The Future of Retail
TODAY’S RETAIL ENVIRONMENT
The way we shop has changed dramatically in the last five years
A decade after Walmart launched its pioneering RFID project, RFID would quickly become an integral part of retail. Macy’s in 2013, were the next major retailer to lead the way with RFID adoption influencing other brands like London Fog, Anne Klein and Michael Kors to extoll its virtues.
The acceleration in the adoption of RFID is attributed to the offering of niche specific software that has been developed to answer retailer’s requirements as well as improvements in hardware, like handheld scanners, fixed portals and antennas. With more adoption and increased volumes of RFID, the cost of RFID tags has reduced year on year. In the early 2000’s, RFID tags costs 0.50 USD to 0.75 each – now they can be less than 0.05 USD each.
Demands of hyper connected consumer
“I want easy shopping! No pain, no delay, every time, everywhere”
“I’m channel agnostic only interested in the largest choice of items and in different ways to get them”
The omnichannel experience needs to ensure it is appealing to the future generation of consumers such as millennials and beyond..
A recent study by Qmatic found 40% of UK retailers received complaints about items being unavailable, 37% about queue wait times, and 32% about store congestion
Speed, Accuracy and Efficiency
99% + Inventory accuracy
Adopters of RFID can expect 99% + inventory accuracy. This means that retailers know what goods are available in the back room to be restocked on the sales floor and purchased, together with complete visibility of the entire supply chain.
Unique Product Code
Each item in a retailer’s supply chain and stores can be uniquely identified by its attributes such as size, colour, style and price. This allows retailers greater inventory control and visibility, enabling them to reduce out-of-stocks, increase shelf availability, and drive more sales both in-store and online.
Speed and efficiency
Such elevated accuracy is further contributed by the eradication of human error with stock- taking. Thousands of tags can be read simultaneously, and stock control can be conducted within a matter of minutes saving hundreds of hours scanning individual barcodes. Stock checks historically were conducted once quarter at most, now they can be conducted once a week.
Real time inventory data not only keeps fulfilment centres up to date, but also lets the customer know what products are currently available for purchase. Whether the customer is shopping online on a desktop or mobile device, or by phone, or in a brick-and-mortar store, the retailer is able to confirm stock availability in any given location. This offers a seamless and integrated shopping experience across all channels.
Facilitating a seamless transition between the various shopping channels will encourage customers to visit bricks and mortar stores as click & collect will be optimised. Once the customer is in the physical store, shopping habits can be tracked and traced in-store the same way they are online. Conversion rates; “Which products are tried on the most and bought the least. Most tried together and bought together” can be easily tracked by installing fixed readers or antennas into the fitting rooms. This data can be analysed by designers, stylists and buyers whilst also empowering shop assistants to make more informed, tailored cross selling recommendations. Tailored marketing and cross selling recommendations can also be made online across the channels further increasing customer service, satisfaction and sales.
Gain seamless online operations and peak store efficiency with accurate, real-time inventory data that is integrated with the enterprise applications that run your operations. Our software enables you to see where your stock is whether it be instore in the warehouse or distribution centre or in between or with a courier for home delivery.
Automate inventory counting within your stores. Gain powerful insights into store operations and customer preferences—all delivered in real-time
Enhance supply chain systems and visibility to increase operational efficiency, and reduce shipping and receiving errors. Identify pallets, cases, and items with high reliability at high speed.
ENHANCED SHOPPER EXPERIENCE
Create seamless interactions between your products and in-store digital experiences. Create interactive in-store digital experiences that are aware of the products shoppers are handling.
Drive intelligent business decisions about merchandising, shopper behaviour, and more with accurate data about the location, movement, history, and identity of products.
Think differently about protecting inventory and assets. Uniquely identify each item you sell–enabling authentication, purchase history, and smart security applications
Prepare online orders in all super stores
Provide e-reservation and click & collect in 15 mins around the corner
“I enjoy best-in-class experience that even Amazon can’t beat”
“Save return costs”
“Save preparation costs at DC
“Beat pure players”