No matter what sector you’re in, your business’s profitability depends on a host of factors, from your relationship with your suppliers to current trends among consumers. When it comes to retail, supporting your profitability involves more than just selling as many products as you can.
One of the biggest threats to a retail store’s profitability is retail shrink, like theft and inventory loss, which can add up quickly. Unlike damaged or overstocked merchandise, the cost of which can at least be partially recovered, retail shrink must be written off as a loss. However, shrink is also largely preventable, which can help you grow your profits without needing to sell more.
Here are 5 ways that EAS tags, RFID tags, and other RFID solutions can enable your retail store’s profitability.