Central regions | Retail, FMCG | Technology & innovation
RUSNANO, Sitronics and X5 to present Future Store
12 Sep '11
RUSNANO, IT-company Sitronics and nation-wide retailer X5 Retail Group, are to present their Future Store project at the International Forum of Nanotechnologies in Moscow on October 26, 2011, RUSNANO reports.
The Future Store is reportedly to be opened at premises of X5 Retail Group. It is created by the companies in order to develop solutions for RFID tags. Using those is to result lower costs of the whole cycle of the goods distribution and sales, as well as efficient control over goods turnover in the supply chain. The tag is to become “the electronic certificate” for the goods that would eliminate chances of consumers getting pirate goods, improve control over suppliers, and eliminate sales of past due goods.
The investment agreement on this project was signed by X5 Group, RUSNANO and Sitronics in June 2011 at the St. Petersburg International Economic Forum.
Total investment into the Future Store is to come in at $11.5m. Under plans, the funds are to be distributed by the three parties during the two years.
RFID (Radio Frequency Identification) is the method of automatic identification of objects that uses radio signals to read and record data, storages at the so-called transponders or RFID tags. The RFID system consists of a tag reading the device and related software. The size of chips used for tags production is about 90-180 nanometers. This technology is to replace bar-coding system.
Retail chains are just starting using the RFID technology. As of today this technology is used by the Walmart, Metro, Home Depot and some others. Among product suppliers, Coca-Cola, PepsiCo, Unilever also support the technology.