What does having a single stock view mean, why is it a necessity in modern retail and how do you achieve it?

A Single Point of Truth For Retail

A single point of truth in retail means having a single view of stock across the business. It means stores and distribution centres aren’t islands of merchandise that are clunkily attempting to share their version of stock information with one another as best as possible. Instead, at the foundation of the business is a unified view of every single product. Because this view of stock covers the entire network, items can move between stores and DC’s and remain in line-of -sight the entire time. This has huge benefits for individual operations and the business as a whole.

A single point of truth for retail inventory must be:

Single stock view

What is gained from having a single stock view?

Delivering a single stock view with RFID

So how do you achieve this reliable and complete view of stock? A single view of inventory starts with the single item. By giving each item an RFID tag, you’re essentially giving it a unique digital identity. This means, using regular RFID reads and sensors, you can easily track the item as it moves along the supply chain. Once it has arrived in a store, the stock becomes far easier to count, monitor and control. Because all this information is stored centrally in a single place, the individual item can be seen by the online store (and its customers) and even neighbouring stores and DC’s. This transparency boosts efficiency and makes cooperation between different arms of the retail operation far easier to manage.

Single Stock View Roadmap

The Detego platform is the single point of truth for retail inventory

The Detego platform puts all this together and delivers a single stock view that can be counted on. Using RFID we effectively digitise every single product in the supply chain and the store network. The information can then be fed into existing systems, such as ERP and OMS. This delivers all the benefits mentioned above, and our in store application guides store staff to effectively capitalise on this complete view of store inventory.

Single point of truth across supply chain

‘Detego is our “Single point of truth” in terms of in-store inventory. As a result, we are able to improve our omnichannel services such as click & collect, returns from e-commerce in the store or directly deliver to consumers from the store in a very efficient way. These are exactly the services our consumers expect today.’

Tobias Steinhoff, Senior Director Business Solutions Sales Strategy and Excellence, adidas

Did we spark your interest?

Join Detego’s senior data scientist, Simon Walk, as he discusses the cutting-edge new uses and opportunities for retailers combining AI and RFID.
Sustainability in fashion retail is gradually becoming one of the industry’s top priorities. But what does this means for the industry, and how can RFID be leveraged to help with this, particularly to improve the traceability of products?
Refreshed American fashion brand opens its e-commerce site and first three retail stores in the Netherlands, utilising Detego’s RFID inventory software.

Tags: , , , ,