RFID Retail Technology has become more advanced. At the same time, consumers have become accustomed to using digital channels and devices in their interactions with retailers. For physical stores to continue to compete with online channels, they must use technology in their daily operations to increase sales and improve the customer's shopping experience.
Although there are many new technologies on the market, the combination of advanced point-of-sale (POS) solutions, digital signage, and RFID tracking will revolutionize the way retailers and customers interact in stores.
POS — More than Payment
The POS system is a retail technology that surpasses the cash register. Advanced systems now provide payment management and data analysis capabilities that can help your store run better.
Analysis from a POS solution will provide data to help you track sales and inventory, identify slow-moving products, and help you make better decisions that should (or should not) be placed on shelves. The same data can also help you understand sales, so you can adjust staffing during peak and slow sales.
The POS-related loss prevention (LP) technology also makes it more difficult for employees to commit theft or fraud. By carefully tracking which employees work at each workstation, and by monitoring inventory and purchase data, you can more quickly identify potential frauds and obtain detailed purchase records, making it easier to find out what happened and who is responsible.
Modern POS systems also allow you to meet PCI security requirements while taking new payment forms (such as PIN and chip cards or phone payments), issuing gifts and membership cards, and accepting coupons. All of these features can help introduce and retain new customers.
RFID Improves Inventory Visibility
Large retailers now use RFID to track inventory at store and shelf level。
This retail technology provides real-time visibility of the entire supply chain up to retail shelves. With tagged merchandise and hand-held RFID scanners (or shelf-based systems), the time spent on in-store inventory can be reduced by 80% to 85%. Real-time inventory information can also more easily avoid out-of-stock by alerting employees when to restock based on preset shelf parameters. By ensuring that the items the customer needs are always placed, this can help avoid sales losses.
In addition, real-time inventory visibility enables online shopping and in-store pickup (BOPIS) orders become possible, which can further increase revenue.
RFID retail technology can also expand and reduce control by providing a combination of POS tracking and electronic article surveillance. Advanced systems can even tell you when to take things from the shelves, but will not pass inspections. For large amounts of theft, high-value items, this advanced type of monitoring can quickly pay by reducing theft.
Digital Signage in Action
By combining retail technologies such as POS systems and RFID, stores can also provide new ways to increase revenue and customer loyalty while improving efficiency. Digital signage integrated with shelf-level RFID solutions can show shoppers promotions or other complementary purchase suggestions based on what they have removed from the shelf.
By using customer loyalty data and current purchase information at the POS, the solution can also generate additional promotions or incentives for the customer to return to the store. This personalized shopping experience not only improves the image of the store, but also encourages additional shopping.
Shoppers use advanced technology every day, at work, at home, and even in their cars. Digital technology plays a more important role in how customers research and purchase the goods they need. By integrating digital signage, POS solutions and RFID, stores can use advanced retail technologies to increase sales and improve customers' shopping experience.