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How RFID in Retail Solves Industry Challenges
The importance of having a high level of inventory accuracy in retail is nothing new, but it’s even more essential in today’s rapidly evolving environment where consumer buying habits have changed.
Without RFID solutions in place, retail inventory accuracy rates can be as low as 65%. While this presents significant challenges for day-to-day operations, such accuracy rates are also far too low to deliver a compelling buy online, pickup in-store (BOPIS) offering. Today’s successful retailers need to give their customers peace of mind that the items they purchase online are available to pick up in-store where and when they want them.
SML’s item-level RFID for inventory management solutions enable retailers to know precisely what they have in stock at all times, so they are able to deliver on their customers’ expectations. With inventory accuracy rates of 93-99% and drastically reduced out-of-stocks, retailers using these solutions experience tangible return on investment (ROI), resulting in cascading benefits across the entire retail enterprise.
Benefits of Item-Level RFID for Retail
- 93-99% item-level inventory accuracy
- Reduction of out-of-stock
- Inventory reduction in supply chain
- >50% reduction of internal shrink
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Real-World Success
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“Before RFID, we thought that every item shipped to the store would end up on the shop floor, but that was not the case,” says Johan Stenström, Stadium’s supply chain developer. “Items were misplaced, lost or stolen and never surfaced in our ERP system. It meant that items that we made in China, had shipped to Sweden, and distributed to our stores were never sold because they got stuck, misplaced or lost in the backroom 10 meters from the customer. This was not acceptable. Now we get a replenishment list in real time of the items that should go out on the shop floor.”
“Teamwork and communication between F&F and SML have been the main reasons why this project has been successful. SML has provided excellent account management, smooth processing of vendor orders, flexible production planning and above all a strong desire to work with F&F. “
How We Help
SML offers comprehensive, value-driven solutions — from item-level RFID technology to brand identification innovations — that meet the needs of retailers globally.
Our printing and encoding solutions — produced by the industry’s largest in-country service bureau network — are designed to meet ever-changing retail demands, delivering both RFID and non-RFID products to brands and retailers around the globe, in less time and from more locations. From in-plant printing and seamless RFID tag technology to a wide spectrum of brand identification form factors supporting all product types, our breadth of product offerings and depth of experience ensures the best results for our customers and their unique brand needs.
#1
Enterprise Item-Level RFID Software Platform
600+
Brands Served Globally
20+ Billion
Items Connected with Digital ID
7,500+
Stores Deployed with Clarity®
Frequently Asked Questions
What are 3 benefits to a retailer using RFID?
The use of RFID technology in the retail industry has several benefits including 93-99% item-level inventory accuracy, reduction of out-of-stock items, and more than 50% reduction of internal shrink.
What retailers are using RFID?
Many of the big retailers use retail RFID solutions including Walmart, Amazon, H&M, Lowe’s Home Improvement, Stadium, and more.
What is an RFID solution for retail?
An RFID solution for retail involves using Radio Frequency Identification (RFID) technology to enhance inventory management and customer service within the retail sector. This technology uses electromagnetic fields to automatically identify and track tags attached to items. SML’s RFID solutions provide retailers with precise, real-time insights into their inventory at the item level, significantly increasing accuracy and efficiency.
With RFID, retailers can achieve inventory accuracy rates between 93-99%, drastically reducing the incidence of out-of-stock scenarios and ensuring that the products consumers want are available when and where they need them. This high level of inventory visibility is crucial for implementing advanced retail strategies such as Buy Online, Pick Up In-Store (BOPIS), and efficient supply chain management, ultimately leading to improved customer satisfaction and increased sales.
How can RFID solutions be used in the retail industry?
RFID technology can be utilized across various aspects of the retail industry to streamline operations and enhance the shopping experience. Here are several key applications:
1. Improved Inventory Accuracy: RFID tags provide real-time data on stock levels, reducing discrepancies and enabling more accurate stock management than traditional barcode systems.
2. Enhanced Customer Experience: With better inventory tracking, retailers can ensure that popular items are well-stocked, making it easy for customers to find what they’re looking for. RFID also supports interactive shopping experiences, such as smart fitting rooms that can suggest accessories or other items based on the clothes a customer is trying on.
3. Efficient Checkout Processes: Retail RFID technology can speed up the checkout process, as items can be scanned in bulk without the line-of-sight scanning required by barcodes. This reduces wait times and improves the overall customer experience.
4. Loss Prevention: RFID tags can help retailers reduce shrinkage by accurately tracking items throughout the store and during the supply chain process, alerting staff to potential theft or loss.
5. Supply Chain Optimization: Retail RFID solutions provide detailed visibility into the supply chain, allowing for accurate product tracking from the warehouse to the sales floor. This visibility helps optimize stock levels, reduce holding costs, and improve the time-to-market for new products.
By integrating RFID solutions, retailers can improve operational efficiencies and create a more responsive and engaging shopping environment that meets today’s high expectations of consumers. SML RFID’s solutions are tailored to meet these needs, providing end-to-end capabilities from tag creation to detailed inventory insights and customer engagement enhancements. Talk to our Retail RFID Solutions experts today.
