New York, NY (PRWEB) July 23, 2009
RFID Journal, the world's leading media and events company covering radio frequency identification (RFID) technology, and the American Apparel & Footwear Association (AAFA) today announced that RFID Journal will give away a Retail ROI Calculator at the fourth annual RFID in Fashion conference and exhibition, being held on Aug. 12-13 at the Fashion Institute of Technology, in New York City. The interactive spreadsheet comes with supporting notes, and will enable attendees to assess their potential return on investment (ROI) from employing RFID to track apparel, footwear and accessories in stores.
"Over the past few months, we have gathered data from RFID deployments in apparel and retail around the world, and used these to build a calculator that will enable retailers to determine whether it makes sense to launch a pilot," said Mark Roberti, RFID Journal's founder and editor. "You can run what-if scenarios, then plug actual pilot numbers into the calculator to determine if a roll-out would deliver an ROI."
The calculator enables retailers to enter their average number of units on the sales floor and the back room, as well as the average unit cost, inventory turns and retail margins. They can enter the number of hours that staff members spend receiving goods into inventory, cycle counting and replenishing. The calculator will then estimate the reduction in labor costs, based on savings achieved in deployments and pilots by such companies as American Apparel and Dillard's in the United States, and Karstadt, Kaufhauf, NP Collection and others in Europe.
The calculator allows a user to estimate the potential increase in sales, based on the improved inventory accuracy and on-shelf availability that can be achieved with RFID, and enables companies to estimate hardware, software and integration costs, based on their store layout and operations. It also provides a sample case for a fictional company, based on benchmarks from real-world deployments and companies utilizing RFID, regarding the cost of adding additional employees to improve inventory accuracy.
"Retailers have been running pilots for several years to see if RFID can deliver benefits, and we now have a great deal of evidence that it can," Roberti said. "This calculator now gives them the ability to determine the likely benefit, based on their stores and business processes, then run pilots to confirm those benefits can be achieved."
RFID in Fashion 2009 is the only event aimed at educating retailers and apparel, footwear and accessory companies about how to use RFID to improve inventory accuracy, reduce shrinkage and increase sales. The event will feature objective case studies presented by apparel, footwear and accessory retailers and suppliers that have deployed RFID in their operations. Attendees will learn how these companies are using the technology to:
- Improve in-store inventory accuracy from 65 percent to 98 percent
- Decrease the time required to take inventory in stores by 75 percent
- Reduce the time needed to receive goods into inventory by 85 percent
- Lower labor costs associated with markdowns by 50 percent
- Increase sales by as much as 15 percent
The event is co-produced by RFID Journal and the American Apparel & Footwear Association, and is supported by the Vendor Compliance Federation and the Trade Promotion Management Associates. Avery Dennison is the cornerstone sponsor. The conference will feature an invitation-only Leadership Forum, in which a select group of apparel retailers will discuss issues related to the adoption of RFID technologies in that sector. To learn more, please visit http://www.rfidjournalevents.com/fashion.
About RFID Journal
RFID Journal is the leading source of news and in-depth information regarding RFID and its many business applications. Business executives and implementers depend on RFID Journal for up-to-the-minute RFID news, in-depth case studies, best practices, strategic insights and information regarding vendor solutions. This has made RFID Journal the most relied-upon and respected RFID information resource, serving the largest audience of RFID decision makers worldwide--in print, online and at face-to-face events. For more information, visit http://www.rfidjournal.com.
About the American Apparel & Footwear Association (AAFA)
The American Apparel & Footwear Association is the national trade association representing apparel, footwear and other sewn-products companies, as well as their suppliers that compete in the global market. AAFA's mission is to promote and enhance its members' competitiveness, productivity and proﬁtability in the global market by minimizing regulatory, legal, commercial, political and trade restraints. To learn more, visit http://www.apparelandfootwear.org.
About the Vendor Compliance Federation (VCF)
The Vendor Compliance Federation advocates retailer-supplier trading synchronization, champions collaborative initiatives and offers solutions to drive productivity, profitability and growth. VCF is the leading organization focused on solutions, services and best practices for retailer-supplier collaboration. Its membership includes top manufacturing brands and national retailers, ranging from fashion and cosmetics to electronics and home furnishings. It is where the retail industry comes together to reduce chargebacks and deductions, increase supply chain efficiencies, minimize order fulfillment risk, integrate processes and eliminate disconnects across the entire forecasting-to-settlement continuum. VCF draws participation from such industry leaders as Adidas, BIC Consumer Products, Estée Lauder, Jarden Consumer Solutions, JCPenney, Liz Claiborne, Lowe's, LVMH, Nordstrom, Office Depot, Sears and Tom Tom, among others. Visit VCF online at http://www.vcfww.com.
About the Trade Promotion Management Associates (TPMA)
TPMA is a think-tank and educational resource for consumer goods trading partners, and the leading membership organization dedicated specifically to the practice of trade promotion marketing in all of its forms: co-op/MDF, in-store marketing, online promotion, rebates, pricing, slotting and more. The organization fosters, promotes and provides platforms for collaboration in the trading partner relationship to drive best-in-class processes for trade promotion management and optimization. Dedicated to the effective and efficient use of trade promotion dollars, TPMA serves as a collaborative resource for research and metrics for such companies as Audiovox, Dial, Hewlett-Packard (HP), Hormel, Johnson & Johnson, Land O'Lakes, Sony BMG and others. Learn more at http://www.tpmaww.com.