Common Ways RFID Technology Helps Manage Retail Stores
Improves Inventory Accuracy
The traditional inventory method requires a lot of labor and cannot guarantee accuracy. Therefore, RFID technology is necessary. RFID can process data and inventory counts in minutes, while RFID tags eliminate the need to scan barcodes individually and touch each object to count.
Inventory tracking is the most widely used RFID application in the retail industry. Accurate product location information can reduce the cost and complexity of managing inventory, and speed up picking, packing, and delivery. A case study featuring ten industry leaders revealed that a retailer's inventory accuracy increased from 65-75% to 93-99% due to RFID systems.
Enhances Inventory Control
Inventory control is critical for today's retail stores because using RFID to manage inventory control can make everything easier and faster. With RFID technology, each item is recorded and has a unique ID. Retail auditing becomes more efficient and effective as large numbers of items can be read and recorded in seconds. As a result, stores can run efficiently and allow employees to focus on sales and customer service.
Improves Loss Prevention
Retailers need to reduce shoplifting and employee fraud in stores. According to the data, total retail sales shrank by $61.7 billion in 2019 due to increased employee theft and shoplifting/ORC. Fortunately, RFID technology has been recognized as a promising solution for reducing sales shrinkage and theft.
The distinguishing feature of RFID is its data monitoring measures, which can instantly track the location of any item. For example, you can pair RFID movement tracking data with sales data to see if more items are leaving the store than sold during a particular period. As a result, you can identify shoplifting trends and build a case against the perpetrator with the authorities.
Providing Real-Time Data
Analytics and data are the areas where e-commerce is ahead of brick-and-mortar retail. That's because retailers don't know the specifics of their stores and customers, and the statistics they collect are often historical. With RFID, however, the situation can change for the better. Quality data and analytics allow retailers to ensure that merchandise is sold in the right places. Additionally, for specific project data, RFID can produce more detailed insights, i.e., the selling situation of a single item in a particular store, even down to an exact size.
Enhancing the shopping experience
RFID has many advantages in retail that are not limited to operational benefits and can also positively improve the customer experience. For example, with reliable and up-to-the-minute inventory information, stores can assist customers with their queries, supply information about other available items or sizes, and even cross-sell to customers.
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