Innovative Uses for RFID Technology in Retail
Ten years down the lane, retailers were still strategizing the sale and operation mechanism and ended up stagnantly on the same conventional methods of improving operational efficiency. Right from inventory accuracy to consumer perception maps, the road of RFID tags is uphill.
The retail industry segment has been lately facing the hustle of keeping a check on inventory, avoid being out of stock and even measuring consumer/ product flow along with real-time human buying behaviour analysis.
Never did we imagine the trending acronym has such benefits to the retail sector. Let’s look forward to 5 basic aspects of retail in relation to RFID advancements:
Daily routine jobs of inventory counting and analysis have always been a headache plus account for only 60% accuracy. The introduction of RFID has not only improved the accuracy rate to 90% which is itself a benchmark of its own self.
Asset tracking just got easier for companies or chain stores to analyze the number and categories of trollies entering and exiting the store. The check on cycle also supports future demand forecasting, which in aggregate avoid most human errors in Retail Store Management.
Did we ever imagine how cool it would be not stepping out of your dressing room and still get your doubts clear? Yes, RFID tags have now made it possible through Mirrors that tell us not just the perfect fit, but compliments and size series too.
A few advancements have also made it possible to record a few seconds protected video to send it to your family or friends. The trying and purchasing consumer patterns also acts as an important perception map for the market strategists or business heads to plan their rebranding and marketing plans as per consumer choices.
Tag your Customer
The way the retailer keeps a check on how products tend to flow inside and outside the store is data for the managers for forecasting and operational tasks for the store.
Seasonal demands, discount series and festive months which witness a huge flow of human traffic in the store make it a real-time challenge to keep a check on products and services. Automated checkouts as mentioned in the next point also plays an important part in mapping consumer behaviour plots.
Check Out Ritual
Why we call it a ritual is because we have to stand in lines, wait for our turn, make sure we provide cash or card. It all takes a few minutes and often pain to buy products in retail stores. To our surprise, RFID has enabled to make it possible for consumers to A well-known brand also enables consumers to just keep their stuff in their bags and simply walk out.
It needs no checkout and a hassle-free purchasing process. The amount of articles itself deducts from their online wallets which help companies to plan out a friction-less checkout process focusing on their loyalty customers.
BYOG (Be You Own Guard)
It’s undoubtedly unsaid and of utmost importance to a retail manager too function its innovation in such a way that supports its security standards and avoid any kind of unfair practices.
An open statement of who stole products, which category and under what circumstances when encountered can be addressed for strategizing the theft guidelines and improving security standards.
RFID tags has let our nerves relax for a bit to monitor asset losses and reporting the crime through a secured and authentic technologically supported network.
Now that the retail sector has managed to assess the potential of RFID tags in the market, innovation takes another level turns when it enters as a dominating product of artificial intelligence.
If the next time you face any hurdles while going out in a retail store or maybe launching a retail chain of your own, make sure you look how you can customize RFID Tags to mark your smart presence in the market.