RFID-Enabled Shrink Visibility Leads to Precise Inventory and Increased Profit

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A loyal customer sees what she wants online. The store’s website assures her the items she wants are in stock at her local store. She chooses “pick up in store” option, pays, and goes to pick up her order at the time specified. But when she arrives at customer service to pick up her order, there’s a problem. There weren’t any in stock because the inventory count was inaccurate. The store associate apologies, but there’s nothing he can do but watch the customer leave the store upset and empty handed, never to shop there again.

In omni-channel retailing, this type of scenario can take a severe toll on your bottom line and customer satisfaction. An omni-channel customer who leaves the store unhappy and empty handed may never shop at your store again… and isn’t likely to keep her negative experience to herself. Today’s tech-savvy shoppers want to shop anytime, anywhere and any way they want. When they run into an unpleasant experience, these shoppers also have the ability to share their stories through all forms of social media, negatively influencing hundreds—if not thousands—of existing and prospective customers in the blink of an eye.

Keeping a careful eye on shrink is a smart, simple way to avoid this type of situation – satisfying customers and your bottom line. Most retailers are vulnerable to blind spots and imprecise metrics caused by shrink, leading to a misrepresentation of what you have on hand and almost guaranteeing unhappy customers and loss of sales.

That’s why Tyco Retail Solutions has offerings that can provide retailers increased Shrink Visibility. While traditional loss prevention systems do a good job of covering exits, they lack clear visibility into item-level product data. Shrink Visibility works by taking your existing loss prevention system and enhancing it with RFID-enabled intelligence. Together, you’ll get clearer visibility into these blind spots, letting you pinpoint the precise moment shrink occurs, quickly replenish items, and take the corrective action to prevent future occurrences before significant loss. Whether it’s a hot spot for shoplifters, inaccurate cycle counts, or vendor shortages, Shrink Visibility can provide the item-level visibility you need to identify the source of shrink in real-time.

With this complete picture of loss events at both the SKU level and in full context at the exact moment it happens, you can easily track and manage shrink from all sources including:

  • Front end — Increases visibility to stolen and loss event details and reduces internal theft.
  • Backroom — Immediately identifies vendor shortages and mis-shipments.
  • On the floor — Improves inventory accuracy, provides near real-time identification of missing items.

For more information on how Tyco Retail Solution’s Shrink Visibility can deliver a more intelligible, accountable, and ultimately more profitable retail environment in your stores, download our complimentary white paper now.

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Filed under Omni-ChannelKeywords shrink

Published on 7/29/2013 Permalink

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