Radio frequency identification (RFID) firm Nedap has debuted its iD Cloud Loss Prevention, a cloud-based Software-as-a-Service (SaaS) program that enables merchants to recognize, assess and prevent merchandise losses, according to a Thursday (Nov. 18) press release. The integrated suite aims to create flawless inventory visibility, according to the announcement.
iD Cloud Loss Prevention utilizes RFID technology to enable merchants to track every individual item at crucial areas in their shops, such as the point-of-sale (POS) counter or the store entrance and exit, the release stated.
RFID systems, which use radio waves at several varying frequencies to transfer data, are typically used in healthcare and hospital settings, as well as in tracking equipment, controlling inventory, providing data for electronic medical records systems and monitoring patients, among other uses, according to the FDA.
Nedap’s RFID system uses an algorithm that automatically recognizes suspicious occurrences, including goods leaving the store in bulk or outside of opening hours, according to the announcement. In addition, iD Cloud Loss Prevention detects theft and fraud patterns over time and helps merchants determine which items have an increased risk of theft.
‘’We envision that every retailer creates seamless shopping experiences without shrink. No loss, no matter where, should go unnoticed,’’ said Oscar van den Broek, Nedap’s managing director of retail. “In-store shopping should feel like online shopping: easy, fast and without any queues or barriers. Retailers that fail to bring this frictionless experience into their stores will lose customers, and their stores will become increasingly irrelevant.’’
RFID firm SimplyRFID is also making headway in terms of inventory control. In August, the company launched an integration with Intuit’s accounting software QuickBooks to enable one-click inventory management, as PYMNTS reported.
See also: SimplyRFID Adds QuickBooks Integration
To fill job vacancies since the pandemic, grocery store chain Hy-Vee announced in September that it was deploying RFID-powered inventory management robots at its locations in Iowa, Nebraska and Missouri to scan shelves, check stock levels and shelf placement, as PYMNTS reported.
Related news: Hy-Vee Joins Grocers Optimizing Labor With Automated Inventory Management
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