High Value Retail
Maximise the luxury good supply chain and combat counterfeiting.
The High Value Retail sector has its own particular set of challenges that require specialist asset tracking, monitoring and recovery solutions with bespoke components, that differ from client to client. Some require high value retail assets to be tracked throughout the supply chain in warehouses and shops and for client home viewings, while those with a high proportion of e-commerce sales need to track delivery and returns.
87% of UK customers have made an online purchase in the last 12 months and e-commerce continues to grow exponentially both for low-value high-volume goods and high-end retail items. Of course, selling online enables you to sell globally, so these high value assets need to be tracked all over the world. The most common high value items purchased online are electronics, technology and digital media; closely followed by fashion, jewellery and accessories; and high-end speciality liquor.
In order to compete with online giants like Amazon, retailers need to optimise their supply chain efficiency and ensure that their high value and luxury goods are protected at all times.
RFID Adoption in the Retail Sector
The most successful global retail companies are adopting RFID retail asset tracking and recovery solutions. If we use the USA as an example, research carried out by Auburn University in 2016 showed that while 4% of large retailers already had RFID tracking solutions in place, the other 96% surveyed were planning to deploy them by the end of 2017! Retail tags have significantly increased from 2014 when there were around 3 billion used by USA stores to now when the number is expected to climb to 8 billion by the end of 2017. Retail Wire recently reported that in general in the retail industry, RFID tags improve inventory accuracy by 32% and decrease issues surrounding out-of-stock items by 50%, resulting in an impressive sales increase of 18%.
Using RFID technology to Combat Counterfeiting
One of the biggest challenges for retailers is to maintain brand integrity in the wake of counterfeit luxury products, which now account for 7% of the $320 billion luxury retail market! The problem is now particularly prevalent online. When you track your high value retail assets with RFID tags every item receives a unique identity that enables you to establish the items proof of origin so both the business and the customer can be sure that the item that finally reaches the customer is genuine. In supermarkets, this also goes to proving proof of origin to food customers and assuring them that labelling such as “Organic” or “gluten free” are genuine. The result is a better customer experience, increased customer loyalty, repeat purchases and great customer reviews and recommendations.
Other Retail Challenges
Sustainability and a reduced carbon footprint while maintaining cost efficiencies, are high on the agenda for successful retail businesses and this can be hard to achieve with a complex global supply chain.
Retailers experience extremely high customer demand during the holidays and at sale times and need to be able to scale their operations up or down and minimise and recover lost, stolen and damaged assets in periods of increased productivity.
In general retailers want deliveries of the right good at the right times both from the warehouses and to the customers and efficient, automated returns, inventory and stock replacement processes, so that their staff can focus most of their energy on sales.
NFC Solutions for High Value Retail Asset Tracking & Recovery
NFC has created a number of different Orion Data Network solutions for retailers, enabling them to track items sold on the floor, in the warehouse, in transit on the way to customers and also, crucially, returns from the house to the hub to the RDC. These end-to-end bespoke solutions offer unparalleled integration, a 24-hour, 360-degree view of your high value assets and real-time reporting and emergency alerts on factors such as location, temperature, moisture, status, tamper, tilt and damage. NFC Group’s solutions break down silos between internal departments and your business and your third-party suppliers. The Orion Data Network allows you to make more informed business decisions on the shop floor, in the board room and in the RDC, optimising your operations and giving you a competitive advantage in the market place.
Optimise luxury retail goods supply chain
Customisable asset tracking solutions to suit individual business requirements
Improve inventory accuracy by 32%+
Ensure god are delivered on time to the right place by the fastest route
Make more informed business decisions based on real-time Business Intelligence
Fully scalable asset solution to accommodate busy sales times
Prevent counterfeiting, theft and fraud and protect your cash and physical assets
Start tracking your assets
If you’re interested in making your retail value chain more efficient, faster and more secure then contact us today
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