Tools Everyone In Retail Inventory Management Should Be Using to Manage Shrink

Retail shrink, including shoplifting, employee fraud and administrative errors, cost the global industry more than $128 billion last year, according to the latest Global Retail Theft Barometer. That is a staggering figure!

How much did shrink cost your business?

One way to help manage shrink and protect your business is to get a better handle on inventory. Here are some of our favorite tools for maintaining continuous visibility and greater accuracy in retail inventory management.

➢ Use of the RFID solution Clarity® Inventory™ on the retail floor enables item-level tracking of inventory with real-time visibility. Precise validation of inventory, including the location of each and every item, not only helps decrease shrink, it also contributes to increased sales and reduced out of stocks.

➢ With RFID tracking in distribution and receiving, inventory is tracked and managed from day one, speeding up and simplifying the process of receiving goods into store inventory. In fact, Clarity® Inventory™ lets you see your entire supply chain with greater precision, enabling detailed inventory reports across multiple locations to help you protect against grey market and shrink.

➢ SML’s RFID tags and labels for tracking retail assets help combat shrinkage by triggering Electronic Article Surveillance (EAS) alarms. At the same time, SML RFID tags improve inventory accuracy, ensuring on-shelf availability to reduce missed sales due to out-of-stocks.

➢ To monitor shrinkage, it’s important to perform regular inventory counts. An important tool is the RFID handheld reader tailored for the retail environment. Clarity® integrates with almost any major manufacturer’s hardware, delivering a solution tailored to the use case. For example, TSL’s 1153 Bluetooth® Wearable UHF RFID Reader is one of many Bluetooth-enabled readers that communicate with a variety of devices via wireless technology, while letting the user keep their hands free.

➢ For automatic EAS systems, readers such as Nedap’s !D Gate fixed reader integrate into EAS systems for discreet and effective theft protection and integrates with Clarity® to monitor goods replacement and replenishment.

And with a solution like Clarity® tying it all together, all five of these critical inventory management tools can be integrated to form one extremely powerful solution to manage shrink!