AI and computer vision are creating a new level of interest into RFID systems. This renewed level of interest is being driven by retailers seeking cost effective ways to increase customer engagement and revenue. Brick-and-mortar stores are using the technology to create interactions with customers that accelerate sales, while also decreasing interaction with employees. The story that follows does an excellent job of describing how stores are putting this technology to work successfully.
Everything old is new again, and that’s particularly true of radio frequency identification systems. The technology emerged years ago, and it’s gaining renewed attention, especially in retail store and supply chain environments. RFID technology has become more accurate, manufacturing is less expensive, and companies and consumers seek contactless interactions. It’s the trifecta.
In the past decade, analysts at McKinsey & Co. note that the cost of RFID tags and RFID readers have plummeted about 80 percent and 50 percent, respectively. At the same time, the read accuracy has doubled, and the range has expanded more than five times, so stores can deploy RFID systems with fewer devices and get better coverage. In fact, the Asia-Pacific RFID market is projected to grow at an annual rate of 16 percent, reaching $7,311.27 million by 2028. North American projections are lower, with an annual growth rate of 10 percent.
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