target audience: TECH BUYER Publication date: Mar 2024 - Document type: Tech Buyer Survey Spotlight - Doc Document number: # US51932324
What Do NRF Big Show 2024 Trends and IDC Survey Results Reveal About How Retailers Will Use Computer Vision and RFID for Shrink Reduction?
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Abstract
This IDC Tech Buyer Survey Spotlight assesses how retailers plan to invest in computer vision AI and RFID solutions to solve a wide array of store and supply chain challenges, the most urgent being shrink and loss of goods due to theft or damage.
IDC's most recent retail survey (August 2023) and IDC Retail Insights Team's meetings at NRF's Big Show (January 2024) confirm that not only are retailers planning to invest in loss prevention (despite slow worldwide economic conditions), but they are also considering how previously competing solutions are actually better when implemented together.
"Computer vision and RFID are like chocolate and peanut butter," said Leslie Hand, group vice president, IDC Retail Insights. "The texture and flavor of each technology brings value to the retailer; but when it comes to loss prevention, inventory awareness, and customer experience, implementing both together boosts the effectiveness of either one alone."