Li & Fung believes in the need for supply chains to digitize lest they face obsolescence, and in what marks another step forward in their own digitization strategy, the company will bring comprehensive radio-frequency identification (RFID) and Internet of Things (IoT) solutions to retailers.
Catalyst, a global retail solutions supplier and part of Li & Fung, has partnered with Smartrac, a developer, manufacturer and supplier of RFID products and services, to bring to market solutions they say will “empower retailers and brands to leverage data to significantly improve in-store performance and optimize customer experiences and product lifecycles.”
Both companies have developed similar solutions independently, but expect their synergies to help them better respond to swelling market demand for these types of solutions.
As part of the partnership, Smartrac will lend its experience in RFID and IoT to contribute to expanded offerings, while Catalyst will draw on its extensive supply chain and retail experience gleaned from Li & Fung.
“Together, we can leverage the full potential of this partnership to develop unique and valuable end-to-end IoT solutions for retailers and brands that will allow them to go ‘super-digital’ and take full advantage of the latest innovations in retail technology,” Smartrac CEO Christian Uhl said.
Catalyst managing director Ian Billetop added, “As the retail markets continue to rapidly evolve and ultimately require innovative developments, our agreement with Smartrac will be an important step towards providing end-to-end supply chain offerings to our customers worldwide and foster a future-proof ecosystem for retailers and brands.”