RFID (Radio-frequency Identification) technology is known for transforming business operations. It has been adopted by various industries as it provides efficient and cost-effective services.
In RFID technology, radio waves are used for tracking and monitoring of animate as well as inanimate objects. RFID tags contain electronically stored information known as identity. These tags are attached to the objects for the systematic tracking.
There are three principal components that are required to set up an RFID tracking system. These three components are scanning antenna, a transceiver with a decoder and the transponder, also known as an RFID tag. Over the years, market analysts have observed increased usage of this technology in retail and supply market. With RFID, retailers can provide an enhanced customer experience and an improved point of sale process as well.
What exactly is POS?
Point of sale process is associated with the point of sale (POS), also known as the checkout. POS refers to the place where the final retail transaction takes place. At POS, the customer pays for all the goods and services. Retailer calculates the total amount that has to be paid by the customer and provides various options to make the payment as well. A receipt is also issued to the customer as a proof for the transaction.
In the late 1980s, when majority of the industries and retail systems were undergoing a computerization phase, POS became EPOS (electronic point of sale). When discussing from the retailer's perspective, POS is referred as point of purchase (POP) by retailers and marketers. In a way, point of purchase is a formal terminology for point of sale.
Point of sale process continues to develop over the years. After the computerization in the 80s, POS changed to EPOS. In the 21st century, phenomenal developments have been observed in the wireless communications technology as well. As a result, a more comprehensive and affordable version of RFID is introduced in the market. RFID-enabled POS process can be more effective than the existing ones.
RFID-enabled POS process
Integrating the RFID technology in the point of sale process will save more time of the consumers as well as the retailers. RFID can put an end to every shopper's nightmare of waiting in a long checkout line. For a better shopping experience, RFID-enabled shopping carts can be introduced. RFID tags can be attached to all the items presents in the retail store. The shopping cart has to pass through an RFID reader that will immediately calculate the total bill the customer has to pay.
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As always, the very real danger is that managers themselves will become seduced by the new technologies and then appreciate them only superficially and misunderstand their true purpose and potential.
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