With the integration of RFID, brands are finding ways to gain greater real-time insights beyond the store shelf via on-site and off-site inventory vis…

With the integration of RFID, brands are finding ways to gain greater real-time insights beyond the store shelf via on-site and off-site inventory visibility, allowing them to improve inventory accuracy, product return efficiency and loss prevention. According to Accenture, research showed 73% of retailers have implemented or were currently implementing or piloting RFID, almost double the number from 2014.

A top trend driving implementation continues to be RFID as the engine for visibility in retail as it’s a critical enabler of improving efficient uses of assets and inventory management, as well as improving the productivity of employees’ time utilization and retail execution. However, benefits don’t stop at visibility, as consumer engagement scenarios are also proving to drive consumer engagement, education and omnichannel experiences.

Overcoming The “Out Of Stock” Pain Point

It’s no secret that the most broadly known and used application of RFID in retail continues to be the minimization of out-of-stock situations and visibility into real-time merchandise location data on products, by allowing retailers to track their inventory throughout the retail supply chain — from the warehouse shelves all the way to the sales floor. And through its implementation, brands also are powering more efficient omnichannel experiences to their customers. When lululemon, which won last year’s “Best RFID Retail Implementation Award,” realized there was a surplus of inventory sitting in their warehouse vs the sales floor, they invested in using RFID technology to solve their customer’s pain points by enhancing “guest experiences.”

Source: Innovative Use Cases Leveraging RFID In Retail – Retail TouchPoints