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Counting Merchandise More Often Improves Inventory Record Accuracy

Discover the critical importance of inventory record accuracy in the retail world and how RFID revolutionizes the way retailers manage stock. Join us as we explore the challenges retailers face maintaining accurate inventory records and the detrimental impact it has on sales and customer satisfaction. In brick and mortar stores, you see and touch the…

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Discover the critical importance of inventory record accuracy in the retail world and how RFID revolutionizes the way retailers manage stock. Join us as we explore the challenges retailers face maintaining accurate inventory records and the detrimental impact it has on sales and customer satisfaction.

In brick and mortar stores, you see and touch the product, ensuring quality. However, in the online and omnichannel environment, shopping is based on what the retailer believes they have in stock (based on inventory records). Shockingly, in the barcode world, research has revealed that merely 35% of traditional inventory records are accurate.

This discrepancy creates issues for retailers. They may unknowingly be out of stock, which means missed sales opportunities. Or, they may be overstocked, which ties up valuable resources. These inaccuracies impact digital sales–retailers advertise and sell items they don’t actually have or fail to promote items due to faulty stock information.

Join us as we delve into the solutions RFID technology addresses for inventory record accuracy challenges. Learn how RFID enables real-time tracking and monitoring of inventory, allows retailers to make informed decisions, streamline operations, and ensure accurate stock levels. Don’t miss the profound impact of accurate inventory records in retail.

Video TranscriptExpand ↓

And another that that we've been, you know, really tied to for a very long time both in bar code and in RFID is inventory record accuracy. As I mentioned, you're in the you're in the brick and mortar store. You're shopping the item that's in front of your face. Yeah. Right, you know it's there, you know it's available, you know it's a good quality. In the online world, anything in the omnichannel you don't. You are actually shopping what the retailer thinks they have. That is the inventory records. In the bar code world, this this shocked me when I first found out about it. We we've had the ability to look at our clients' variances over many years, In the bar code world, if you're counting once or twice a year, near the end of that period, only thirty five percent of your records are accurate. Only thirty five. So what happens with the others that are inaccurate, some of time some of the time, you're out of stock and you don't know it. That's right. Some of the time, you're over stock and you don't know And then there's the edge cases so that out of stock, you know, you you might try to sell that online when you don't really have it. And the other is the overstock where you don't know you can sell it online, but but you actually do have it. So there's a lot of spent for retailers involved with incorrect stock levels. You might not replenish on time. It could be a future out of stock condition. It's it's something we dove into. You and I and one of the previous herb's hot takes.

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