Recently, Truecount participated in two excellent trade conferences within the same week, RFIDJournal LIVE! and RILA Loss Prevention. Both events were held in Orlando. Both targeted, and were attended by, retailers. What
we learned from the exe
cutives we met at LIVE! differed significantly from what we learned talking to RILA attendees. Still there was one important point of convergence—a limited understanding of the power of RFID for loss intelligence.
At RILA, we discovered that many executives in charge of their store’s retail loss prevention do not have RFID in their loss prevention vocabulary. More surprising to us, we learned at LIVE! that many senior retail executives who are considering an RFID roll-out for their operation, list “reduction of shrinkage” behind other benefits and capabilities of the technology. It is clear that as RFID consultants and solution providers, we have some work to do letting the retail community know how RFID works for loss prevention. Simply stated, RFID presents exciting new solutions to the age-old problem of shrinkage, or retail loss.
Historically, the biggest impediment to loss prevention has been the lack of data. Today, with item-level RFID, the “data desert” of loss prevention is easily “flooded” with critical, actionable “loss intelligence” for every “lost” item, whether missing due to theft, error, fraud or other reasons. (see our Solutions page http://www.truecount.com/solutions/truecount/)
The rich loss intelligence captured by item-level RFID identifies the exact item that is missing, lost or stolen, including the product name, color, size, where the item was manufactured, value, what other items it was—or should be– displayed with, and more. This data is captured on the RFID “tag” which can be attached to or imbedded in almost any item of merchandise. Within the retail environment, the price tag is the RFID tag, and advanced item-level RFID technology can be easily integrated into your store’s existing EAS systems.
Following is a brief overview of Truecount’s RFID Loss Intelligence:
Truecount leverages RFID technology to create a “single source” solution for all item-tracking/monitoring- related needs within the retail supply chain, tailored to your needs. The loss intelligence Truecount delivers to your operation is inherent in our solution’s inventory/replenishment management capabilities; capabilities that deliver unprecedented visibility into processes and 99+ percent accuracy rates for PI (perpetual inventory).
- With item-level RFID, any changes in product movement, at any point in the supply chain, are seen in real time. Therefore, you can follow each specific item from the manufacturing floor to delivery at your store; to the back room, through the dressing room, to the moment it leaves the store–whether paid for or stolen— in real time, as it is happening.
- At any moment in time, you will be able to see the true scope of loss within your operation, whatever the reason for that loss. Even errors in shipments are identified immediately.
- In addition to shoplifting and employee theft (including “sweetheart deals”) RFID helps you reduce loss rates from counterfeit products, fraudulent returns and other issues that impact margins.
- RFID can mitigate loss from pricing errors, incorrect invoicing, errors in processing damaged and returned items and errors in direct to store deliveries. RFID is an enabling technology; enabling many things including supply chain visibility, product authenticity, inventory/replenishment management, and other capabilities that help you manage and minimize loss.
Flexible, cost effective hardware and software:
- RFID uses “passive tags”, meaning no battery, or other source of power, is required for the tag itself.
- RFID tags utilize power collected from the signal transmitted by the RFID reader.
- RFID data tags can be read through product packaging. Importantly for you in fighting theft, RFID tags can be read through a shopping bag (or purse) and clothing if the thief is attempting to exit the store with
unpaid merchandise. Even items in the dressing room are visible.
The loss intelligence dialogue is extensive, and we’re interested in the loss prevention issues that are keeping you awake at night. Let us know, and we will address your specific problems in our blog.
We’re also currently scheduling complimentary consultations for RFID Journal LIVE! and RILA attendees. Call today to see if you qualify. 1-800-403-7118. email email@example.com or post your comments here.