Nonetheless, going into the holiday season, the out-of-stock messages have risen by 172% compared to the pre-pandemic period, Adobe Analytics reports.
Traditionally, November is one of the busiest times for retailers investing in the Black Friday and Cyber Monday shopping events. And not without results. Sales have been increasing year on year, and Adobe reckons a whopping $910 billion holiday season globally this year.
The global pandemic we’ve been experiencing for the past years has, without a doubt, challenged brands worldwide, putting pressure on reducing costs while keeping customer satisfaction and sales up. Challenged by supply chain issues and inefficient inventory management tools, retailers are missing out on customers due to stock-outs, which can have effects long-term. Too much stock results in overstocking, and too little leads to stock-outs and lost sales and customers.
Improved inventory management with RFID solutions
One of the most popular ways of keeping track of inventory is PI (Perpetual Inventory), but this method is not 100% reliable, and it only leads to inaccuracy, time away from the customer in the brick-and-mortar stores, inconsistency between stores and central warehouse, and a waste of resources.
Whether they are aware or not, retailers are facing a future pledged by digital transformation. Technology is no longer a luxury but a necessity. And one way to avoid the downfalls of busy times like Black Friday is by embracing the advantages of RFID technology. Consumers are changing, and they expect brands to do the same to better serve their expectations.
By combining the rise of the online with extensive transparency, brands need to invest in tools that can help them anticipate customer demand and avoid disruptive retailing in times like Black Friday. Obsolete and faulty inventory and performance solutions can no longer compete with the advantages of RFID:
- Reduced operating costs via improved inventory management
- Increased productivity via automatic scan of product
- Improved theft security measures
- Increased anti-counterfeit possibilities
- Increased sales through on-shelf availability
- Reduced waste via full stock visibility
- Omnichannel retail – between online and brick-and-mortar, RFID provides an accurate and real-time image of the inventory at all times, no matter the location.
Trimco Group is the trusted partner for many brands that have chosen to implement RFID and combine their trim solution with RFID for increased accuracy and efficiency across their business. We can also be yours. Contact us for more information.