4 Benefits Of RFID In Retail
Published on : October 5, 2021
What are some benefits of RFID in retail?
- Efficient inventory management
- Faster checkout system
- Better asset tracking
- Improved health and security systems
Radiofrequency identification (RFID) is one of modern technology’s innovations that drastically changed the way we do many things. It has a multitude of possible applications, one of the most well-known examples of which is with the tracking of cars in the expressway. Because of its flexibility of use, the benefits of RFID in retail have also had a big impact on many businesses.
Are you interested in incorporating RFID technology into your retail ventures? There are many ways you can apply it to your store. Read on to learn about what benefits it can give to your business.
Efficient Inventory Management
All good businesses have an inventory management system in place. A business should keep track of everything they have in production to be able to function. By having a good idea of your inventory, you can make estimates on how much you’ll be making, or how much you’re still behind in production. No matter what the reason, managing inventory has traditionally been done by employees.
With the introduction of RFID in retail, automated systems are in place. This includes managing inventory. Keeping track of your whole inventory is much easier when it is all automated. The RFID system will be able to count all of your items in a second. It can also retrieve other information quickly such as status, location, or others.
Applying RFID systems to your inventory management will save time and effort, and it would make inventory functions significantly more efficient. Having only employees manually keep track of the inventory is slower and more prone to mistakes. Even the best and most detail-oriented employee would still not beat the speed, efficiency, and accuracy that RFID can do when tracking the company’s inventory.
Many companies already use RFID systems which is why they always have updated information about their own inventory.
Faster Checkout System
Cash registers use barcodes to scan an item and get its information. This takes time and the cashier may need to physically scan every single item. RFID does basically the same thing, but faster.
The tracking that RFID offers would be able to scan all of the items automatically and compute the customer’s total fee. In fact, some shops are cashier-less using RFID systems. All items in the shop are tracked and connected to an RFID system.
Customers would only need to enter the shop, take what they need, and leave. RFID can detect when a customer enters the shop, and when they leave, and the store scans all the items they’ve taken and automatically charges whatever card they have connected to the store.
The customer convenience is evident, and even the requirement for enough manpower is lowered. Faster checkout systems would save time and resources for the retail store.
Better Asset Tracking
By now, it’s clear that RFID leads to top-notch tracking systems. Inventory isn’t the only department where these systems can be installed. Similarly, asset tracking would be much easier and more detailed with RFID.
The technology can track the location and status of each asset. This can prevent assets from being stolen or avoid other issues. The RFID will give you faster real-time updates about any and all of these assets.
If you wish to use RFID for asset tracking, make sure you include all assets in the system and put scanners in all recommended spots.
Improved Health and Security
Although this does not contribute directly to sales or production, it is still a significant part of retail. Health and security are not only for your customers, they are also for your employees and yourself. Investing in an RFID system for both of these would ultimately still be good for your business.
The pandemic has forced all retail stores to conduct regular disinfection of the entire store. Organized tracking would be able to remind you about cleaning schedules and inspector visits. In addition to that, you may easily keep track of the stock of health-related items such as hand soap, tissue paper, disinfectants, and many others.
Security measures using RFID would be able to restrict access to those who are not allowed inside. The system could scan a customer before entering a store and decide whether to open the doors for them or not. Keeping close track of your inventory and assets would also surely prevent theft attempts or at least let you know about it as soon as possible.
Of all the positive effects the applications it has given us, these four are the most prominent benefits of RFID in retail. It generally saves much time and effort, increasing efficiency within stores by a huge margin.
RFID would help you save and earn money at the same time like an amazing investment. After going through the benefits of RFID to your business, would you like to give them a try? Feel free to contact us here for any inquiries you might have about RFID or other security systems. We’ll help you out!