Omni Channel Agility Enhanced by RFID Technology
The question over whether to take your business online is certainly not as relevant today as it was when amazon.com went live in 1995. At that time, online outlets were viewed as an addition to the main business. Nowadays, e-commerce is essential for any serious retailer, and is the area of business where the most growth can be found.
Currently, the challenge lies in finding the touch points needed to retain and generate customers. It has been estimated that 30% of traffic to online outlets originates from a mobile device. The challenge is to simulate the experience of the brick-and-mortar store online. The brand must be consistent across both domains so that the consumer can easily choose where to shop.
Agility is especially important in “fast fashion,” as products have a short life cycle, shoppers are prone to impulse buys, making demand unstable and forecasting difficult. Items can be sold out in hours if they appear on the red carpet or celebrity magazines. This is while retailers need to place orders months in advance. Responsive strategies are being developed to counter this, and have been for the last 30 years.
Fashion retailers need an agile supply chain built on four pillars:
1. Market Sensitivity, which is being able to capture trends and transform them quickly into products, or bring the right product to market faster.
2. Virtual Integration, which is assisted by collaboration between the main players in the value chain sharing and using the same information.
3. Networks, meaning the retailer finds suitable partner in widely spread network to meet consumer demand.
4. Aligning Processes Both Internal and External, utilized by retailers to work around delays.
RFID can help with the processes mentioned above, by enabling full visibility into all processes at all times, giving retailers an in-depth understanding of any items they have in their store. There are also benefits derived from counting and registering items continuously. Retailers will know at what time items are being stocked in a specific store, whether items are missing and since when, whether an item is being tried on but not purchased, or even not being taken off the rack at all. RFID enables retailers to build a detailed picture of exactly what is going on within their operation.
Learn more about finding the right RFID solution for you.