SimplyRFiD spent a year gathering data on the ROI for RFID in retail and has the numbers and process improvements that show retailers implementing Wave RFID gain a minimum of 9.7% revenue improvement. SimplyRFID will be in booth #4246 at the NRF Big Show to discuss how Wave RFID can improve retailers' top and bottom line.
DALLAS, January 5, 2023 (Newswire.com) - Before RFID, the only choice was manual barcode counts that took hours or days and were only 75-85% accurate. Still, when RFID became viable around 2008, the value of RFID wasn't there because the concept of a global accurate, available inventory didn't exist. As omnichannel and e-commerce became a driving requirement for retailers, connecting inventory at the store to the web changed the value proposition for RFID.
Quarterly inventories are now obsolete. Today's inventories are weekly - even daily - and take minutes with SimplyRFiD's Wave RAIN RFID system.
After a year of study at retailers, SimplyRFiD found several areas that make the value proposition even more compelling. SimplyRFiD developed the business processes and workflows to help retailers get up and running with minimal effort and with high confidence of a successful, fast rollout.
Key ROI findings when implementing the SimplyRFiD Wave RFID System for inventory:
- Increased Sales: 4% increase in sales due to product availability or replacement from nearby locations.
- Labor Reduction: 95% less labor required for RFID inventory over manual.
- Loss Reduction: Switching to fast, accurate weekly inventories reduced loss by 90% due to immediate identification and correction of diversion / leakage / misshipments.
SimplyRFiD will be at the NRF Big Show in booth #4246 from Jan. 15-17, 2023. On hand to discuss how SimplyRFiD can help retailers improve their business with RFID will be Carl Brown, President, Eric Richmond, Vice President of Delivery; and Will Montalbo, Vice President of Marketing.
Not sure if you need RFID for your inventory?
Wave RFID works for retailers from one store to 1,000. Even without omnichannel selling, the ability to locate items with RFID and get control of store inventory is a boon for small retailers and has the majority of the value. Complete single-store Wave RFID inventory systems well-equipped are less than $3,000 with hardware, software and support. Per tag RFID costs run $0.10-0.15 in small volumes and less than $0.04 in mid-volume.
Please contact SimplyRFID at Support@SimplyRFiD.com to reserve a time slot for a demo and analysis.
Source: SimplyRFiD
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