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