New report shows RFID delivers retail sales increase by up to 5.5%
Date: February 22, 2018
Category: Industry news
Retailers could increase sales by up to 5.5% through the use of RFID according to a new report launched by GS1 UK in partnership with the ECR Community’s Shrink and On Shelf Availability Group
The independent report, authored by Professor Adrian Beck of the University of Leicester, focuses on the key learnings from ten global retailers and brands that have invested in the technology. It is understood to be the world’s most comprehensive study into the use of RFID in retail.
Using a combination of face-to-face interviews combined with quantitative data on business performance, Professor Beck’s research identifies the key lessons from their RFID journeys. The findings uncover unique insight into the benefits as well as the real challenges adopters face when using RFID in a retail environment.
The research found that:
- RFID improved inventory accuracy by over 50% with retailers reporting 93-99% accuracy with RFID
- This drove a sales uplift of between 1.5% - 5.5%
- All 10 companies achieved a positive ROI from the RFID roll outs
John Fonteijn, Group Chairman from the ECR Community Shrinkage and On-Shelf Availability Group, said: “We are delighted to have the opportunity to co-sponsor this exciting and innovative research project. As a technology, RFID has often struggled to live up to the hype surrounding its use in retailing, but as Professor Beck’s research shows, in the right environment, and by adopting a realistic and measured approach to its use, RFID now offers an attractive financial proposition to those retailers willing to invest.”
Gary Lynch, CEO GS1 UK, added: “This independent research highlights the clear commercial and operational benefits and challenges for both retailers adopting RFID within their businesses. As owners of the EPC industry standard for RFID, GS1 UK is able to offer neutral advice to help retailers and solution providers on their RFID journeys. The learnings covered in this report provide an indispensable guide for any retailer interested in deploying the technology.”Access the report
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