The following is an excerpt from my guest blog for MatrixPD.
I’m really excited about the impact that RFID technology is going to have on the retail sector in the years to come. RFID is already helping retailers to track goods from the point of manufacture to the store shelf, allowing them greater inventory visibility.
What this means for the consumer is that retailers like Walmart, Macy’s and JCPenney will be able to keep more products on store shelves, therefore lessening out-of-stocks that are so frustrating for shoppers. All three retailers are strongly pursuing the technology.
So instead of searching two or three stores to find your product (hello online shopping!), RFID will help to assure that the product you are looking for will almost always be in stock in the future. Retailers estimate that average industry accuracy is a woeful 65 percent without RFID; it soars to 98 percent or so with RFID!
While the developments in retail are exciting, the real sweet spot for RFID could just be in the healthcare and medical industries. While the technology makes retail stores more efficient, RFID can save lives in healthcare by properly identifying patients, making sure they receive the right drugs, and that those drugs are authentic.
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