RFID is changing business and bringing radical change, occupying a significant position in the Retail IT landscape over the past decade. RFID solutions can offer much more detailed location data for certain applications, eventually helping in assessing the effectiveness of a store's layout, displays and end caps on a real-time basis.
Proving the authenticity of products has been a challenge to building consumer confidence for any brand. The rise of counterfeiting and illegal cloning have been a threat to retailers worldwide! Luxury houses are prone to having their items stolen and sold in the black market, as they are synonymous with status.
Keeping track of high-end products is key to accurate inventory. Knowing what arrives in your distribution center or store and then knowing what leaves should, in theory, give you an accurate inventory. However, boxes and crates are often misplaced & shopper behavior leads to items turning up all over the store, making real-time location tracking a tedious task. Unlike a regular big store where each product has multiple sizes and variations, Luxury products are limited edition and often custom made; each misplaced product could potentially equate to loss in sale, customers and opportunities.
With technology driving an ¡°always on-always open¡± digital marketplace, anything can be faked. So how can the Retail industry stakeholders ensure that the luxury handbag sitting on a store shelf is absolutely Authentic? At the heart of any good anti-counterfeit plan is inventory visibility, with technology as its critical enabler.