Product Life Cycle
Product Life Cycle Definition
This term is used to describe the series of stages that each commercial product goes through when it hits the market. These stages include introduction, growth in sales revenue, maturity, and decline. You must pay attention to the life cycle of each of your products. Take note of their performance at each stage, and gather info that you can use to improve future products or offerings.
RFID is an acronym for Radio Frequency Identification, and it is a new technology in retailing. It is a chip embedded in an item, and it stores the information on the item. These tags help retailers keep track of their products, and it communicates the price of a product to a server or network. RFID is quite similar to the barcode system. Although, unlike with barcodes where an optical scanner is used, RFID uses radio waves to read the data on the chips. It also offers more benefits and applications than the conventional barcode system.
RFID makes it easy to track a product’s entire process. Now, you can follow your product from the manufacturing to warehouse, then shipping and finally to your store. Scanning barcodes manually or counting the products will take a lot of time and resources, resources that can be spent on other productive things. Using RFID tags speeds up the process exponentially, and you can be sure of getting an accurate account.
One of the most significant problems that retailers battle is shoplifting. Many retailers have lost a fortune to shoplifting, which has led them to look for ways to reduce the risk of shoplifting. You can decide to curb this act by assigning staffs to watch customers. This method is flawed because the staff is distracted from other responsibilities and your customers get the sense that you don’t trust them, which does not bode well for customer relations. With RFID technology, you can just scan the shoppers as they exit the store. If a shopper tries to leave with an item that hasn’t been paid for, the scanner will reveal it.
The automated checkouts are one of the most significant selling points of the RFID technology in retail. This feature allows the customer to log any purchase on an app on their mobile device. This app will enable them to pay for the item automatically on their mobile device instead of going to a designated checkout. This feature also helps attract and retain customers because it makes shopping easy and fun for them. Another alternative is to make it so that all the items in a customer’s shopping cart are scanned automatically when they get to the checkout. Then, they can pay by swiping their card or mobile device on the reader.
One of the disadvantages of using RFID is that the technology is a bit on the pricey side. Although, the cost of setting it up is gradually reducing, it is still more expensive than using the barcode system. This is why most stores are still using the barcode system. Also, unlike the barcode which can be printed on the product, the RFID is a physical device that must be affixed to the product.
Although you will hardly find RFID systems in small retail shops, large retailers have begun to adopt this technology because of its apparent advantages over the other available methods. The system saves time and helps to secure your product. The automated checkpoint feature is another feature that makes it popular among customers. If you are a retailer considering using RFID, you should know that the benefits far outweigh the flaws.