Inventory Management Technology

Radio Frequency Identification (RFID) tags make use of electromagnetic fields within radio frequencies to uniquely identify products, like footwear, clothing, or electronic devices. A lot of retailers across Australia now tag wares with RFID.

These involve using unique physical characteristics like retinal scans and fingerprints to identify individuals, users, customers, and employees and grant them authorised access. Such biometrics can help improve security, prevent unauthorised access, and prevent theft.

Shoplifting account for a high percentage of loss among businesses across the world. To combat this, some retail shops have CCTV cameras installed across their store. Some of these cameras feature facial recognition technology that can the face of every individual entering a shop. With this, business owners can identify shoplifters and prevent it from happening.

Another way through which retailers can manage inventory and reduce shrink is by using shelf-scanning robots. These devices make use of the Internet of Things (IoT) technology to scan shelves for inventory, price, and labeling. This way, store owners can mitigate losses due to pricing and labeling errors.

These smart shelves use a combination of microphones, weight sensors, proximity sensors, and 3D cameras to detect when products are removed from specific shelves or displays. These smart shelves are great way to prevent loss and make restocking operations more efficient.

Using point-of-sale (POS) product activation, products can be digitally locked at the point of production or manufacturing. Such products, like laptops and mobile phones, can be activated by a code which will be available on the receipt after payment has been successfully made for the product. Unless the product is purchased and activated, it does not function.