Getting Started with Inventory Visibility
By Brent Brown
Inventory visibility: the concept seems attainable, but many retailers still struggle with attaining inventory information in real time for order fulfilment in today’s unified commerce environment. Seventy-four percent of shoppers rate out-of-stocks as a top frustration when shopping, and unfortunately, customers are still facing this issue quite frequently.
For a clear sightline into available inventory, RFID technology must play a key role in retailers’ strategies for cycle counting. By leveraging RFID, retailers gain a real-time view of inventory to help maintain a consistent in-stock position on the selling floor, boost customer satisfaction and drive overall sales. The following identifies how retailers can get started to achieve inventory visibility and the critical role RFID technology plays, as well as an overview of the next step – enabling IoT solutions.
What You’ll Gain
With RFID, retailers can receive interactive restocking and inventory analytics to know what merchandise – at the SKU level – is accessible on the sales floor. This accurate level of insight can help replenish in-demand items, such as jeans, shoes and coats, in real-time, so customers are always able to find the items that they are looking for, in the right place and at the right time. Retailers will not only be able to pinpoint areas in need of restocking, but also direct store associates to follow inventory guidelines for merchandising and on-floor displays, a crucial factor in providing an enhanced shopping experience and increasing sales conversion. This more detailed insight into inventory also helps retailers uncover excess inventory issues, make smarter distribution of holdback inventory and develop more precise markdown plans and timing.
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