What is retail asset tracking?

Operating any kind of retail environment means keeping track of all sorts of assets. Depending on the environment, the risks that these assets face will vary, and it’s important that you’re both aware of those specific risks and the solutions that are available to you to deal with those risks.

In this article, we explore retail asset tracking in more detail. Starting with an outline of what constitutes assets in these environments, we proceed to some potential solutions, to help you with the practical process of implementing and optimising an effective system.

Assets in retail contexts

There are various categories of assets that you’ll find in retail contexts, which can vary substantially.

Mobile assets

In both warehouses and customer-facing environments, most retail businesses will have a wide range of mobile assets. These include low-value, low-risk assets like baskets, but also higher-value assets like hand-held scanners.

Stock

Additionally, you’ll potentially have both high-value and vulnerable stock that needs to be protected. Depending on the item, you can use various tags to track these items and provide alerts should the goods be taken out of the premises without permission.

Fixed assets

You’ll also have a range of fixed assets. These tend to be less vulnerable, including things like EPOS terminals and display cabinets. These typically don’t require as much attention to keep them secure.

Solutions

There are a range of solutions that are available in these contexts.

Asset lockers

For mobile assets like scanners and computers, one of the most effective solutions you can implement will be some sort of asset locker.

Companies like Traka make lockers that are specifically adapted to provide adjustable access control and historical access logs for these kinds of items.

Trackers

Another option, especially with stock, is to use trackers. These make it easier to manage and organise the items that they’re attached to, but also help to limit theft and detect damage or loss.

RFID tags are now incredibly affordable, and can be integrated even on low cost items like food. For more expensive assets, it’s worth investing in more complex and capable asset trackers. It’s important to continue exploring innovative uses of tracking services, to see if they could be beneficial in your retail environment.

Track asset damage & loss rates

Once you’ve implemented a solution, it’s important that you continue to monitor for asset damage and loss. Check where you continue to experience issues, and where you have managed to make substantial improvements.

Continue to do this, to assess where you need to make changes. Don’t just expect a solution to be effective, or even assume that an initially effective solution will remain so as conditions continue to change.

Managing risk in retail environments is only set to become increasingly important over the coming years. With increasing theft rates, decreasing profit margins and a whole host of other complications, you need to make sure that you’re taking every step available to you to mitigate risk and ensure the profitability of your organisation.