Nonetheless, going into the holiday season, the out-of-stock messages have risen by 172% compared to the pre-pandemic period, Adobe Analytics reported in an article in 2021.
Traditionally, November is one of the busiest times for retailers investing in the Black Friday and Cyber Monday shopping events, with the inclusion of Singles Day in the past years, though for the first time with less success and no official numbers released by big retailers such as Alibaba. Hopes are up though for the remaining Black Friday and Cyber Monday, even if sales are slightly decreasing online. Consumers are careful shoppers this season amid global inflation, so providing flawless service and shopping experience, will likely play an even bigger role. Sales for Black Friday have been increasing year on year, and the National Retail Federation has forecasted “that holiday retail sales during November and December will grow between 6% and 8% over 2021 to between $942.6 billion and $960.4 billion in the US“. In the UK, The Guardian mentions in an article that “Britons will spend £22.62bn over the two-week Black Friday period, which runs from 22 November until 5 December. That is a 2.1% increase year on year”, based on numbers from Global Data.
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 long-term effects. 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. The ability for an accurate stock check in the omnichannel world would also mean a customer that doesn’t end up disappointed when doing a click-and-collect sale.
Trimco Group is the trusted partner for many brands and retailers that have chosen to implement RFID and combine their trims solution with RFID for increased accuracy and efficiency across their business. We can also be yours.