
How RFID is Reducing Out of Stocks and Overstocks in Retail?
Accurate inventory information is crucial for the retail industry. Inefficient management of stocks can lead to out-of-stock and overstock issues that can have a massive impact on the business. RFID technology has revolutionized the retail industry and given improved inventory accuracy and stock reliability. It has simplified the typical inventory process which requires intensive labor, is inefficient and time-consuming. RFID has enabled retailers to track their inventory throughout the supply chain from the warehouse to the sales floor. This article discusses on how RFID technology is used in the retail industry. The Problem of Out-of-Stock and Overstock in Retail In manual inventory management, data is not organized properly and thus it is difficult to track inventory activities and customer demands. In the retail industry, demands and trends change rapidly, and storing and analyzing these data in traditional and manual methods is almost impossible. Out-of-stock and overstock are largely responsible for