What if you could decrease your online order cancelations by 60%? That’s exactly what one clothing retailer was able to do using radio-frequency identification (RFID) technology to reduce online out-of-stocks.
However, RFID goes beyond reducing online out-of-stocks. It provides an all-encompassing improvement to inventory accuracy, sales, margins, and expedited returns, according to a research study at Auburn University.
It’s these kinds of RFID benefits that have retailers giving this technology a much closer look.
Why RFID in Retail?
Why is RFID technology becoming so popular for retail stores? Is it because it’s the cool new thing to do in the retail world? Or are there tangible benefits?
RFID technology goes beyond the basic self-checkout lines. Now, as it continues to develop, RFID is being used to increase work efficiency and boost sales, job satisfaction, and customer service levels.
The innovative retailer, Zara, has built their business around RFID. They are now able to conduct a physical inventory in their outlets in about 15% of the time it used to take.
As a retailer, managing inventory isn’t always easy. Through technology, you’re able to be on the grounds of each of your stores to see what’s in stock and what’s available for purchase. When your customer goes to your store (and remember, it’s all about your customer), she will find that what you said was in stock was actually in stock.