WalMart and RFID

Wal-mart has run the numbers and figured out that they can save big time money if they can fiz their inventory problem with a technology called RFID or Radio Frequency Identification. The technology works by placing electronic tags on every product that emit a specific frequency with a unique ID number on the product. When the tags come into range of an RFID Reader or Scanner, they transfer information and a network of inventory can be tracked.

Wal-mart estimates that it loses 2% of sales due to running out of an item but says it loses 46% of sales due to inventory problems. If a customer wants something and asks an employee to look for it, having an RFID system in place will speed up the searching process which can literally take hours to find without any help. A specific product can be tucked away on a pallet in the corner of some storage area which can in turn translate to lost sales due to the customer being unwilling to wait for long periods of time.

Having the tracking system in place will translate into more sales due to capturing that percentage of people that would have bought something if the products were found easier. Walmart estimates that it could mean an additional $287 million in sales every year. This new technology will ultimately make lost or missing merchandise a thing of the past; it will be as revolutionary as the bar code when that was introduced in the 80's. Walmart seems to be the driving force of implementation of this technology and I suppose we can all expect to see merchandise at other stores get upgraded to this fancier inventory tracking method.

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