Since deploying a solution from Checkpoint Systems, the Australian retail chain has reduced inventory count times, decreased shrinkage, and boosted sales at its stores and online. – Page 1
Mar 19, 2019—
Australian Department store Myer has cut its inventory-counting time from hours to minutes, and has reduced shrinkage of high-value electronics merchandise, with an RFID solution that tracks goods as they are received and sold at five of its stores. The technology, provided by Checkpoint Systems, was piloted at one store with a single brand of electronics. It was then expanded to more locations, once the company determined that the technology reduced inventory-counting times from more than two hours to less than five minutes, and provided nearly 100 inventory accuracy.
The pilot took place last year at the company’s flagship store in Melbourne. One category of electronics brand was tagged when products were received at the store. Those items were counted during scheduled inventories with RFID readers, then their tags were read a final time via a fixed reader as they were sold. After three months of testing the technology and analyzing the data, Myer reports that it achieved an increase in both floor and online sales, as well as a reduction in shrinkage. The pilot at Myer’s Melbourne store has now been extended to its high-end apparel department, and the technology has also been deployed at another four stores.
Myer had hoped RFID would boost its sales and improve its inventory management, while also benefitting the customer experience and reducing shrinkage. The initial challenge that prompted the retailer to seek a technology-based solution involved tracking a specific popular electronics brand’s products, which often ended up missing from inventory. The company wanted a better view into where these high-value goods were located in order to prevent shrinkage, while in the long run, it aimed to test whether RFID could prove beneficial for inventory counts throughout its store, and improve accuracy to enable omnichannel sales.
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Source: Myer Achieves Near-100 Percent Inventory Accuracy With RFID – 2019-03-19 – Page 1 – RFID Journal