Jewelers Reduce Shrinkage and Cut Costs with RAIN RFID
Losing even a few high-value items to theft or inefficient inventory practices can cost a jeweler thousands of dollars in shrinkage and have a direct impact on their bottom line. Many jewelers try to manage their valuable inventory by conducting time-consuming manual counts. These labor-intensive processes are expensive, prone to error and may cause delays that lead to lost sales.
A growing number of jewelry retailers are using automated inventory systems based on RAIN RFID to manage inventory with greater efficiency and accuracy. The result? Rapid and drastic reductions in labor costs and shrinkage, along with additional benefits such as personalized services and a better experience for customers.
Jewelry retailers worldwide are discovering the benefits of using RAIN RFID technology to automate, simplify and streamline inventory management. The technology at work is simple:
- Small, low-cost RAIN RFID chips are attached to the items you want to track—from diamond rings to gold watches to rare coins.
- The chips are read by fixed and handheld readers as products move through the store or are taken in and out of the vault each day.
Information the readers collect is automatically sent to your store’s database, where it is checked against current inventory lists to immediately detect any discrepancies and provide real-time data for more efficient inventory management.
Jewelers and Customers Reap Benefits of RAIN RFID Implementation
- Automation lets jewelers cut labor costs
Counting products and managing inventory by hand is labor-intensive and expensive. By automating inventory management with RAIN RFID, jewelry stores can replace many manual processes and cut labor costs. After implementing a RAIN RFID solution designed by Dynamic ID, high-end Italian jeweler, Matranga, saw a 96 percent reduction in the time required to conduct inventory of the 12,000 items it keeps in stock.
- Retailers reduce shrinkage by curbing human error
By eliminating many manual tasks, jewelry retailers can dramatically reduce the human errors that often lead to shrinkage. Dallas Gold & Silver used to send internal control staff to each of its branches every quarter to count and log thousands of items by hand. With the RAIN RFID solution that Electronic Inventory Solutions created, DG&S now manages its inventory with greater accuracy, frequency and efficiency.
- Jewelers add new services to enhance the customer experience
Some retailers are using RAIN RFID to enhance customers’ experiences by offering personalized services. Regular customers at Sissy’s Log Cabin get a personalized key fob that stores information about items they purchase or view, then adds it to their customer profile. Other retailers use RAIN RFID to automatically update bridal registries in real time, ensuring that wedding guests don’t purchase duplicate gifts for the newlyweds.
- Keep fewer items in stock without losing sales opportunities
It’s too expensive for retailers to keep a surplus of high-priced jewelry in stock, but neither can they afford to lose sales by not having enough pieces on hand. With an automated RAIN RFID inventory system, store buyers are alerted when items are sold so they can be replaced. This allows jewelers to keep slim inventories without missing out on sales opportunities due to infrequent inventory checks and inefficient processes.