Retail Trade & Rental Industry Challenges: How RFID is the solution In the Retail Trade and Rental industry, brand image relies heavily on having merchandise that customers want in stock when they want it and delivering service that is above and beyond expectations. This is why every sector within the industry is looking for ways to optimize inventory accuracy and increase customers satisfaction. Employing RFID technology provides answers to these challenges, allowing organizations to react quickly to inventory reorders and increase customer engagement. Here are some examples:
Challenge 1: Managing Inventory
Inventory is at the core of every retail and rental organization. Apparel, food, hardware, jewelry, formalwear, cars; all of these products add to a company’s overhead, but are necessary in order to conduct business. So knowing exactly how much is on hand and how much will be required is key to attaining an optimized inventory. Knowing where each product is located in store, having the ability to automatically reorder once items go below a threshold, and reducing shrink are all concerns in the industry.
RFID tags lets you locate and identify your inventory in real-time and have a clear view of what’s in your inventory; optimizing accuracy, minimizing shrink, and auto-reordering abilities all contribute to a reduced overhead that provides healthy operating margins.
Challenge 2: Managing the Customer Experience
Making the customer happy is crucial to success. Ensuring items are available and merchandised, reducing their time spent at checkout, and new ways to engage them are all must-haves into today’s competitive retail landscape.
RFID technology helps to keep the most popular items in stock and on the shelf–eliminating customer disappointment in-store; and with the ability to scan multiple items without requiring line of sight, checkout line wait times are drastically reduced.
Challenge 3: Managing Personnel
Retail and rental businesses require a large team of employees to operate. Ensuring their safety, security, and productivity are key metrics that managers must improve year over year. If personnel can be located and their time spent at certain areas can provide a clear picture of productivity. Optimizing the time cost of employees and making their on-the-job function efficient help boost the bottom line.
With every employee using an RFID badge, you can track employee time and attendance, and monitor productivity by assessing time spent in specific zones within the store.
Challenge 4: Controlling Access
There are many zones within retail and rental stores that need to be controlled and monitored. Having a way to allow access to employees without making copies of a dozen keys and trying to record who is in possession of them helps to keep the establishment secure. For internal control, being able to monitor and review access history is very important.
RFID badges or keyfobs replace keys and give you the ability to track and view history of every access event; this keeps your retail environment safe and enables detailed security audits when needed.
Challenge 5: Managing Equipment
Equipments supporting the retail and rental operations are valuable capital expenditures that need to tracked and accounted for. Ensuring that the items are on site and in order are important when the entire operation relies on these machines.
RFID tags on every equipment lets you track its location and monitor its maintenance schedule to ensure they are always available and ready to use.
Find your RFID solution
GAO RFID Inc. offers the Retail Trade & Rental industry a full list of RFID solutions that help simplify everyday processes and boost business performance. Our RFID Solutions are purpose-built for the following sectors:
GAO RFID Antique Inventory Management Solution
GAO RFID Antique Store Asset Management Solution
|Automobile Dealers||Motorcycle Dealers||Recreational & Boat Dealers|
|Department Stores||Grocery Stores||Clothing & Accessories Stores|
|Formal Wear & Costume Rental||Computers & Electronics Stores||Home Centers / Hardware Stores|
|Jewelry Stores||Garden/Nurseries||Self-Storage Mini Warehouses Services|
|Passenger Car Rental||Truck, Utility Trailer & RV Rental||Electronics & Appliances Rental|
Contact us for more information on RFID Solutions that have been designed for your sector.