SML Uncovers the Role of RFID in Retail AI Deployment in Latest Whitepaper
As retailers continue to push the boundaries of their capabilities through technology, aiming to gain an advantage in a highly competitive market, Artificial Intelligence (AI) deployment has quickly become a top priority for many. While the technology has existed since the 1950’s, it is only within the last few years that AI has become a realistic and affordable solution that can deliver value for businesses.
With excitement for AI’s use growing within retail, SML has announced the launch of its latest whitepaper, detailing the challenges that AI implementation is expected to introduce to retailers and how item-level RFID solutions can ensure retailers deliver a successful AI strategy.
Understanding AI’s Use Case
High-quality in-store experiences are crucial for brick-and-mortar retailers, and AI is expected to soon play a pivotal role in facilitating that. Retailers are using the technology to provide activity-driven recommendations to customers through a range of sales channels – whether in-store or online. This helps to drive personalization and elevate experiences through bespoke interactions. However, success is often restricted due to poor inventory accuracy when it comes to inventory-related AI use cases.
There is little value in attempting to make sophisticated and unique recommendations to customers for item purchases with an inventory accuracy lower than 70%. One SML customer found that accuracy at this level resulted in over 50% order cancellation rates on the retailer’s hottest-selling items.
The full whitepaper, Riding the AI Wave: Why Item-Level RFID Solutions are a Fundamental Component of a Successful Retail AI Strategy, addresses these challenges and explores how RFID and AI can align to deliver highly accurate data that is leveraged effectively and efficiently to enhance business performance. The whitepaper explains:
● The current hurdles to successful AI deployment – Data lays the foundation for AI’s effectiveness. With inaccurate datasets fed into an AI solution, retailers will be left with inaccurate and ineffective outcomes. These results can quickly lead to poor customer experiences.
● RFID’s Role in Enhancing AI’s Store-Level Capabilities – Delivering accurate and reliable data in real-time across a retailer’s entire operation.
● RFID & AI for Supply Chain Optimization – The use case for these two technologies stems further than the shop floor. AI integrations with RFID, which enhance visibility into the enterprise, allow retailers to derive insights that were previously unachievable.
Download the full whitepaper to learn more about how RFID can significantly enhance a retailer’s AI deployment.
