It is not enough to satisfy the rational and emotional needs of the product.
Consumers are increasingly looking for a close and trustworthy relationship with the brands they choose.
Two phenomena can weaken this connection
- Counterfeiting is when a product is copied and sold as a counterfeit. The Bureau of Confartigianato estimates that counterfeit fashion chip accounts for 32% of all counterfeit goods worldwide.
- Gray market: It is the movement of goods through channels that are not authorized. Parallel import market was worth EUR17 billion in 2017, and is expected to reach 36 billion by 2022.
However, the speech is not just economic, but also ethical as it has an impact on the number and quality of jobs that are at risk from unfair competition, which can reduce sales and brand awareness. Counterfeiting can stone music entertainment also be dangerous to consumers’ health as counterfeit products are made by ignoring the rules that are intended to protect the safety and health and are not subject to control by the authorities.
HOW DOES FASHION INDUSTRY REACT to THESE THREATS
The RFID technology has been implemented by some of the world’s most important fashion brands to guarantee the authenticity and reliability.
Companies have started to include fashion chip labels in their products. These labels contain a variety of information about the origin, composition, and shipping route for each product. These information are added to data about size, color, model. Fashion brands can now verify the authenticity of their products by scanning them. They can also monitor the supply chain to track the traceability of any irregularities and intercept any that might arise.
SOME INTERESTING DATA ABOUT RFID IN FASHION CHIP
Here are some interesting facts from the study “Measuring RFID’s Impact on Retailing”, which was conducted by GS1 and Efficient Consumer Response (ECR) to better understand RFID technology’s benefits for the fashion chip industry. Interviews were conducted with 10 major apparel retailers that had invested in RFID technology. The survey was completed in February 2018.
The findings were very apex entertainment interesting and positive. The average score of the participating companies was:
- Sales between 1,4 billion and 5,2 trillion euros
- Reduce Stock Between 2% and 13%
- Save 4% on Staff Costs
- Instead of taking 3 years, ROI was achieved in just 2 years
- Inventory accuracy of 99%
- Stock availability 95%
The benefits of RFID technology are evident now, based on these facts. The question is, what are you waiting to do, fashion retailers and brand owners?