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Why Retailers Are Turning To RFID For Loss Prevention
May 15, 2018

Why Retailers Are Turning To RFID For Loss Prevention


The survey of retailers estimates that shoplifting accounts for 38% of all inventory shrink, but perhaps more surprisingly as much as 35% of losses come from employee theft. A further 16% come from administrative and paperwork errors, 6% from vender fraud and error, while only 5% result from unknown reasons.


That is exactly what’s happening as the retail sector increasingly embraces RFID technology. At one major retailer, who initially introduced RFID to improve inventory accuracy, shrink has been reduced by an average of 55% and theft by as much as 75% in some locations. Across the industry item level RFID solutions are providing useful data on every missing item, allowing retailers and supply chain managers to identify and tackle sources of loss.


 Why Retailers Are Turning To RFID For Loss Prevention


RFID tags attached to garments at the manufacturing phase are not only setting off alarms as shoplifters and employees attempt to leave a store with stolen items. They provide actionable data for lost items from factory to sale. Considering that items may begin their journey in manufacturing hubs like Bangladesh, then pass through several ports, customs checks, and logistical channels before reaching a store floor in the US, RFID is proving to be an invaluable supply chain loss prevention technology.


“In tracking what happens to an item at each and every point in the supply chain — from the manufacturing source to the customer — RFID wraps a tight security blanket around the entire retail supply chain,” says a retail industry executive. “RFID immediately impacts the bottom line by covering the retail operation with unprecedented visibility,” he added. “Store owners are able to see shrink happening. This means retailers can respond quickly to the causes of shrink in order to replenish, capture, correct and prosecute.”


Currently more than half of all US retail chains have installed RFID access control and tracking systems within their stores, and it is expected that almost all retailers will invest in the technology in the next few years. RFID for loss prevention, in addition to its numerous other benefits, has proven to be a vastly significant competitive differentiator.





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