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RFID in the Retail Industry
Whatever you read about packaging, supply chains, or identification, you will come across an article or advertisement for Radio Frequency Identification (RFID). RFID is evolving as a major technology enabler for identifying and tracking goods and assets around the world. RFID promises to enable new efficiencies in the supply chain by tracking goods from the point of manufacture through to the retail point of sale. RFID is the reading of physical tags on single products, cases, pallets, or re-usable containers that emit radio signals to be picked up by reader devices. These devices and software must be supported by a sophisticated software architecture that enables the collection and distribution of location-based information in near real time. The complete RFID picture combines the technology of the tags and readers with access to global standardized databases, ensuring real time access to up-to-date information about relevant products at any point in the supply chain. Tags contain a unique identification number called an Electronic Product Code, and potentially additional information of interest to retailers, or others that need to track the physical location of goods or equipment. All information on RFID tags, such as product attributes, physical dimensions, prices, or laundering requirements, can be scanned wirelessly by a reader at high speed and from a distance of several meters. RFID technology has been around since WWII, so it is not entirely new, however it has become very popular for businesses to use today. Now that we have introduced what RFID technology is and what it is used for, we are going to look solely at how it effects that retail industry in factors of inventory management, customer service and loyalty, and how it is being implemented in today’s retail industry.
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Let’s first take a look at how RFID technology can help improve inventory management in the retail industry. Inventory...