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Inventory Accuracy: The Key to Retail Success
At RetailX, speakers explained why having real-time control of what's in stock depends on technology and how this can create competitive winners in business.
Jun 27, 2019—
During the first presentation of day two of the RFID Journal LIVE! Retail conference and exhibition, held at RetailX in Chicago, Illinois, Greg Buzek, the president of the IHL Group, said, "A number of innovations that are rapidly advancing in retail today are effectively dependent on proper and accurate control of product stocks." For him, BOPIS (buy online, pick up in store) projects, for example, rely entirely on technologies that offer this level of accuracy.
Buzek's opinion is shared by retail RFID technology specialist Dr. Bill Hardgrave, of Auburn University's RFID Lab. Hardgrave told attendees that without inventory accuracy, it is impossible to ensure the expansion of a retail business for which customers demand to have the quality of service they want.
Hardgrave was emphatic in saying that hit rates in product counts are directly related to the type of commodity being inventoried. "It cannot be guaranteed that different classification products, such as footwear and clothing, for example, have the same readability index," he noted, "since the characteristics of products, materials, packaging and even accessories can impact this." He added, however, that despite this fact, RFID still offers an accuracy rate of close to 100 percent.
Considering the current scenario in which a lot of sales are made online, Buzek reported that consumers these days go to physical stores for two main reasons: because they need to find a particular product by a given date, or because they want to touch the item with their hands or gain information from an employee in person. "Physical stores are losing customers annually due to inventory-management problems," he said, adding that this scenario can be reversed.
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