Radio Frequency Identification (RFID) stock control is taking the retail industry by storm. It has a multitude of benefits and uses that not only help store owners but also make the shopping experience more enjoyable for clientele.
In this article, we will answer frequently asked questions relating to RFID and explain why every store owner should invest in this technology.
How is RFID Used in Stock Control?
Stock control is possibly one of the most important aspects of running and managing a successful retail store. One of the most effective stock control systems consists of RFID. As each item or product is fitted with an RFID sticker that has a unique identification number, one can track where stock is located, how much stock is left, and a variety of other information. RFID readers are utilised to scan the products and gather the data that allows for faster, more accurate and continual stock takes to occur. This system ultimately prevents one from having to perform manual, scheduled stock takes with low accuracy levels which often take days to complete.
Does RFID Increase Inventory Accuracy?
Yes! RFID is well known for improving inventory accuracy. When stock take and inventory management is performed manually, mistakes can occur due to human error. Traditionally inventory management makes use of a list of products that are ticked off manually with a pen. The number of products will also be notated in this way. Traditionally all data recorded is counted manually. This leaves a lot of room for error. RFID accurately delivers the exact amount of stock available with one easy scan, ensuring that no mistakes are made. This allows you to also order the exact amount needed to replenish your stocks.
Does RFID Increase Sales?
Recent studies have confirmed what retail owners have been suspecting for a while. RFID does indeed increase sales! The study indicated that RFID can increase sales by as much as 5.5 percent. If one combines this with a 20 to 30 percent increase in inventory accuracy and the money saved by products expiring due to overstocking together with preventing out of stock situations, retail stores are definitely benefitting financially by investing in RFID technology.
RFID technology has changed inventory management for the better. It has allowed store owners to take control and make informed decisions that lead to them being more successful and provide their clientele with a better shopping experience. Gone are the days of having to much or too little stock available.
Contact Milestone to find out more about how the implementation of RFID can benefit your retail store.