In recent years, loss prevention has been a consistent challenge for many retailers, so much so that many have had to close some of their retail locations. BarTender_® shares how RFID tracking for loss prevention can reduce and even deter theft.

Three areas that RFID tracking can help with prevention loss are:

1. Theft Reduction – One of the most significant benefits of RFID tracking is to deter theft. “According to the National Association for Shoplifting Prevention, more than $13 billion worth of goods are stolen from retailers annually in the United States alone.” RFID tags can be hidden within products or attached discreetly to items, triggering alarms or alerting store personnel.
2. Real-time Inventory Visibility – The inventory control benefits achieved using RFID tracking allow retailers to monitor stock levels, identify inventory discrepancies, and reduce the likelihood of understocking or overstocking products.
3. Efficient Replenishment – RFID tracking can also assist with restocking, automatically triggering replenishment orders when products are sold to avoid out-of-stock. This becomes especially important with high volume or perishable inventory.

While RFID tracking is not a new technology, having been around for 20 years, it is expected to reach a market value of $40.5 billion by 2028. This growth is partly driven by the increased adoption of RFID in the retail sector. Trends in RFID tracking within retail include monitoring the environmental impact of products—such as their supply chain journey and lifecycle—along with enabling interactive shopping experiences and using digital displays triggered by RFID sensors.

RFID tracking starts at the beginning of the supply chain and can be integrated into every aspect of a business’s operating system. A cohesive system enables the company to have sound inventory controls and reduce costs and inefficiencies. Pragmatyxs can help elevate your business and manage loss prevention with RFID tracking.