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About The New Retail
May 09, 2018

About The New Retail

According to the "Statistical Communique of the National Economic and Social Development in 2017", the total retail sales of social consumer goods in China reached RMB36.6 trillion, the proportion of physical retail sales was about 85%, and the proportion of online retail sales was about 15%. The retail sales of consumer goods slowed down to 10.2%, and both the physical and online retail market growth rate showed signs of slowing. Therefore, it seems that the transformation and upgrading toward the direction of “new retail” has become an inevitable choice for the future development of the retail industry and enterprises.


An enterprise person revealed that "RFID+ multi-sensory technology convergence" is the mainstream development trend of retail IoT application technology. Among them, the value of RFID technology in retail applications is reflected in: giving unique identities to goods, lowering labor costs, realizing digitalization for all enterprises process and improving the company's operational efficiency; and the value of AI visual identification in retail applications will be mainly statistical analysis the customer flow inside and outside of the store, accurate capture and analysis of customer purchasing behaviors, customized personalized services for customers and enhanced customer shopping experience.


Another forecast data from Technavio 2016 and IDTechEx shows that the global retail RFID application in 2015 is 650 million U.S. dollars, and it is expected to reach 3.8 billion U.S. dollars in 2020, accounting for more than 20%; in 2015, UHF RFID label consumption in the global apparel industry will be 37.5. billion pieces are expected to reach 250 billion pieces by 2020; RFID industry trends in the global apparel industry are clear, and the annual growth rate of the use of electronic tags exceeds 40%.


The first step for retail companies to move toward new retail is to achieve digitalization, and it will become the most basic driving factor. Digitization will run through the entire life cycle of retail production, logistics warehousing, terminal sales and marketing.





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