Using RFID in Sales and Retail to Increase Revenue

Making use of RFID in sales and retail could increase revenue while preventing shrinkage. Whether you have noticed retail shrinkage due to insufficient inventory management or due to shoplifting, RFID could be the solution. The visibility of a retail store’s supply chain as well as the accuracy of its inventory management is becoming imperative to ensuring its success.

In this article, we will discuss what RFID means when positioned in a retail setting as well as all of the benefits and features it can offer to ensure success and an increase in revenue.

What Does RFID Mean in Retail?

Radio Frequency Identification, otherwise referred to as RFID, requires two main parts to function. These are tags and readers. The tags are attached to products and can store a host of information such as the identification code of the item, the colour, size, and any other information that can be represented by a number. The tag can direct and communicate this number’s information to readers who are nearby. The reader sends and receives information via electromagnetic signals by way of its antennas. This is especially useful in retail stores as one can always track where a specific item is located.

Why RFID is Good for Retailers?

There are a host of benefits that RFID can offer retail stores to ensure they increase revenue and customer loyalty. A few of these features and benefits include:

• Keep Track of Inventory: With RFID you as a store owner are able to know where every item of inventory is located at any given time. When receiving shipments of new inventory you are also able to check in the new stock in a blink of an eye and have it registered to your system.
• Locate Items: If a customer walks into your store and is struggling to locate an item they might have seen online, or cannot for example find their size in an item of clothing they are attracted to, RFID can be utilised to locate an exact item immediately. This will improve customer experience and build brand/store loyalty.
• Accurate Restocking: It is easy to view the exact amount of restocking that is required for a specific product which will ensure that you do not waste money on over-ordering stock, and will never be faced with the dilemma of explaining to a customer that you are out of stock. You will also be able to restock the floor of your retail store with a specific item as it is sold to avoid having to run to the store room and risk a customer walking away.
• Efficient Stocktake: Stocktake typically is a time-consuming task that requires the utmost accuracy from staff members. RFID has made stocktake efficient and accurate by means of scanning, ensuring that you do not rely on your staff’s speed and attention to detail.

To find out more about how RFID can help your retail store succeed, contact us at Milestone.