The retail industry has managed to create reliable, safe, and convenient customer experiences. Are you wondering how? It invested in RFID (radio frequency identification) technology that ensured a practical shift towards in-person shopping.
Even though it has been around for several years, we recently realized that RFID could determine a retailer's profits and losses. It rates the real-time outcomes for transactions, inventory levels, and order histories.
The modern RFID solutions address security concerns because they can reset the store economics, lower costs, and contribute to efficiency. They also allow retailers to gain peace of mind.
The following write-up explores three substantial benefits that retailers can relish thanks to RFID. Please check them out now.
1. Improve Inventory Control
Many retailers use RFID for inventory control. With RFID, one can, after all, track items even when they are moved frequently. It decreases manual labor hours by almost 15% and increases the total speed of production.
In other words, RFID can streamline the inventory process, which otherwise is quite time-consuming. A large number of items are read and documented in a few seconds. Every item has an identification number so that it can be read once. The audits become much more efficient.
RFID eradicates the need for labor inputs. Thus there is zero chance of human error. Scanning items with RFID radically cut back the time spent on Inventory, spiking productivity in return.
2. Reinforce Loss Prevention Campaigns
RFID can produce comprehensive insights about a store and its products, alleviating shrinkage and thefts by 2%. The most significant feature of RFID is data monitoring, so it can instantly find out an item's location.
RFID relies on anti-shoplifting alarms. When a customer walks out of the gate, the items he/she are carrying is traced. If any item is not paid for, the chip on the gate sends radio waves to the readers. These waves then trigger an alarm to alert the authorities.
RFID technology also lets retailers track Inventory to the sales floor from the warehouse. Since it can scan multiple items simultaneously, it increases the revenue from 3% to 13%.
3. Improve Inventory Accuracy
Effective and efficient supply chains need inventory accuracy. The traditional inventory counting methods call for intensive labor and are usually inaccurate. RFID provides precise counts, thus has improved inventory accuracy to a great extent. The credit for this goes to the capacity of RFID to interpret abundant data. It processes data and counts inventory within a short period.
The research conducted by Leicester University showed that ten individuals using RFID for business had enjoyed positive results. It increased sales from 60% to 70% and improved inventory accuracy to 99%.
RFID can be utilized for a wide range of other applications such as access control, credit card payments, vehicle tracking, livestock tracking, manufacturing shipping, supply chain distribution, etc.
RFID healthcare solutions have also acquired extensive popularity. A band is tied around a patient's wrist, and it carries relevant information such as the patient's name, allergies he/she may be suffering from, and his/her complete medical record.
RFID is also used to know if medications and other associated paraphernalia are in stock. This technology can allow hospitals to manage their assets and equipment seamlessly.
