RFID is the retail sector’s new secret weapon, helping retailers to grow sales, cut labour costs, reduce loss and grow their profit margins, by undertaking instant on-demand stocktakes and reinforcing product security. It also enhances the customer experience by improving visibility into inventory levels enabling salespeople to solve customer product queries on the spot.
RFID tags are smart barcode labels that can digitally store product information, readable by scanners in-store and throughout the supply chain – from the factory to the warehouse to the retail store. They enable accurate inventory levels by location and improved management of a retailer’s inventory.
In-store, they can determine the on-shelf availability of a product, allow staff to find misplaced stock, and make it easy for staff to undertake stocktaking, which can be completed 25 to 30 times faster by replacing manual counting with RFID scanning. Then technology allows stocktakes to be carried out weekly or fortnightly and produce far more accurate results.