Every year, Black Friday causes retail sales to soar. This result is thanks to businesses and buyers who can’t pass up a good deal. Although online sales channels have grown significantly in the past decade, if retailers want to surpass the competition on Black Friday they must meet the consumer’s desire for efficiency and a high-quality experience. When preparing for the festive shopping period, preparation is vital – and retailers must understand the challenges that their business could encounter during such a busy season within the year. This includes limited inventory, shipment delays, and staff shortages. RFID deployment can help to ease each of these pain points.
Efficient Inventory Management
RFID technology has several advantages, including the ability to scan multiple tags at once. When performed from a distance of several meters, a large quantity of goods can be accounted for in seconds. The data attached to the tags can be altered remotely, allowing information to be updated in real-time. RFID can also be used to prevent product overstocking or understocking. The technology assists with quality control, especially if retailers sell items with a limited shelf life. As well, by positioning tag readers in high-risk areas such as entryways, the technology works as stock control.
Further to this, retailers can conduct bi-monthly stock counts using RFID technology. Doing so can result in inventory accuracy of 93% to 99%. Without RFID, inventory might typically be taken once or twice a year, resulting in stock accuracy of less than 60%. RFID allows for real-time inventory data to move from supplier to customer and back again. When retailers closely manage inventory, they avoid out-of-stock instances, boost customer confidence, and maximize sales during events like Black Friday.
Enable Employees to Serve
Through RFID, retailers can manage stock levels in seconds. Individual products can be identified and traced from the warehouse to point-of-sale. During a busy Black Friday event, this technology allows retailers to maintain order fulfilment and make smarter, quicker decisions across the supply chain. Employing this approach eliminates staff inventory counts, allowing retail associates to be more attentive to in-store customers. With the ongoing labor shortage, it has become increasingly important to create operational efficiencies across the organization. The time saved from stock counts can be the difference between a great and an unsatisfactory experience for customers.
Meeting consumers’ growing needs and providing a satisfying experience involves a flexible strategy that makes use of technological advancements to build a retail journey that seamlessly connects with buyers’ lifestyles. During the busy festive season, customers rely on efficiency – whether this is buying online and picking up in-store (BOPIS), or having visibility of where items are located. With RFID, retailers can rest easy knowing that their customers have all the information on hand, as well as a range of purchasing options that best suit their demands.
The Role of Technology in Customer Experience
With ever-increasing expectations, keeping a customer is just as important as winning a new one. The introduction of RFID technology, which gives the necessary supply chain visibility, simplifies and enhances retailers’ omnichannel offering. Now, customers can conduct product research online, reserve purchases, and pick up the product in-store. No waiting for delivery. Alternatively, a client may utilize the omnichannel to explore and purchase products in-store before having them delivered to their home. When retailers anticipate and respond to customer demands quickly, customer satisfaction only improves.
Black Friday is coming. And in the current economic climate, more emphasis is being placed on this year’s event than ever before as consumers are expected to have an increased appetite for significant savings. With RFID technology deployed, retailers can create a streamlined and frictionless experience for their customers. All product information will be readily available and kept up to date in real-time, and an omnichannel approach will allow customers to shop by their preferred means, delivering a high-quality experience that keeps customers coming back for more.
To discover how your business can benefit from RFID technology visit our resources page or contact us.
