RFID for Retail Loss Control Gains Traction at RILA LP Conference

RFID for loss intelligence and control generated a lot of buzz at the recent RILA (Retail Industry Leaders Association) Loss Prevention Conference in Dallas, with attendees actively seeking out more and more information about the technology a

nd h

ow it works to reduce shrink.

Here’s how it works:

RFID’s built-in power for rapidly counting and capturing data at the item level automatically delivers the WHAT, WHEN and WHERE data of any lost, stolen or misplaced items. This critical “loss intelligence” leads to the WHO and the WHY of a loss—- a first step in removing shrinkage from your retail operations.

Loss intelligence is a high-level benefit of RFID, and the results for retailers are profound. One large retailer reports internal shrink is down an average of 55 percent, with some stores in the chain reporting shrink reductions of up to 75 percent since implementing item-level RFID. Pretty compelling, don’t you think? Especially with the convergence of an ever-tightening economy and the highest increase in retail theft and fraud ever recorded.

A recent industry survey shows 94.5 percent of retailers surveyed say they experienced some type of retail crime within the last 12 months, from individual, random shop-lifters to counterfeiting, fraud and organized crime rings. Theft costs retailers an estimated $107.3 billion a year according to the Global Retail Theft Barometer. And theft is only one element affecting retail shrink. Retailers are also battling employee fraud and error, supply chain mistakes and inventory errors.

Item-level RFID alerts retailers to loss, when it happens, with real time visibility. This means fast action can be taken. Sure, it’s important to apprehend the perpetrators of the crime—or find out who is making errors and why—however, it is equally vital to the retail bottom line to know with precision what item has gone missing from any location within the supply chain in order to adjust inventory and provide proper replenishment, most importantly the sales floor so that items can be replaced immediately.

Only item-level RFID delivers the type of real-time data retailers need to stay one step ahead of criminals and in synch with customer demand. If an item isn’t on the sales floor when the customer is

ready to buy, that sale is lost, shrinking the retail bottom line even more. RFID can be used with hard tags to emulate EAS systems being used today—-with the added intelligence.

With RFID in place, a retailer can rely on a single, high performance device for multiple applications impacting the retail bottom line, including loss intelligence, supply chain optimization and inventory controls that are 99+ percent accurate. More good news:

With RFID, the sales tag is the security tag. Real simple.

Truecount RFID is agnostic to hardware and tags. We offer a completely flexible, open platform using multiple best-in-class hardware partners. It is easy to add modules for self-checkout, loyalty programs and other retail innovations.

Let us know how Truecount can help you. Tell us about your worst shrink headaches in the comment section below, and we’ll get back to you with solutions.

Format

RFID for loss intelligence and control generated a lot of buzz at the recent RILA (Retail Industry Leaders Association) Loss Prevention Conference in Dallas, with attendees actively seeking out more and more information about the technology and how it works to reduce shrink.
Here’s how it works:
RFID’s built-in power for rapidly counting and capturing data at the item level automatically delivers the WHAT, WHEN and WHERE data of any lost, stolen or misplaced items. This critical “loss intelligence” leads to the WHO and the WHY of a loss—- a first step in removing shrinkage from your retail operations.
Loss intelligence is a high-level benefit of RFID, and the results for retailers are profound. One large retailer reports internal shrink is down an average of 55 percent, with some stores in the chain reporting shrink reductions of up to 75 percent since implementing item-level RFID. Pretty compelling, don’t you think? Especially with the convergence of an ever-tightening economy and the highest increase in retail theft and fraud ever recorded.
A recent industry survey shows 94.5 percent of retailers surveyed say they experienced some type of retail crime within the last 12 months, from individual, random shop-lifters to counterfeiting, fraud and organized crime rings. Theft costs retailers an estimated $107.3 billion a year according to the Global Retail Theft Barometer. And theft is only one element affecting retail shrink. Retailers are also battling employee fraud and error, supply chain mistakes and inventory errors.
Item-level RFID alerts retailers to loss, when it happens, with real time visibility. This means fast action can be taken. Sure, it’s important to apprehend the perpetrators of the crime—or find out who is making errors and why—however, it is equally vital to the retail bottom line to know with precision what item has gone missing from any location within the supply chain in order to adjust inventory and provide proper replenishment, most importantly the sales floor so that items can be replaced immediately.
Only item-level RFID delivers the type of real-time data retailers need to stay one step ahead of criminals and in synch with customer demand. If an item isn’t on the sales floor when the customer is ready to

buy, that sale is lost, shrinking the retail bottom line even more. RFID can be used with hard tags to emulate EAS systems being used today—-with the added intelligence.
With RFID in place, a retailer can rely on a single, high performance device for multiple applications impacting the retail bottom line, including loss intelligence, supply chain optimization and inventory controls that are 99+ percent accurate. More good news:
With RFID, the sales tag is the security tag. Real simple.
Truecount RFID is agnostic to hardware and tags. We offer a completely flexible, open platform using multiple best-in-class hardware partners. It is easy to add modules for self-checkout, loyalty programs and other retail innovations.
Let us know how Truecount can help you. Tell us about your worst shrink headaches in the comment section below, and we’ll get back to you with solutions.
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