What if Christmas in retail was less chaotic? Like having a firm grasp on inventory figures, stock replenished as fast as it sells, localized merchandising in store, new ways to maximize sales on full-price stock, and increased staff productivity without increased headcount? There is a way, friend. And her name is RFID.
Our RFID experts share why retailers rely on intelligent labeling to turbocharge festive turnover without overextending themselves. By the end, you'll want to join them and make this Christmas period the last one spent at your wit’s end.
Super high inventory accuracy
The festive season usually means bigger deliveries to stores, higher footfall, and—as a result—more opportunities for stock to go missing. If you want to hit those lofty end-of-year targets, you've gotta have a handle on your stuff. And RFID is ideal for this.
Tag each garment at source, and you'll have a thorough timeline of its progress and whereabouts. Scanning stock into the store allows you to quickly and easily root out discrepancies between your shipment manifesto and delivery, help you distribute stock effectively, and makes it easy to track shrinkage. The festive season is when ultimate inventory powers really come into their own!
Read: Using RFID for inventory management: pros and cons
Make ‘must have’ items easy to buy
One of the best things about using RFID to reach an inventory accuracy of up to 99 percent (which is an awesome thing in itself) is that you can turbocharge stock turnover, sell more at full price, and reduce waste…all at the same time.
When you have a firm grasp of exactly what you have and where, you'll be able to roll out super-fast, effective BOPIS and same-day collections, making it unbelievably easy for customers to buy what they need and pick it up at their convenience.
Hot tip — RFID also allows you to use stock from stores to fulfill online orders. You'll be able to move garments that don't sell well in particular brick-and-mortar locations while never missing a sales opportunity.
More 'business in the front,’ less ‘party in the back’
The end-of-year period is a big sales push, so you'll want all hands on deck where service is concerned. Last year, customer impatience rose 176% year-on-year, and 68 percent of shoppers said they’d abandon a line before their turn if the wait was too long. Add the stress of gift shopping into the equation, and you'll have a recipe for irritation, dissatisfaction, and lost sales. But RFID has your back!
RFID reduces time spent on things like stock count and replenishment; you'll still get all the benefits of a thorough job in a fraction of the time, leaving your talent free to walk the shopfloor, upselling, mingling, and helping.
Faster (more accurate) replenishment
Want to hit those brick-and-mortar sales targets like a boss? Look no further than RFID. Our studies show that it can increase planogram accuracy by 99 percent—to put that into perspective, a 1 percent improvement in display compliance across retail could increase revenue by $3bn per year.
RFID makes it easy to replenish quickly, stick to the planogram, and keep display items from wandering off (*cough* odd shoes!). RFID real-time data can also reveal which items are bestsellers in any given location, making it easier to identify which products should be front and center in your floor plan. Because if there’s one thing that increases footfall, it’s a beautiful, alluring display.
Reshuffle stock ahead of the sales
RFID isn’t just a Christmas miracle, it’s also a miracle for the sale season. You can use the real-time insights you’ve gathered over the busy period to forecast stock trends for the sale season.
By hooking up with other branches, you can reallocate stock to make sure you have enough of your biggest sellers to generate a revenue boost while distributing garments that haven’t sold well for you but might be selling elsewhere. Don’t forget — you can also use stock in store to fulfill online orders, so you’re making the most of what you have and reducing waste.
So, whaddaya say? Will this be the last year you attempt Xmas retail sales without the support of RFID intelligent labeling? You could start with something as simple as a roll of encoded stickers or take on the challenge of tagging the whole shebang at source. Our expert team will be there to guide the journey at every step of the way (because no two roll outs are ever the same!).
Read: Evolution vs revolution: which RFID project type is best for you?
Contact our team today and hit them with your toughest RFID questions. They’ll be able to advise you on exactly how the tech can support you through the festive and sale season, which RFID inlays are best for you, and how to get started. Email us and have all your Christmas retail wishes answered at once!
