Inventory Management Technology Trends for 2020 to Prevent Loss or Theft
Presently, inventory shrinkage is a growing concern among retailers across the globe. According to the Sensormatic Global Shrink Index, about $100 billion is lost to inventory shrinkage every year. Such shrinkage often ranges from shoplifting to employee theft and other errors. Fortunately, there are now loss prevention technologies which can help retailers combat the problems of shrink. In this post, we will be taking a look at some inventory management technology in Australia to prevent loss or theft:
Radio Frequency Identification (RFID) Tags
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. Thanks to this inventory management technology, Australia businesses and brands are able to improve inventory accuracy by 32 percent and boost sales by 18 percent.
These involve using unique physical characteristics like retinal scans and fingerprints to identify individuals, users, customers, and employees and grant them authorized access to store safe or other restricted areas. Such biometrics can help improve security, prevent unauthorized access, and prevent theft.
What’s more, 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 further theft.
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.
Smart shelves are another inventory management technology Australia for 2020. 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 to prevent loss and make restocking operations more efficient.
Point-Of-Sale (POS) Product Activation
Furthermore, 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. Thus, shoplifters will be discouraged from stealing such items.
GPS Product Tracking
Finally, GPS trackers can be used to mitigate theft by both employees and shoplifters. Each product packaging will contain a GPS tracker. With this, each item can be monitored during shipment and while they are stocked on the store shelf. In case an item is removed from the store shelf without payment being made, store security will be alerted or notified. Moreover, GPS trackers can be used to find the shoplifter’s location and recover the item as soon as possible.
There you have it! Above are some inventory management technology trends for 2020. These inventory management techniques Australia can help several businesses across the country to prevent theft and increase store security. Fortunately, these inventory management technology, including RFID tags, point-of-sale (POS) product activation, and GPS trackers, are easy to implement. If you are yet to implement a loss prevention program for your business, now may be the best time.
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