ESL Trick #5: Inventory Management
Intelligent inventory management: Manage and plan your resources effectively using our Pricer tools.
How does the Pricer SmartFLASH system allow precise and optimal inventory control?
Most retailers use automatic ordering systems to replenish their inventory. However, when inventory tracking is incorrect, it can lead to operational failures where a retailer may end up with a high number of duplicates, or conversely with insufficient quantities, or even forgotten products. In addition to disrupting operations within the store, having inaccurate inventory levels can be costly and can also impact customer satisfaction. Indeed, when inventory levels for one or more products are too low, they generate losses while when they are too high, they create the risk of unsold capital. In order to have an organized inventory management, it is essential for a retailer to have a good knowledge of the quantities on hand and to properly manage the replenishment of his shelves.
The solution is found in the intelligent mechanism of Pricer’s Instant SmartFLASH, which highlights products that have low stock levels, and alerts staff that replenishment is needed.
There are two steps in making this system work effectively to simplify inventory management:
- Checking when the store opens: This involves flashing all the electronic shelf labels for products with a low or negative stock quantity when the store opens. The employee will be able to easily identify the products whose stock is to be replenished or monitored, and he will also receive a “Staff Page” showing supply chain-related information such as stock status, next replenishment dates, batch size, etc… Flashing the labels is not only useful for identifying products with low or negative stock, but also for dormant, seasonal, promotional or high priority products.
- Checking periodically throughout the day: This option pinpoints products requiring restock throughout the day. Likewise, employees can also use the Instant SmartFLASH as well as the interactive store map to quickly locate products on the shelves whose stock needs to be maintained.
These daily checks allow retailers to clearly and accurately identify the quantity of products on the shelves and in stock. Moreover, additional information such as replenishment dates, to name one, are indicated allowing for proactive planning to avoid stockouts and overstocking.
In fact, thanks to the interconnection of Pricer’s electronic shelf labeling (ESL) system with the retailer’s back-office applications, the system can indicate the reference prices on the labels in real time, as well as collect information concerning store management (such as the last order date and quantity, planned or past delivery dates, the average quantities and sales per product, etc.), and display them on the label’s additional pages.
Furthermore, due to the speed of infrared technology in our Pricer communication system, the store can schedule the display time of these additional management pages. They can also be viewed in real time with Pricer’s remote control handset.
How does product geopositioning, enabled by Pricer’s infrared infrastructure communication system, allow for efficient shelf replenishment?
In order to save time in identifying the products that need to be maintained, our ESL’s Instant SmartFLASH can be combined with the geopositioning system. The product’s dynamic positioning allows staff to locate the desired product on a store map. As a result, when a product’s ESL alerts an employee that inventory control is needed, the employee can quickly find the product’s in-store location, and attend to it.
Conclusion – Pricer’s Instant SmartFLASH, along with the geopositioning system, not only improve the store’s inventory data, but most importantly, simplifies inventory control. With these management tools, you will avoid ordering and storage costs, as well as stock shortages.