Brands and retailers making the most out of NFC & RFID
With the kind of innovations and implementations observed in NFC applications in the last decade, one thing is sure that NFC & RFID based contactless systems are at an all-time high demand. More and more brands are equipping themselves with these technologies in a unique manner to create a brand identity for themselves. Most smartphone owners can use NFC-based systems, which is why it is a scalable system architecture for brands and retailers worldwide.
How Do NFC & RFID Make Their Place In The Market?
Radiofrequency identification cards and readers have been here for quite some time, and they have been used in various applications as well. In particular, NFC tags have made their mark in this last decade, where most brands and retail chains have equipped themselves to NFC in one way or another. Digitization and optimizing human efficiency is one of the critical challenges for retailers that technology can aid. RFID is one of the few tools that benefit brands, retailers, and consumers altogether.
Why NFC Or RFID? Are They Efficient?
There are always a few concerns regarding the scalability and reliability of any new technologies. However, RFID and NFC have been around reliably for quite some time. They provide various advantages to brands and retailers such as:
- Easy and error-free supply chain management: Late delivery or shipment misplacing is one of the most common deal-breaker for consumers. Leveraging NFC or RFID based smart supply chain is the answer to this problem.
- Enable personalized customer experience: RFID and NFC based informative tags allow the consumers to shop the way they wish with complete freedom. These tags would let them learn more about the product, the brand, and the store and create a great deal of customer experience.
- Knowing customer’s needs better: These technologies would allow brands and retailers to understand what their majority customer base is interested in and is purchasing. It would enable them to boost their sales by putting the right energy where it is needed. Data science, Machine learning, and Artificial Intelligence will soon be a part of business analytics.
- Omnichannel sales engagement: NFC and RFID allow the brands to stay in touch with their customers and understand their feedback to improve their consumer experience. These wireless technologies provide a singular experience for consumers from marketing to sales.
- Faster operations mean more revenue: Faster purchases and faster turnover directly result in higher sales returns with a lesser amount of effort. It now implies that Brands can save time while making more sales and focus on other executions easily.
There isn’t another technological solution that is cheap, viable, robust, and easy to use for the retail market. RFID and NFC have set high expectations for retailers and brands that no other costly technologies can meet. Brands and retailers have been using the RFID and NFC right from the product information exchange to post-sales customer engagement. It is safe to conclude that NFC/RFID is no longer a “nice-to-have” for brands, but now it’s a “must-have” tool for them.