Brief Discussion on the Significance of RFID Technology in Retail

RFID Technology

RFID (radio frequency identification) has attained extensive popularity over the past few decades. At present, however, several factors are driving this technology forward and thrusting it into the hands of retailers and manufacturers.

RFID can create brand-new data regarding product movement, customer behaviour, and the in-store environment. Thus, the companies that are not piloting it already lag in the market and lose exclusive revenue opportunities.

Overview

An RFID retail asset tracking system has a reader and tags. The tag has two elements- the antenna and the processor. Active tags use the battery, while the passive ones extract power from the reader. They are placed on stickers or embedded in products and given a distinct fingerprint. The reader can be stationary or handheld. It varies in strength as well as size.

Uses in Retail

  1. Accurate Tracking of the Shipments

As the RFID wands and antennas do not rely on the line of sight to scan the tags, the shipments to the store can be accurately and instantly received into the inventory. This is a massive win compared to the rigorous item, carton scanning, or, even worse, blind receipts.

  1. Increases Accuracy of Inventories

The experts providing durable RFID solutions for retailers said that RFID could compel inventory accuracy to 98%. On the other hand, manual inventory procedures are extremely time-consuming and done only at predetermined intervals; thus, they hardly impact sales.

  1. Keep Track of the Inventories

Radio frequency identification can spread the breadth of the products but alleviate the depth to a great extent. Men’s jeans are available in different lengths, breadths, and colors. It will be outright impossible to keep inventory for all the variations displayed. Many will have zero movements, and others will go out of stock on the floor.

With RFID, the employees will be notified when a particular combination is no longer found on the floor and has a negligible quantity left. It will also inform where to find the inventory in the backroom and how much will be made to the shelves daily.

  1. Helps Understand Customer’s Behaviour

The experts offering the best RFID solutions for warehouses said thanks to this technology, retailers can conclude how people and products navigate a space.  Radio frequency identification helps one to comprehend how certain products correlate to different paths at different times.

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  1. Eliminate the Possibility of Theft

When paired with video and sales data, Radio frequency identification can help determine if the products are left in the store or purchased within a short period. With this data, the retailers can find out which items were stolen and get an HD video of the perpetrator. The employees will get real-time alerts.

With the costs dropping and associated technologies improving, RFID is acknowledged all across the globe. In the retail environment, as evident from the above discussion, it can bring in abundant traffic and provide a company advantage over its competitors.

Hope the discussion above was insightful and will help you to have a better understanding. In case of any suggestions or queries, please feel free to share with us below in the comment section with us to make it more interesting for others.

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