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.
EAS Tags Reduce Theft to Ensure Growing Profits
The biggest way that an EAS tag can help is by reducing or even eliminating theft entirely. Although a small percentage of thieves are professionals, many would-be shoplifters are “opportunistic thieves,” meaning they steal only because they believe they can get away with it, based on their observations of the store, its employees, its security measures, and other risks.
However, securing your merchandise with EAS tags can go a long way in deterring thieves. Even a shoplifter who isn’t a professional would recognize an EAS tag as something that could trigger the store alarm or otherwise get them caught. The presence of an EAS security tag alone will effectively deter many thieves from attempting to steal from your store.
Sometimes professional thieves are determined to steal merchandise, with or without an EAS tag. That’s why retailers invest in high-quality EAS tags and RFID tags that actually work, usually by triggering an alarm if the tag passes through the security gate at a store entrance. Some RFID companies have even built EAS tags and RFID tags with multiple alarms so that if the tag is even just inappropriately removed from an item, it will sound an alarm.
An EAS Security Tag Visually Deters Thieves Without Putting Off Customers
Locking down your high-value merchandise can make customers less likely to want to purchase them. Additionally, although security cameras are highly effective at catching thieves in the act, they can create a less friendly environment where customers feel too observed. But with RFID tags, you can deter thieves while leaving your merchandise accessible and easy to try out for your customers.
As mentioned earlier, an EAS tag or RFID tag is also a highly effective visual deterrent for thieves, amateur or otherwise. Even a professional thief will recognize an EAS security tag, but instead of trying to defeat it, they are more likely to just move onto easier targets with more minimal retail security. By adding an EAS tag to your merchandise, you can make it clear that you are intentionally protecting your inventory without interrupting the customer experience.
RFID Tags Provide Cost-Effective Retail Loss Prevention
Compared to a security guard, an EAS security tag is much more cost-effective. Unlike human guards, which require salaries and in-store insurance policies, RFID tags and other RFID solutions can secure your products at all times, for just the initial cost of the RFID tag.
Many RFID companies have a varied selection of RFID solutions so retailers aren’t limited to just one type of RFID tag. With a wide range of sizes, shapes, forms, and more, retailers can easily find an EAS tag or RFID tag that works with their merchandise and the other unique needs of their business.
RFID Solutions Enable Inventory Control
In fact, an RFID tag can do more than just provide basic retail security. For retailers that want to maximize the potential of their RFID solutions, an RFID tag can also track an item’s status and location in near-real-time for improved inventory management.
Inventory control is a critical part of identifying theft and other loss as early as possible. However, manual inventory checks are time-consuming and prone to human error, so it could be weeks or even months by the time you find out that products have gone missing. By installing RFID readers in your store, you can log the last-known status of each item in your entire inventory, virtually eliminating the need for time-consuming inventory checks.
EAS Tags Are Easy and Quick to Use
Many RFID companies have developed RFID solutions designed to hold up to the fast-moving environment of a retail store. This also includes creating EAS tags and RFID tags that are easy to apply and remove to streamline the checkout process for both customers and store associates.
Most EAS tags use a simple pin attachment, which can be easily removed with a powerful magnetic detacher, making staff training short and simple. Non-pin EAS tags and RFID tags feature secure but simple attachments that will protect your merchandise without slowing down your staff.
Boost Your Retail Store Profitability With CONTROLTEK EAS Tags and RFID Solutions
At CONTROLTEK, we offer a wide range of EAS tags, RFID tags, and other RFID solutions to protect your assets and support the growth of your retail business. Our solutions are compatible with both RF and AM systems, and many of our tags work with RFID systems as well.
If you are unable to find the exact tag you need in our product offering, we have partnered with a selection of industry-leading RFID companies to help source the right solution for you. To learn more, contact us today.