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

LONDON, Aug. 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.

Retail industry supply chains can often be fluid and unstructured, and the industry is under increasing demand from customers used to omni-channel shopping and with heightened expectations. To close this gap, we need proven technologies that can digitise the retail supply chain from end to end, especially in the fashion industry. RFID (Radio Frequency IDentification) is one such technology.

RFID is used by Detego to digitise the whole of the supply chain, from manufacturing, through distribution and retail, to the end-consumer. This powerful technology is increasingly being used in the fashion sector, and is also moving into other retail areas such as home electronics, beauty, and food.

Retailers need to remain competitive. When the whole supply chain is visible, brands have greater control over stock and sales. This leads to greater efficiency, less wastage and, ultimately, higher margins. Detego's RFID-based inventory management system can make this happen.

To learn more about RFID in retail, watch the video of Kim Berknov's interview.

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