RFID inventory visibility a key enabler for success
NEUHAUSEN, Switzerland—April 17, 2014—Tyco Retail Solutions (www.tycoretailsolutions.com), a leading global provider of retail performance and security solutions, highlights the new Retail Information Systems (RIS) News/Gartner 24th Annual Retail Technology Study. The study, co-sponsored by Tyco Retail Solutions, provides research findings and guidance to retailers as they plan and prioritize technology investments needed to transform their businesses. Garnering detailed insights from 119 senior executives from the primary segments in retail, RIS News cited expanding multichannel initiatives as the top action item retailers will be focusing on over the next 18 months. Accurate inventory visibility serves as the primary foundation in delivering a more connected and engaging multichannel customer experience.
Multichannel fulfillment as well as forecasting & planning were cited among the top technology priorities for 2014. To gain a competitive advantage retailers are looking to transform their businesses by using merchandise optimization and planning tools. In addition, retailers identified faster fulfillment as one of the top challenges over the next three years and will dedicate significant resources to improve operations and develop applications that will shorten delivery time to consumers. Jeff Roster, Vice President at Gartner, responded to these important trends impacting the evolving retail landscape, “I believe we will see more transformation in retail in the next three years than in any given three-year period in history.”
Latest RIS News/Gartner study provides research findings and guidance to retailers as they plan and prioritize technology investments needed to transform their businesses.
As the study noted the consumer is central to the need for change, as merchandising departments feel the pressure from demanding consumers who challenge retailers to stay relevant in this 24/7-connected world. This means merchandisers need to refine assortments and localize product mixes down to the item and store level to satisfy unique shopper preferences. Making investments in merchandising technology tools primarily focused on replenishment, forecasting and planning, item management, allocation and assortment planning are strategic decisions retailers need to make for ensuring the right products and quantities are always available for their shoppers.
To deliver on their top strategies and maximize merchandising technology investments, retailers must establish a real-time, accurate inventory foundation to gain insight into all SKU-level inventory on hand by store. RFID enabled technology provides the critical data to support the priority merchandising decision needs and applications. Leveraging this key data enables retailers to access products quickly and accurately to fulfill the needs of their multichannel customers where, when and how they shop. This intentional approach will mandate accuracy of inventory data to be successful with omni-channel retail initiatives.
Nancy Chisholm, Vice President and General Manager of Tyco Retail Solutions, responded to the survey results. “As retailers transform their businesses the power of Tyco’s RFID Inventory Visibility solution is the necessary foundation that fuels the strategic initiatives and investments highlighted in the RIS News Retail Technology Study. Our RFID-enabled applications help retailers gain inventory visibility and accuracy, critical to efficient omni-channel programs.”
Read and download the complete RIS News/Gartner study. To learn more about Tyco Retail Solutions, visit www.tycoretailsolutions.com.
Filed under Inventory Intelligence; Loss Prevention; Omni-Channel; RFID; Traffic IntelligenceKeywords analytics; business intelligence ; EAS; inventory intelligence; rfid platform; traffic intelligence
Published on 4/14/2014 Permalink