Last week’s issue of RFID 24-7 looked at how RFID technology can help traditional retailers to compete with online competitors. For anyone that missed the issue, we’ve posted a link to the issue here.
As vendors like Amazon aggressively invest in dedicated supply chain infrastructure, brick and mortar retailers seek to compete with high levels of inventory accuracy that allow for omnichannel and dynamic pricing business models.
In an omnichannel environment, consumers can order items online or from a mobile device and opt to pick them up at a nearby store or have them delivered, sometimes arriving on the same day. This is possible because the inventory accuracy provided by RFID gives retailers nearly exact inventory counts at the store level.
The next step for retailers seeking to compete with their online cousins is to adopt dynamic pricing strategies that will let retailers like Macy’s and Kohl’s better compete with Amazon’s strategy of changing pricing on items several times a day.
Last week’s issue led to some interesting comments on the Internet of Things group page in LinkedIn. Click here to join the conversation!