Mitchell explained it well: “RFID tags carry unique identification numbers and can store a moderate amount of data, which can be used to identify and track items on an individual level anywhere in the store. Straightforward inventory control is one thing, but what about descriptors that tell you far more detail than a generic description could ever provide? RFID gives retailers a heightened inventory accuracy that makes all this possible. Customers want to know what’s in stock, and they want to know where they can get it, such as buying something online and choosing in-store pickup. “Traditional barcodes can only identify products on a basic level, and all products of the same type have identical barcodes.”īetter inventory control leads to better customer experience, especially critical in chains with multiple store locations and hitting the expectations of omnichannel fulfillment. “RFID can be most beneficial when it comes to enhanced inventory control and loss prevention, where RFID can help give you much greater visibility into and more granular control over your inventory,” said Emily Mitchell, COO of password-cracking firm Sagitta HPC, which specializes in breaking authentication and encryption technologies. To ensure you receive the most ROI, consider the following pros and cons before investing in RFID for your retail business. If a company buys it without use cases for it, then there’s no ROI.” Holden Bale, lead retail strategist for ThoughtWorks, a global consultancy focused on using technology to drive business innovation in retail, noted that, “RFID is meaningless if it’s not used as an enabler. Though its actual user numbers are still estimated to be in the single-digit range, retailers are scrambling to secure a place for RFID in their future roadmap - no one can argue that it’s one of the hottest trends to hit the industry.īut remember, like any new technology, know how and why you’re going to use it before you move forward. RFID has fallen dramatically in price, especially when purchased in mass. It was a sparkling new concept, used primarily for inventory accuracy.įast forward to today. At that time, Walmart was the first big retailer to experiment with the new technology, which cost an astounding $1.50 per tag. RFID, or radio frequency identification, has come a long way since the early 2000s.
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