How Does RFID Work?

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Radio-Frequency Identification, known simply as RFID, works by tracking a product via the bar card through its life on the shelf and into the possession of the consumer. Understand how RFID makes business more efficient for suppliers with information from a portfolio manager in this free video on business strategies.

Part of the Video Series: Business Strategies
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Video Transcript

Have you looked at the bar codes in the sides of packages you've purchased at your neighborhood grocery store and retailer? Hi, this is Roger Groh of Groh Asset Management. In the old day, they were just use as a way for the cashier to scan them and to show that their product have been sold. It was a quick way to check out. It's become much more advanced now where the product on shelves is directly track from when it's put there on the shelf; when it's lifted off the shelf; to when it's put in the bag and when it gets into your car. In addition, that product now is automatically tied to you as the buyer. Is there an advantage? Sure. It results in a much more efficient operation for the store and with that data now being sent automatically to suppliers, it means that they can have less inventory on hand; they have less carrying cost and the theory, sell product to you cheaper but yet, become more profitable. Is it better for you? No, maybe not. It might mean faster check out slightly; it may mean more modern accept their product on the shelf; but, it can also have negative connotations. Meaning, if all you do is buy ice cream; then you might find that the price of your health care insurance goes up. In theory, if all you did was to buy high cholesterol products, you might find that their price of your health care goes up. Why? Higher cholesterol will probably lead to higher incidences of heart disease. More heart disease means more expense for the health care companies and they're going to pass that directly onto you. Also, because the products are now tied directly to you, the suppliers know what you like and you better believe that you get more catalogs in the mail and solicitations to your email and maybe even phone calls, depending upon what data that the retailers sell to the suppliers. It's valuable to them and they want it. I'm Roger Groh with Groh Asset. Thank you very much for spending time with me.

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