Increase your revenue with Item-level RFID this Christmas
Christmas is the most wonderful time of the year – and it’s approaching fast. There will be endless festivities of seasonal music, delicious food and excited bargain hunters looking for that perfect gift. As a result, it’s the most wonderful time for retailers but nothing is worse for consumers (and the retailer) than deciding on that perfect gift only to find it is out of stock.
The Christmas retail season is certainly hectic but making things worse is the huge snowstorm of consumer demands that make it difficult for retailers to maintain a high level of inventory accuracy. Poor inventory data will negatively impact the brand through missed sales opportunities and a subsequent poor brand experience, which often causes customers to buy from the competition.
In order to avoid missed sales and disgruntled customers, retailers must adapt in order to keep up. To generate increased revenue and satisfied customers, a growing list of retailers have discovered that the most effective way to keep track of product availability and avoid missed sales due to out-of-stocks, products lost in the stores or the supply chain, is by adopting Item-level RFID technology.
Getting snowed in with inventory management
Due to a large majority of retail staff still conducting manual stock takes during busy retail periods incorrect numbers are often recorded. With many retailers under the impression that they hold a clear view of their stock retail staff are unprepared for out-of-stocks at point-of-sale. The truth is, their stock accuracy can be as low as 68% with items being easily misplaced or lost through the store operation process or supply chain. A 68% view of inventory just isn’t sufficient for such a busy retail period (or any period for that matter).
Fortunately, an increase in global RFID deployments means more retailers are turning to the latest technologies that have established themselves as game-changers within the sector. Retailers are able to utilize technologies such as RFID to boost their retail inventory efficiency and can see an accuracy level up to 98%.
Item-level RFID inventory management solutions, such as SML RFID’s Clarity® Enterprise Software gives retailers an advantage by gaining better insight on their product availability, which is a key to maximizing revenue during this busy time.
The technology easily operates in conjunction with busy retail periods. Retailers are now able to perform fast and efficient daily cycle counts (reading approximately 400 RFID tags per second) giving them the ability to meet the growing customer demands who want their products in a quick and efficient way. With this technology, out-of-stocks can be a problem of the past.
Tis the season for Omnichannel
While many Christmas shoppers will enjoy shopping the aisles of retailers with family and friends there is the quickly growing e-commerce that the industry must meet.
Retail RFID inventory management helps the multi-channel retailer improve another important factor in holiday sales: efficient omnichannel execution within their supply chain. Retailers can now integrate their enterprise systems across the scope of a customer’s shopping experience. Shoppers can access store inventory information from their computers, buy the item on their smartphones, and then pick it up at a local and convenient location. Because SML Clarity® Enterprise Software easily integrates with existing ERP and business intelligence systems retailers can make full use of RFID to keep their shelves stocked as well as improving the omnichannel processes with a much greater level of inventory management and customer service.
This Christmas season, SML anticipates that its retail customers will be stocking over 100 million items per week, providing these retailers inventory accuracy of over 98%. This is close to 30% greater than their existing non-RFID systems. All of this will reduce out-of-stocks and enable these retailers to service customers better than those retailers that are still using manual stock counts for their inventory picture.
Don’t let your inventory fail you because of the festive frenzy this Christmas. Adopt RFID technology and begin your journey into the new era of retailing. Its power and ability to do fast and efficient stock counts and accurately track individual items bought both online and instore will provide a unique value for your customers, enriching the customer experience while boosting your revenue this holiday season.