The secret to successful retailing is to have the right goods available in the right quantities at the right places for the right price. RFID has the ability to make this entire process hassle-free, while at the same time reducing costs, enhancing store productivity, improving customer satisfaction and increasing revenue.
Since RFID tags are capable of far greater product information than barcodes and have item-level capability, RFID tracking systems allow retailers to manage the entire supply chain by automating and instantly providing information for out-of-stock, excess and obsolete inventory, shrinkage and diversion. By also acting as a security guard within the premises as well as entry/exit points across the supply chain, inventory flow is monitored and accounting discrepancies are removed. Consequently there is quicker loading/unloading, minimization of manual checks, reduction of handling costs and wastage, easier authentication, accurate recording, efficient data management, improved asset utilization, increase in distribution centre productivity and better supplier collaboration, resulting in cost reduction, overall business process improvement and competitive advantage.
Instant location of items, intelligent shopping guide kiosks, automatic billing and streamlined self-checkout result in improved customer service and a better shopping experience. RFID technology also allows retailers to provide value-added services such as dynamic pricing, context awareness, point-of-purchase display and hotspots, besides enabling targeted marketing to selected customers and VIP care. This makes personalized and even anticipatory service possible in large retail outlets as well, thereby furthering customer loyalty.
By offering real-time visibility into inventories, product distribution and points-of-sale, RFID technology is transforming the retail industry. Some of the world’s largest retailers such as Wal-Mart, Tesco, Metro AG and Target have mandated RFID tagging. Standards set by Wal-Mart have become the benchmark for others to follow. The retail push towards RFID has impacted over 200,000 manufacturers and suppliers worldwide down the supply chain, who are now switching over to this technology. Starting with basic slap and ship usage and moving on to integrated internet-based RFID deployment, more and more companies are discovering the benefits this technology brings, thereby setting in motion a global move towards RFID implementation. |
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