Why Retail Asset Tracking Is Key to Better Stock Control

Of all the very important decisions to be made in this competitive retail world, one involves inventory or asset management. In fact, one of the best ways to be followed in this area is that asset tracking retailing will surely help the retailer manage their inventories, henceforth stopping stockouts and shrinkage with modern technologies of RFID, BLE, and Barcodes for smooth movements in the operational run to seamlessly deliver customer experiences.

This blog post looks at the importance of retail asset tracking, its advantages, and why adopting one full-fledged solution-like the one offered by Acube InfoTech-will change your retailing altogether.

What is Retail Asset Tracking?

General understanding, the retail of tracking assets has generally large applications, especially when the location technology to be used includes traces of inventory or another retail-based asset. The basic tagging is normally carried by RF ID tags, barcode BLE beacons, among others, and its identity in particular at the product or shelf and all other equipment, by specific software.

The most accurate form of retail stock control has to do with the capability to maintain optimum levels of inventory with which products can be assured of minimum overstocking or wastage. 

Let’s now see how Retail Asset Tracking does this below:

1. Real-Time View

The retailers can know, in real time, the availability of inventories across multiple locations. This will assure timely levels of stock.

2. Stockout and Overstock

It provides better clarity with precision, stockouts are reduced to allow customers better satisfaction while shrinking overstock reduces unnecessary holding costs.

3. Shrinkage Reduction

This would definitely help the retailers substantially in theft, loss, and mismanagement reduction within inventory items.

4. Better Demand Forecasting

Historical data in tracking systems helps the retailer forecast demands more accurately facilitating wiser purchase decisions.

Retail Asset Tracking Benefits

1. Increase Efficiency in Operations

Automation of inventory tracking of the stock reduces the handling of the stock manually, cuts down on human errors, and hastens processes relating to stock-taking. 

2. Better Customer Experience

 In fact, with improved stock control, there is always an assurance that for the customer, there will be more in-demand stock on hand to help in the quest for customer satisfaction and loyalty. 

3. Cost Saving:

Retail asset tracking has great financial benefits concerning a decrease in the waste of inventories, shrinkage and labour costs.

4. Better Decision Making

Analytics and reports back decisions concerning inventory management, price strategy, and supply chain optimisation.

5. Multi Channel Inventory Management

The inventories across online and offline channels for retailers can be maintained without discrepancy.

Technologies Used in Retail Asset Tracking

1. RFID

Items circulate in real-time due to the radio-frequency identification tags attached that allow for real-time item tracking, hence unparalleled accuracy or visibility into the item’s tracking. 

2. Barcodes

Barcodes are relatively inexpensive and rank among the most in-trend methods of tracking inventory in retail. 

3. BLE

BLE beacons provide indoor tracking with high accuracy, taking your stock visibility inside stores and warehouses to the next level. 

4. IoT Sensors 

With IoT sensors, inventories of some types can be tracked while installing temperature and humidity controls.

5. Cloud-Based Software

Single access to all data and analytics; hence, collaboration and scalability in that are easier with the cloud-enabled platform.

Retail Asset Tracking Applications

1. Inventory Management

View inventory moving in stores, warehouses, and distribution centers through effective stock follow-up.

2. Store Operations

Day-to-day operational elements can be tracked properly via tabbing of equipment, shelves, and also POS systems.

3. Supply Chain Management

Visualize the supply chain right from its very inception to final consumption and reduce delays for better relations with the suppliers.

4. Loss Prevention

RFID and BLE-enabled systems track high-value items and provide assistance in preventing thefts.

5. Multi-channel Integration

Maintain uniform inventory across physical stores, e-commerce, and marketplaces.

How to implement retail asset tracking in business:

1. Clearly Define Your Objectives

Clearly spell out what you really want to achieve from asset tracking: whether it is shrinkage reduction, improvement in stock accuracy, or customer satisfaction.

2. Choose the Right Technology

Choose the correct technology for tracking that best fits your objectives, budget, and infrastructural setup.

3. Integration with existing systems

Let your asset tracking system work smoothly with the native inventory management software of the company.

4. Train Your Team

The training of the personnel operating along with the tracking system assures complete integration and is full functional.

5. Integration with Experts

Edit and put this along with quote from Acube InfoTech according to specific requirements

Case Study – How Retail Asset Tracking Changed a Shop

The continuous stockouts and high shrinkage rate had to be faced by this chain in the stores spread across Dubai. Due to the deployment of RFID-enabled retail asset tracking facilitated by this system, inventory shrinkage has been reduced by 35%, provided real-time visibility from all stores to warehouses driving better customer satisfaction.

Retail Asset Tracking: Why Acube Infotech?

Acube Infotech is one of the leading solution providers so far as the offering of contemporary tracking of retail assets is concerned by granting a company a chance to optimize inventories so that operational efficiency can further be improved.

What We Offer: 

• Tailor-Made Solutions: Need expressed and explained by the enterprise perfectly matched. 
• Advanced Technology: Use of advanced devices on RFID, BLE, and IoT for appropriate tracking.
• Expert Support: From consultation to implementation, our team works with you for seamless integration. 
• Scalable Systems: Built to grow with your ever-changing business needs. 

Conclusion: 

The tracking of retail assets is no more a matter of sheer luxury; rather, it is an utmost need for any business entity standing upright in today’s dynamically competitive market scenario. Benefits stand to be transformational-from shrinkage reduction up to improved customer satisfaction.Hereby, we are presenting high retail asset tracking through Acube Infotech, devising solutions in tune with your business goals and objectives. We will help you reach the doorstep with better stock control through our specially focused competency in inventory and asset management. Hence, let your business grow always beyond! Now, transform your retail operations with intelligent asset tracking; all it takes is just one call to Acube Infotech!