly flourishing e-commerce industry has revolutionized the conventional way of shopping and is posing serious challenges to the survival of brick-and-mortar stores. The major drawback that physical retailers face is the inability to compete with the low prices offered by online players. E-commerce companies are strategically increasing their market shares by giving out a host of features and benefits.
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Key vendors in the market
- Alien Technology
- Avery Dennison
- SML Group
The global RFID retail security tags market is highly fragmented with the presence of several large and small vendors operating in the regional and global level. Product innovation is expected to be a key trend in the market, and the prices of RFID tags are expected to decrease during the forecast period significantly. The global RFID retail security tags market is growing steadily due to rise in the organized retail sector.
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