The Power of RFID

Radio-frequency identification (RFID) technology is one of the fastest-growing retail initiatives today. RFID consists of electromagnetic tags attached to objects, tickets and merchandise that contain electronically stored information, sensors and antennae. RFID entered the retail market in the late 1980s, primarily for tracking inventory. Early on, RFID hardware and tags were cost-prohibitive for the mainstream with a price of $1 per tag or higher plus antennae and sensors. In 2015, the RFID market was valued at $26 billion, and innovations within the Internet of Things (IoT) was on the rise. Today, the cost of tags is approximately 10 cents per tag, making it cost-effective for the industry at large.