In an increasingly competitive
environment, successful retailers are those who
continually find ways to maximize revenue opportunities,
decrease costs, and provide a consistently positive
customer experience. Retailers look to leverage technology
solutions in support of these business-critical efforts.
However, even with the gains achieved using traditional
retail technologies in recent years, there are still
significant areas of exposure and opportunity that have
not been adequately addressed.
Key areas of exposure common to all retailers include -
out of stocks, shrinkage, loss of inventory and labor
inefficiencies. Consider the following facts, based on
industry research:
- U.S. retailers lose an estimated $50 billion
annually in revenue opportunities from out-of-stocks (in
addition to the ?bottom line? impact, out-of-stocks are
one of the top incidents that lead to a negative
customer experience and drive customers to the
competition)
- U.S. retailers lose an additional $31 billion
annually due to shrinkage
We therefore, through this project aim to provide
retailers with an item-level visibility required for
impacting these real business challenges, moving RFID
beyond mandates and into solutions that add significant
gain to the bottom line. With a solution for retail that
streamlines inventory management, We use the most
attractive and cost-effective item-level technology
available to identify precisely where inventory exists in
the front or back rooms; which would help the retail
enterprise to thereby reduce out of stocks, shrinkage,
loss of inventory, labor costs, and ultimately improve the
customer experience. In fact, studies have shown that
item-level solutions can attack these business challenges
with significant success:
- Out-of-stocks have been reduced by as much as 50
percent
- Restocking time has been reduced by as much as 65
percent
- Loss of inventory can be reduced by as much as 70-80
percent
- Store labor investments to handle replenishment
lowered by as much as 15-20 percent
Benefits in RFID Warehousing
- Provides total asset visibility
- Gives full inventory history
- Allows reduced inventory-stocking levels
- Facilitates "Just-in-Time" deliveries
- Provides full process control for products in the
facility
- Reduces lead-time
- Shortens cross docking time
- Speeds up sort/pick rate
- Reduces shelf space
- Provides higher-level security
- Reduces errors
- Reduces overall cost of operations
- Track the location of pallets and containers within
the warehouse
- Notify management and security when unscheduled
movements
- Reduce costs and time for check-in and check-out as
containers and pallets enter and leave the warehouse
Benefits in RFID Retail
environment
- Store management alerted to out-of-place items
- Re-stocking alerts and replenishment
- Reduced need to check merchandise carried by
customer into store
- Alerts and tracking of merchandise removed from
shelf
- Monitoring controlled substances
- Expiration and obsolescent/seasonal alerts
- Streamlined self-checkout
- Mapping shopping behaviors
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