The complexities surrounding retail financial
performance have increased drastically over the past
decade. With high competition and numerous ways
consumers can now shop. Effective smooth-running of
operations is essential; a chink in the value chain can
disrupt the customer experience, and cost retailers.
Customers cannot buy what is not displayed. Stock layouts and availability from various styles, all available colors and size options are expected to be on display and easy to find. While seemingly simple in concept, consumers are disappointed when they are unable to complete either in-store or online purchases.
Misjudged inventory decisions – including overbuying, wrong
types of products and misallocating inventory can account for an estimated 53% of unplanned markdown costs for retailers.
The average shrink percentage in the retail industry is about 2% of sales. Without an active inventory process, or a product protection plan retailers do not realize their losses until it is too late.
Retail store expenses continue to rise, reducing profits. The additional complexities of consumer expectations put further pressure on stores, with many becoming distribution and returns centers. With payroll the single largest operating expense in retail, it is imperative that in-store operations run as efficiently as possible and staff are deployed effectively to best serve shoppers. Cost of sales can typically represent 50% – 80% of a retail business cost, so inventory control strategies must be deployed to manage this effictively.
By equipping associates with the right tools and action driven task management, retailers can achieve higher in-store compliance, quicker stock movement while improving the customer experience by freeing up staff, ensuring they are available to serve customers at the front of store.
Myer
Analysing the commercial benefits of RFID
Over-stocking, seasonal demand, labor demands, inconsistent or inefficient processes and incorrectly forecasting sales all reduce cash flow and impact profitability.
Improving processes, reducing expenses and freeing up your staff incentivizes customers to spend in-store.
Customers cannot buy what is not displayed. Stock layouts and availability from various styles, all available colors and size options are expected to be on display and easy to find. While seemingly simple in concept, consumers are disappointed when they are unable to complete either in-store or online purchases.
Misjudged inventory decisions – including overbuying, wrong
types of products and misallocating inventory can account for an estimated 53% of unplanned markdown costs for retailers.
The average shrink percentage in the retail industry is about 2% of sales. Without an active inventory process, or a product protection plan retailers do not realize their losses until it is too late.
Retail store expenses continue to rise, reducing profits. The additional complexities of consumer expectations put further pressure on stores, with many becoming distribution and returns centers. With payroll the single largest operating expense in retail, it is imperative that in-store operations run as efficiently as possible and staff are deployed effectively to best serve shoppers. Cost of sales can typically represent 50% – 80% of a retail business cost, so inventory control strategies must be deployed to manage this effictively.
By equipping associates with the right tools and action driven task management, retailers can achieve higher in-store compliance, quicker stock movement while improving the customer experience by freeing up staff, ensuring they are available to serve customers at the front of store.
Myer
Analysing the commercial benefits of RFID
Over-stocking, seasonal demand, labor demands, inconsistent or inefficient processes and incorrectly forecasting sales all reduce cash flow and impact profitability.
Improving processes, reducing expenses and freeing up your staff incentivizes customers to spend in-store.
Copyright © 2021 Checkpoint Systems, Inc. – A Division of CCL Industries Inc. All rights Reserved.
Copyright © 2020 Checkpoint Systems, Inc. – A Division of CCL Industries Inc. All rights Reserved.
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