Saks Fifth Avenue among leading retailers to deploy inventory management tool
NEUHAUSEN, Switzerland — September 30, 2013 — As part of its Inventory Intelligence solution, Tyco Retail Solutions (www.tycoretailsolutions.com), a leading global provider of retail performance and security solutions, today unveiled a new RFID-enabled application. The TrueVUE Inventory Display Execution application allows retailers to count display items quickly and easily to ensure that all models and styles in stock are represented on the sales floor. By harnessing the power of RFID, retailers gain process efficiency, improved inventory visibility and increased display compliance. In addition, the packaged application is easy to implement, and already providing immediate benefits at leading retailers including Saks Fifth Avenue. While the new Display Execution application is ideal for department stores and specialty footwear retailers, it is also beneficial to the broader retail market, including high-end accessories and consumer electronics.
Key benefits of the application:
- Increases display compliance by over 30 percent, in most cases
- Promotes sales increases
- Reduces time required for display counting and restocking
- Reduces overstock conditions and markdowns
- Decreases labor costs associated with inventory compliance
Proving Value at Saks Fifth Avenue
Saks Fifth Avenue was able to reach nearly 100 percent display compliance at its 8th floor shoe department in their flagship New York City store. Using a handheld RFID reader, associates can easily inventory shoes daily and generate an actionable report of all missing display shoes to quickly and easily replenish. Previously, this process took several hours per day; up to one week to complete the entire floor; and achieved only 65 percent compliance. Today, counting display styles takes only 20 minutes for the entire sales floor and enables the store to maintain near perfect display compliance while allowing sales associates to focus on customer service.
Saks Fifth Avenue 8th floor shoe department in New York City flagship store achieves nearly 100 percent display compliance with Tyco Retail Solutions.
“At Saks Fifth Avenue our mission is to provide an exciting selection of high fashion merchandise, and deliver exceptional service and an extraordinary shopping experience that make people look and feel their best. Our flagship women’s footwear department in New York City exemplifies this commitment. With Tyco Retail Solutions, we have proven the value of RFID technology for inventory management and merchandising and will continue to leverage the technology to improve sales, optimize merchandise and deliver on our mission,” Ed Stagman, SVP Store Operations, Saks Fifth Avenue.
“Retailers continue to face significant challenges as they try to improve inventory accuracy and visibility within the store environment,” said Scott Clements, President of Tyco Retail Solutions. “For organizations considering RFID applications, our new Inventory Display Execution application allows them to test the technology and prove immediate value with minimal risk and upfront requirements.”
Filed under Inventory Intelligence; Inventory Visibility; Store PerformanceKeywords software; retail operation
Published on 9/30/2013 Permalink