Forward Vision Analytics

Business Reporter: Transforming the Retail Supply Chain With RFID

Detego’s solution for digitising the retail supply chain using RFID can reduce inventory errors from 30 per cent to 2 per cent

LONDONAug. 8, 2019 /PRNewswire/ — The retail industry has complex supply chains. Manging them is difficult and, as a result, retail stock inventories are often inaccurate. This can lead to wastage and consumer frustration at items they want being unavailable.

One solution is to place digital tags on each stock item as it travels through the supply chain, from the manufacturer to the consumer.

Kim Berknov, Executive Chairman of Detego, has claims that the accuracy of retail inventory management systems can be improved by as much as 70 to 98 per cent. This could have transformative effects on a retail business. Out-of-stock events can be reduced by 50 per cent, revenue by between 10 and 15 per cent, and overall profit margins can rise by 2 per cent.

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Source: Business Reporter: Transforming the Retail Supply Chain With RFID