Operatorsin various spheres are looking for space-age inventory and logistics managementmethods to curb incidents of counterfeiting. The advent of smart labels haswitnessed companies being able to ensure authentication of productsmanufactured as well as dynamically track their movement.
Smartlabels and tags act as the foremost communicators of a brand, impactingpurchasing pattern of consumers in various ways. Consumersare looking for packaging that imparts nitty-gritty of the product they intendto buy, such as nutritional content, and expiry dates. In line with consumerpreference for connected packaging, organizations are relying on smart labelsto protect their offerings to keep adulteration, tampering, and counterfeitingin check.
Analyzing the attributes of authenticity, trackability, and safety, FMI suggests that the global smart labels market pegged ~US$ 6.5 Bn in 2018, and is spectated to progress at a CAGR of ~13% over the forecast period (2019-2029).
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High Accuracy and Faster Data Collection ofRFID Labels Grabs Manufacturers’ Attention
FMIremarks that end users in sectors logistics, healthcare, and FMGC aresignificantly shifting towards RFID (Radio Frequency Identification) smart labelsfollowing cost reduction. RFID technology automates data acquisition, whichincludes, location of stocks, assets, or items, at a quicker rate with enhancedprecision and dependency versus manual methods. RFID offers tag scanningwithout the need for line-of-sight or item-by-item scanning.
Gatheringinformation electronically with RFID dismisses data transaction inaccuracies andeliminates the risk of missing items while scanning heaps of itemssimultaneously. RFID tagging of components, and stocks allows simpler detectionof inventory deflation and the tags are helpful in tackling itemcounterfeiting. Further, integration of RFID techniques with supply chain ormanufacturing methods – automated pallet management, and stock picking systems decreases the time from order to dispatch and delivery.
Retail Sector Shows Wide Acceptance forSmart Labels
In the retail sector, smart labels aid retailers handle and trace store inventory, finds FMI. Shop owners can be notified about low stock level and restocking in case of incorrect placement of items on the shelves. Combined with robotic checkouts, smart labels automatically scan purchases, enabling quicker buying.
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Smartlabels eliminate the need for paper, and allow changing of product prices in afew minutes. In the present retail setting, consumer satisfaction is crucialfor brick and mortar retailers to sustain in the fiercely competitive market.Smart labels ensure a positive consumer experience by allowing interaction withthe products as a part of their buying journey sans the risk of theft. As such,retailers are able to focus on selling other items in lieu of constantlychecking against robbery.
FMI’s analysts opine that “The quest for increasingindustrial productivity is laying foundation for smart labels owing to thesimplification of supply chain processes. As the cases of counterfeiting ofproducts increase, smart labels are set to garner prominence for saving items,and stocks from getting into the wrong hands.”
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