Inventory Tags Market: Technologies Simplify Stock Management (1)

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Inventory Tags Market Technologies Simplify
Stock Management
By Nishi Trivedi Over the years, consumer
behavior has changed drastically, with a major
focus on online shopping. With a plethora of
choices, enterprises are compelled to maintain
order accuracy and fulfillment to ensure
customer satisfaction. One facet of business
processes includes inventory which requires
effective management. In the case of surplus
inventory, it accumulates carrying costs,
accounting for about 20-30 of overall inventory
costs. And thus, inventory tags have emerged as a
cost-effective management solution. As per our
analysis, the global inventory tags market is
estimated to progress with a CAGR of 4.71
during the forecast period 2023-2030.
From performing comprehensive counts to tracking
warehouse movement, an inventory tag system
provides real-time and precise data to streamline
operations across sectors, including retail and
logistics. When paired with a warehouse
management system, these tags can be scanned to
obtain end-to-end visibility of the current
stock. In this blog, we explore the key role of
inventory tagging technologies in transforming
business processes globally. Tag Technologies
Streamlines Order Fulfillment Management
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• Efficiency with Barcodes These one-dimensional
  codes contain crucial data such as inventory
  identification, pricing, product dimensions etc.,
  readable via a scanner. In this regard, laser
  scanners are the most commonly used, especially
  in the retail sector. In the transportation and
  logistics sector, this tag technology has gained
  prominence for automatic identification to
  ensure long-time shipment tracking. The ease of
  management has enabled companies like Axicon to
  launch a barcode verifier system to read larger
  barcodes on outer cases and pallet labels. It
  features a continuous scan option that permits
  multiple readings, making the verification
  process faster.
• Operational Accuracy with RFID Tags Functioning
  through radio waves, RFID is extensively opted
  for scanning multiple tags simultaneously,
  reducing overall inventory management time. For
  instance, the new Find Tag functionality by
  Mass Group enables users to easily identify and
  examine multiple RFID tags to locate inventory in
  real-time on its Traceability Made Easy Mobile
  Version.
• Further, radio-frequency identification (RFID)
  technology is highly preferred in the retail
  sector, specifically for apparel tracking. With
  the rapid retail industrys growth, apparel
  giants like HM, Nike, and Zara have leveraged
  this tag technology to generate an efficient
  supply chain, prevent out-of-stock scenarios,
  and tackle counterfeit products. The rising
  disposable income and concerns pertaining to
  forgery have elevated the adoption of RFID tags,
  which further
• accelerates the inventory tags markets
  progression.
• Mobile Compatibility with QR Tags Quick response
  (QR) code, also known as matrix code, is the
  most common 2D barcode, containing over 7,000
  characters. This technology can encode more data
  than 1D barcodes and doesnt require to be linked
  to a database. Over the last few years, this
  technology has become popular among end-users due
  to its fast smartphone scanning capabilities and
  vast storage. While QR codes have existed for
  several years, the pandemic- induced contactless
  payment using UPI accelerated QR scanning across
  sectors.
• From managing product recalls to identifying
  faulty items, QR tags ensure high-level inventory
  management, following the correct inventory
  metrics. This has prompted various strategic
  initiatives, including GS1s plan to enable
  59,000 members to initiate their QR codes. Each
  code is set to include GS1 barcodes that link to
  various sources offering SKU-specific content.
• Data-Driven Operations A Growth Prospect
• The advent of big data and other technologies
  like AI and machine learning have influenced
  several
• business decisions across numerous industries.
  E-commerce is one such industry that relies
  heavily on data management to enhance
  operational capacity and reduce recall losses.
  Inventory tags, in this scenario, lessen
  challenges by offering supply chain transparency
  with real-time data on stock movement and
  availability. Further, the growing need for
  sustainable business decisions have soared
  demand for effective tagging systems to improve
  stock margins. Hence, the industrial expansion
  opens avenues for players, which ultimately
  drives the inventory tags market.

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FAQs Q1 Which are the key end-users in the
inventory tags market? Retail, transportation
and logistics, and industrial are key end-users
in the inventory tags market.
Q2) Which factors are driving the inventory tags
adoption? Factors such as protection against
fraudulent activities, high adoption of RFID
technology, and the need for real-time data
visibility are driving the inventory tags
adoption.