According to the most recent Retail Trade Survey from the U.S. Department of Commerce, which was highlighted in an Auburn University whitepaper, the retail industry faces more than $36 billion in claims annually and $47 billion in unaccounted for items.
To help combat this growing issue, standards body GS1 US has published a new guideline retailers can use to leverage its Electronic Product Code (EPC)-based Radio Frequency Identification (RFID) technology. It supports claims compliance and is designed to improve inventory accuracy and supply chain visibility. The guideline provides best practices to avoid and detect carton pack and carton shipment inaccuracies. More retailers like Walmart and Nordstrom are mandating item-level use of RFID based on GS1 standards to enhance store operations and improve inventory accuracy.
To give us a better understanding of the purpose of the new guideline and how it will be implemented, we spoke with Jonathan Gregory, director of community engagement with GS1 US.