RFID Tech That Improves Inventory Management
Radio-frequency identification technology enables retailers to track products throughout the supply chain and within stores in real time. This optimizes inventory management, minimizes out-of-stock situations, and improves overall supply chain efficiency — in part because automated inventory tracking with RFID is more expedient than manually checking store shelves and can achieve up to 99.9 percent inventory accuracy. RFID also helps retailers identify security vulnerabilities and run forensic investigations on theft.
With better inventory management, retailers can be more informed and coordinated at every point of the retail journey. For example, RFID embedded into smart shelves can improve in-store sales and enhance customer service, providing sales staff with real-time alerts if an item is running low.
DISCOVER: How IT modernization provides better outcomes.
Mobile Point of Sale Systems Offer Instant Checkout
Customers want convenience and speed, and mobile point of sale systems help retailers achieve both in one touch. Tablets or smartphones equipped with mPOS systems allow retailers to complete transactions anywhere in the store so that if a customer service exchange turns into a sale, for example, they can seal the deal instantly. This level of speed and ease removes friction in the payment process and prevents shoppers from waiting in long checkout lines, which 70 percent say is a source of frustration.
The ability to process transactions anywhere also reduces the likelihood that a consumer will abandon his or her cart or put back products they’re holding. Retailers also use mPOS beyond the storefront. For example, GNC stores have used mPOS to reach customers at marathons, obstacle races and other fitness events.