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Automated Accuracy with RFID Inventory Management Software

The retail industry is fast-moving, constantly changing sales cycles and consumer preferences. Keeping pace with evolving demands has become a challenge for many retailers, especially when it comes to inventory management. A process traditionally handled without the use of technology, manual inventory tracking is not only extremely time-consuming, but it is also prone to human error. As a result, visibility over stock across the supply chain can quickly become inaccurate. Implementing RFID inventory management software can help retailers automate inventory processes, reduce human error, and significantly increase inventory accuracy.

According to Statista, the retail automation market is projected to reach $16.6B by the end of 2024, with 52% of retailers prioritizing technology that improves inventory visibility. With more retailers investing in technology to address visibility issues, RFID is becoming more popular as a solution to automate processes.

RFID technology enables retailers to increase their inventory accuracy while reducing the overall time spent performing stock counts. Retailers can create real-time stock visibility with up to 98% accuracy. With this view of inventory across the supply chain, retailers can make better replenishment decisions. RFID can be the foundational technology leading to increased customer satisfaction and revenue.

Streamlining Inventory Management

Efficient inventory management is crucial to maintaining adequate stock levels to meet customer demand, with retailers identifying a balance between efficiency and product availability. With too little stock available in both the supply chain and on the shop floor, retailers can easily miss out on sales opportunities, compromising both revenue and customer satisfaction. Meanwhile, bloated inventory levels, where retailers have over-ordered stock that they struggle to sell, create unnecessary costs in the manufacture, transport and storage of these products.

SML’s award-winning Clarity® RFID software allows retailers to gain complete inventory visibility across the entire supply chain. Hundreds of items can be scanned and received in seconds upon receiving across warehouses and stores, and their unique RFID tags allow users to locate specific products quickly. This allows retailers to track product availability at every stage of the supply chain. Item-level RFID technology also provides increased accuracy at the product color, size and style level and by using this data, retailers can make targeted stocking decisions to deliver optimal results.

Enhancing Order Fulfillment

Omnichannel fulfillment has become an integral part of the retail customer experience in today’s environment. Consumers today want to be able to shop through a range of sales channels without a disrupted experience. 

Accurate inventory management is essential when it comes to streamlining order fulfillment. With RFID inventory management software in place, retailers gain accurate visibility over crucial product information such as location, quantity, and availability.

SML’s Clarity® RFID software helps streamline the order fulfillment process by providing accurate inventory visibility. Each product contains an RFID tag, which is scanned, and all relevant information is fed into a database during inventory checks. When an order is placed, SML’s software automatically assesses whether the requested products are available to be purchased.

With this capability, retailers can process orders from any location, facilitating a range of fulfillment options such as Buy Online, Pickup In-Store (BOPIS), Buy Online, Ship From Store (BOSFS) and Buy Online, Return In-Store (BORIS). Order fulfillment in-store becomes streamlined, freeing up time for in-store associates to better assist customers, improving the shop floor experience and driving increased sales opportunities. RFID-enabled omnichannel selling allows retailers to sell to the last piece and avoid order cancellations and lost sales opportunities.

Benefits of Automation

As the retail industry continues to evolve, with new developments in trends and technology, the importance of inventory management becomes increasingly important. While maintaining high-quality inventory visibility can be challenging, SML’s software ensures retailers can remain in complete control of their inventory management and order fulfillment practices. This leads to satisfied customers and greater return on investment (ROI).

To find out more about how our Clarity® software can transform your business, contact https://www.sml.com/contact-us/.