How can a retail supply and demand chain thrive in a disruptive environment? October 18th, 2018
Today’s disruptive technologies are displacing established ways of working and are making the retail environment more competitive than ever.
According to Dun and Bradstreet, the retail sector accounts for 13.6% of annual business failures globally, and only 47% of new retail businesses are still in operation four years after start-up. The retail businesses that succeed are the ones that depend on unprecedented levels ofdata accuracyand processagility.
In order for this to be achieved, the retail supply and demand chain is being completely remapped to accommodate the requirements of a rapidly evolving, technology-driven business environment. Businesses are becoming leaner and more agile, carrying lower levels of inventory and replenishing more frequently. The goal of this is to preserve and even increase return on invested capital, in order to meet new omnichannel retail models such as the hybrid “buy-online, pick-up-in-store” (BOPIS). Inventory fulfillment is no longer forecast-based, but demand-based. At the same time, consumer expectations are growing, the industry’s lowered barriers to market entry are intensifying competition, and business-to-business relationships are being predicated on difficult-to-achieve metrics such as the Perfect Order (POM). As a result, choosing the right technology tools is a retailer’s first step in meeting the unprecedented need for agility and accuracy.
RFID as the first step.
RFID provides tracking support throughout production, warehousing, and shipping, and enables the agility and business-to-business interoperability that today’s retail sector demands. It is no surprise that almost 40% of the retailers planned to implement RFID in the near future, according to GS1.
How does RFID benefit a retailer?
RFID can increase precision in shipping and order prep by an estimated 80%, reducing chargebacks and RMAs.
RFID can enable accurate, real-time inventory counting that supports a lean omnichannel operation and avoids labor-intensive manual counts.
RFID can reduce the time and labor required for replenishment. By using the “Geiger Counter” tag-locating function on the RFID reader, floor employees can rapidly find an item’s location.
RFID interrogators can accurately compare every container in Shipping and Receiving down to the product level against its bill of lading or advanced ship notice—all in real time and without even opening a box.
RFID encoding and BarTender
BarTender’ssoftware is designed to meet the retail industry’s increasing demands for a lean, efficient supply chain. BarTender’s labeling, barcoding, RFID encoding and plastic card printing provides the foundation for accurate data management throughout the retail environment: e-commerce, brick-and mortar, and omnichannel; POS, front-of-the-house and back-of-the-house.
ContactBlueStartoday if you want to learn more about RFID and BarTender’s software
Samantha is BlueStar's Digital Media Specialist, and the primary contributing writer for VartechNation.
Previously, she has worked as a Public Relations Associate and a Social Media Manager.