A tag is a label attached to a multiple or single products for providing information or identification. On the other hand, an inventory tag is a tag which is attached to several products and is deployed in identifying items & products and assist in tracking and counting the physical inventory. Physical inventory tags represent the actual hard copy tags used by various companies and retail stores to count inventory items. An inventory tag contains a count of a group of a given product/item. Easy to read labels help as a catalyst in boosting the work speed, thus inventory tags are used to read such labels. Inventory tagging has various advantages like automation, cost efficiency and accuracy in tracking inventory through the supply chain network as well as the retail environment.
Moreover, it aids in better visibility, expansion of customer experience capabilities and increase the control of inventory. Inventory tagging is critical as it is deployed in determining the amount of inventory on the floor, what inventory is available in the stock rooms as well as what colors and sizes need to be restocked. There are various other benefits of using inventory tags including increased time, labor savings, increase in stocked floor plan, increased accuracy and reduction in clearance items due to excess ordering and incorrect inventory.
Efforts towards standardization, expanding application segments rising awareness for using inventory tags, and convergence of technologies are some major factors driving the growth of the global inventory tags market. Moreover, increase in the per capita disposable income, especially in the developing economies across the globe is another key factor driving the global inventory tags market.
Furthermore, imposition of strict laws pertaining to secure packaging and rapid industrialization are other key elements fuelling the global inventory tags market. Also, increasing importance given to package security as well as increasing security measures towards theft and counterfeiting are some other factors driving the growth of the overall global inventory tags market. However, lack of awareness of inventory tags technologies, high initial costs and lack of skilled labor are some key challenges pertaining in the global inventory tags market.
Major players involved in the manufacture of inventory tags across the globe include Avery Dennison Corporation, 3M Company, Tyco International Plc., Brady Corporation, IMDA, Zebra Technologies Corporation, Alien Technology Inc., Checkpoint Systems Inc., Smartrac N.V., Hewlett-Packard Company among others.