New technology to be launched during NRF 2024, offering an industry-first look at new approach to planogram management using RFID
TORONTO, Jan. 8, 2024 /PRNewswire-PRWeb/ -- Optimum Retailing, the leading retail intelligence platform for the world's largest brick-and-mortar brands, today unveiled its innovative RFID technology capabilities. This advancement empowers retailers to seamlessly monitor their in-store product displays and maintain compliance with approved planograms. Utilizing RFID, retailers can now effectively align their in-store displays with planograms in real-time, ensuring better in-store execution of planograms through advanced, cost-effective technology.
"This application of RFID technology completely revolutionizes how retailers manage their stores," said Sam Vise, CEO and co-founder of Optimum Retailing. "At Optimum Retailing, we are committed to boosting our clients' retail operations, enriching the shopping experience for customers, and driving profitability. By incorporating RFID technology into our existing solutions, we offer retailers a seamless way to physically monitor what is on their shelves in real-time. This passive monitoring of products in-store ensures they are always in line with the latest planogram, thereby enhancing the overall store experience."
Beyond just planning what products should be put on a given display, Optimum Retailing's integration with RFID and AI technologies enhances customer experiences and improves retail efficiencies. The system provides unique store insights, offering feedback on display items, shopping cart contents, and conversion times. The simplicity and cost-effectiveness of RFID technology transforms traditional brick-and-mortar stores into dynamic environments where shopping behaviors and product movements are continuously monitored and analyzed, creating an engaging and responsive retail setting.
RFID technology boasts a long history, primarily in inventory tracking and security. However, its path to widespread adoption has encountered significant hurdles, especially in persuading retailers and manufacturers to adopt it. As RFID technology gains traction among retailers, Optimum Retailing is leveraging it in new and innovative ways to ensure the consistent display of correct products. This strategy is vital for brick-and-mortar stores, where empty shelves or misplaced products can significantly hinder sales.
"RFID technology has been around forever, however, not fully utilized in retail due to slow acceptance by retailers. What we are most excited about is the ability to leverage RFID technology as large brands like Sephora, Uniqlo, American Eagle, and the Gap roll out RFID to all their stores," said Ranko Dimic, VP of Product Development at Optimum Retailing. "Our approach is to leverage this technology for more than inventory and security."
Looking forward, Optimum Retailing is set to revolutionize retail management through the innovative use of AI, dramatically enhancing compliance and maximizing sales. Through the integration of advanced tracking systems supplied by RFID technology, it will enable stores to receive accurate, up-to-the-minute information on inventory arrivals. This shifts customer expectations from hopeful anticipation to assured availability, such as confirming specific product sizes and colors available by a set date.
RFID technology will also extend its applications into the wider retail space, including consumer packaged goods and grocery, thanks to the ability to monitor products in refrigerated environments and provide real-time updates on product shelf life. Stores will be alerted in time to remove products nearing their expiration and optimize their shelf efficiency. With Optimum Retailing's ability to support tens of thousands of stores and track millions of products, precise product placement that aligns with planograms bolsters long-term retail adaptability.
Attendees at NRF 2024 can visit booth #1329 to see Optimum Retailing's new RFID technology in action. For more information, see here: https://nrfbigshow.nrf.com/company/optimum-retailing. For those unable to attend, more information about Optimum Retailing's RFID technology can be found at https://optimumretailing.com/.
About Optimum Retailing
Optimum Retailing (OR) is a scalable, cost-effective retail intelligence platform that empowers multi-unit retailers to enhance store performance through actionable insights. Utilizing advanced AI and RFID technologies, OR efficiently processes vast data quantities, transforming them into valuable insights for a deeper understanding and optimization of store operations. This sophisticated approach leads to an 80% increase in store compliance and a 15-25% reduction in overstock. Additionally, OR's localized planograms contribute to a 7-12% increase in topline revenue. The platform seamlessly integrates with existing retail software, amplifying their capabilities and enabling effective communication between headquarters and front-line workers. This integration facilitates efficient asset management and refines marketing and merchandising strategies. With OR, store-level teams achieve more with less, significantly reducing non-selling hours by 20-30% and minimizing human error.
Media Contact
Katie Butler, Walker Sands, for Optimum Retailing, 6145075512, optimumretailing-pr@walkersands.com, https://optimumretailing.com/
SOURCE Optimum Retailing
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