Guest Column
Guest Column: RFID Poised To Increase Inventory Visibility, Loss Prevention Success
By Nick Khalil, President and Customer Management, Checkpoint Systems
Retailers know that effective inventory management is critical to their profitability. But despite their continued attempts to improve on-shelf availability, stores are still suffering lost retail sales due to out-of-stocks.
The traditional success factors of reducing cost, optimizing inventory, improving shelf availability and increasing sales and margins are more crucial to retailers today than ever before, yet retailers continue to lack accurate insight into their perpetual inventory.
The reality is that out-of-stocks have been cited at about 8 percent globally, lost sales equal $120B globally and inventory inaccuracies have been cited as high as 65 percent. Meanwhile, researchers report that less than 30 percent of all shoppers find and buy the items they want, and 49 percent of shoppers spend 10 minutes or more looking for an item, which 25-40 percent of the time is in the backroom or fitting room instead of on the shelf.
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