Retailers Need RFID to be Efficient, Accurate and Connected
The majority of retailers have access to a lot more data than they ever had before. Big data is prevalent and the buzzword is “analytics.” However, the most up-to-date analytical software isn’t any good if the retailers inventory data is below 80% accuracy.
If a business is to utilize data analysis to improve their operation and gain in profits and efficiency, they must first ensure that they have complete access to accurate data in real time, especially from their inventory, customer behavior. If they can’t attain this level of information any application of analytics is a waste of time.
RFID enabled products allow a level of inventory management, which can exclude data inaccuracies. It sounds simple that by using RFID technology retailers need to collect more accurate data and have access to it in real time. They can then use this information to make more assertive and impactful decisions about maintaining an appropriate amount of inventory for levels of demand. It can also mean less out of stock levels, and insight into where shrink originates from so that it can be handled effectively. Put simply, RFID enabled retail products that add value are executing process rather than just reporting on them. They give managers the capacity to fill holes in the sales floor and also assist in getting the right product in the right hands at the right time.
The smartest retailers understand that any attempt at omni-channel retail without sufficient inventory accuracy is falling short on their promise. Too many retailers are working to a 5:1 rule for the fulfillment of omni-channel orders in store. Needless to say, it’s nowhere near effective —this requires near certainty that the item the customer wants to pick up is actually on the premises—or perhaps at a designated location for same day or overnight shipping.
Delivering the right product to the right customer at the right time is at its basis an inventory issue, therefore, RFID-enabled products are the only technology currently available which can efficiently and effectively solve this fundamental problem of inaccuracy. When this is resolved, the success of omni-channel will grow, as will sales from the store.
Start increasing your inventory accuracy by finding the right RFID solution for you.