Using RFID to enhance a retailer’s legacy systems
The retail landscape has transformed significantly over the years. Shoppers are smarter and more tech savvy than ever before as their needs have shifted from simply product-based demands. Consumers not only care about a retailer having certain items in stock but also how quickly they can acquire those items. This shift has led retail to become increasingly more competitive as brands need to recognize their customer needs and how they can keep up with those demands.
Whilst an increase in competition has allowed some retailers to flourish, others have struggled to accommodate the burden of modern retail and more often than not, this struggle is the result of outdated technology a retailer currently utilizes. For example, a number of retailers still use traditional POS or RMS systems that were first created in the 1990s and, since then, retail has undergone several facelifts that means these legacy systems are no longer able to cater to the changing customer demands.
These days, retailers need to serve customers via multiple channels; offering them the flexibility to shop online and pick up or return instore and serving a fully realized omnichannel shopping experience. However, at the heart of this experience is inventory management and we have found that traditional POS or RMS systems aren’t able to accurately track inventory.
A retailer’s POS or RMS systems have the ability to provide a number of insights and analysis but this is reliant on having the appropriate data available and this is where some retailers falter. Rather than completely overhaul their current systems, retailers should look to incorporate tried and tested technologies that will enhance their existing processes.
For example, RFID technology has established itself over the years within the retail sector. As a stand alone technology, RFID in retail allows brands to gain a greater view of their inventory, up to 99%, both at store level and throughout the supply chain. The results of improved inventory accuracy mean less out-of-stocks, reduced shrink, loss prevention and supply chain efficiency.
In addition, the technology can be combined with a retailer’s existing POS or RMS systems to drastically transform a business’ daily operations.
One of RFID’s biggest achievements is it gives retailers access to a wealth of information. RFID tags are able to store a significant amount of data for individual products including; date of manufacture, shipping, prize, size and color. This is where the technology is able to really shine and enhance a retailer’s POS or RMS systems by giving retailers access to more data than ever before; ensuring that they not only keep up with the changing needs of consumers but instead are able to predict what the customers want next and ensure an enhanced, personalised shopping experience.