Store-level inventory accuracy essential for managing omnichannel operations, growth, customer satisfaction
NEW YORK, February 1, 2022 (Newswire.com) - A McKinsey study of more than 350 publicly traded companies found that the leaderboard is dominated by companies that prioritized store-level inventory accuracy and embraced radio-frequency identification (RFID) technology early. McKinsey states that RFID can "unlock up to 5 percent top-line growth from better stockout management and shrinkage reduction as well as achieve a 10-15 percent reduction in inventory-related labor hours."
RFID's Wave Inventory System has been shown to reduce inventory count error to as little as 5%. This is essential to meet the demands of the 'omnichannel' marketplace. Retailers must have a highly organized backend capable of maintaining reliable, precise inventory information by location.
"Industry experts understand that inventory count and management is crucial for every aspect of business," said CEO Carl Brown. "Wave improves financial oversight, security, and customer service while reducing labor and management burden. It is a game-changer."
To meet omnichannel demands, retailers must use a sophisticated inventory management system that allows them to reliably supply items via their website, store, and apps. Doing so entails facilitating the delivery of products through brick-and-mortar stores and direct shipping, from either stores or warehouses. Traditional methods of third-party vendors or staff members conducting physical inventory counts are now out of date.
RFID Wave allows for an effective 'cycle' counting program that continually updates inventory. In addition to saving vendor and staff costs, Wave provides numerous advantages to retailers. With a real-time count of inventory, retailers can improve product handling from receipt of items, to proper restocking, and to immediate flagging of out-of-stock items. This precision provided by Wave also reduces the loss of products from either inventory errors or theft. Wave pulls inventory lists from SimplyRFiD Pogi for fast, and accurate, inventory. In addition, the Wave:
- Loads the expected inventory list.
- Shows item number differential with each scan tag.
- Synchronizes all handhelds with management reports to accept or reject variances.
- Integrates to the retailer's omnichannel systems like Blue Yonder, Shopify, Quickbooks, and New Store.
- Allows the retailer to quickly publish results by store location, providing real-time marketing information by geography.
- Learn more about how Wave supports accurate inventory counts at www.simplyrfid.com.
Simply RFID was live at the 2022 National Retail Federation's (NRF) conference and expo in New York's Javitz Center from Jan. 16 to 18, where the company demonstrated "Wave Retail'' to top retailers. Wave Retail is a turn-key RFID inventory solution available on the App Store for click-and-inventory ease of deployment.
About Simply RFID
Learn more about obtaining accurate inventory counts and positively impacting all areas of business. Visit www.simplyrfid.com for details or contact Creative Director William Montalbo at: william.montalbo@simplyrfid.com for more information.
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Will Loschiavo
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Source: SimplyRFID
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