RFID stands for Radio Frequency Identification, which Retailers have introduced to increase the footfall & to supervise the merchandise.
RFID is a technology similar to bar code identification. It refers to the technology that uses radio waves to transmit a product's unique number from a tag to a reader.
RFID systems read the radio frequency and transfer the information to a processing device. RFID can be used anywhere. Starting from the clothing tags to food to gadgets, every product has a different identification code.
These RFID tags contain product information, date of manufacturing and date of sale. Product information includes owners name and address or special instruction to use the product.
RFID Technology enters into Retail
Think about how much time a retailer would take to measure an inventory. An inventory takes a complete process of supply chain to reach the shelves. Technology has made the automation accessible which helps in checking out level of inventory, inventory count, customer demand, customer psychographics, and customer satisfaction & avoids theft practices.
RFID is beneficial to both retailer & supplier. Here are the Advantages RFID is providing to the retail industry:
1. Tracking retail activities
2. Reduced labor costs
3. Simplified business processes
4. Improved inventory control
5. Increased sales & footfalls
6. Inventory Shrinkage Reduction
7. Smart Labeling
8. Shelf Stocking
9. Check-out Process
10. Overhead Reduction
11. Scanning the customer demand
12. Total Inventory count
13. Reduces theft of selling inventory at low prices
14. Monitor unattended inventory
15. Product replenishment on time
16. Helps in product forecasting
Nowadays, with the advancement in technology, Retailers have introduced RFID Technology in almost everywhere. In Children's clothing retailer uses RFID to reduce online out-of-stocks, it is used at Checkpoints & even on point-of-exit.
We can see the future of retail, yes it is bright. Because of such advancement, retail sector is also emerging as one of the growing & demanding sector on hikes.
Tags: Studies
Rfid
Technology
