By: Narasimha Kandade
RFID Technology and its applications in Modern Retail
RFID Technology is revolutionizing the retail sector in a big way. With the prices of RFID tags coming down due to the evolution in technology and advanced production techniques, passive RFID is replacing the incumbent Bar Code technology.
Passive RFID is the “go-to” technology when it comes to managing supply chain, warehousing as well as in-store operations. So, as a retailer, you have real-time accurate data getting updated into backend systems. This is highly reliable information that enables critical decision making as well as improving sales cycles.
RFID solutions in retail include inbound & outbound logistics, put away & picking of inventory. High accuracy and ease of operations are the Unique Selling points (USP) of this technology leading to saving of time & costs.
Stores can also validate the accuracy of the inward inventory and conduct inventory audits regularly to identify and plug address pilferages and/or inventory inaccuracies. Here again, it is the ease of doing these activities and the speed at which these can be executed which helps the retailer in a big way to save costs not just in inventory loss but also having the right amount of inventory at any given time.
RFID solutions can also be used to improve the customer experience within the store. Various solutions such as Self -Check out kiosks to reduce queue-time and billing time New built-in RFID systems or even kiosks operated by staff or self-service can reduce the queuing time and billing time considerably so that customers do not spend too much time waiting in queues. “Scan & go” as well as cashless payments are highly enhancing customer experience in a store using high-speed contactless RFID technologies. More innovative solutions like Smart Trolleys will change the way in-store shopping is done soon.
Key Benefits of RFID in Retail
RFID technology is paving the path for a win-win situation for the retailer and the customer thereby redefining modern retail.