Many retailers are looking to the Internet of Things as an increasingly important part of their retail strategy. That’s because when you think about all the “things” a retailer manages, their inventory constitutes both the greatest number and the most important “thing” to track. Accurately managed inventory brings advantages across the retail business—from smarter planning to streamlined fulfillment, accurate inventory data is key to a retailer’s success.
RFID brings the Internet of Things to every retail item in the store and supply chain. For many retailers, mentions of RFID bring to mind handheld readers used to speed up the task of manually counting inventory. Early adopters of RFID recognized its potential to improve in-store inventory accuracy, while also significantly simplifying a tedious, labor-intensive process.
But retail isn’t the same as it used to be. Brands fight for dominance in an increasingly competitive, omnichannel world where simply having accurate in-store inventory isn’t enough. What I find interesting is the way RFID has evolved—and will continue to evolve—to meet these new demands.
We are now entering an age where RFID enables a wide variety of use-cases that drive sales, delight customers, and yes—ensures accurate inventory counts. Lately I’ve noticed more and more retailers entering what I call the second wave of RFID adoption.