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Challenges that are Afflicting Modern Day Retail Industry

Challenges That Are Afflicting Modern Day Retail Industry

The retail industry has witnessed unparalleled growth in the last few years. The popularity is also fuelled because of a pandemic that compelled buyers to opt for online shopping and then get back to physical stores after the availability of the vaccine. As per the reports of the US Department of Commerce, in 2020, the retail industry has witnessed sales of $792 billion on eCommerce. 

The increase is of 6.9% compared to 3.9% in 2019. This surge in traditional and online sales has proved problematic for the retail industry for several reasons. Eventually, all of these are related to the supply chain. 

  • Hike in Shopping Prices

As online orders continue to pour in and in-person, clients purchase whatsoever items they find on the shelves. In most of the cases, retailers writhe from the blockage of cargo ships that are stuck in the coastal ports. 

Shortage of manpower and outbreak of COVID has literally hindered deliveries, and this has compelled retailers to pay higher prices to enhance the possibilities of having inventory delivered within the stipulated time frame. 

The situation is such that even with higher fees, on-time deliveries aren’t guaranteed. The use of RFID has been very effective in streamlining the entire inventory management process and helping customers track their shipments. 

  • Low Inventory

With rising demands for the retail products every day, most of the retailers are struggling hard to keep inventories handy. There has been a striking delay in overseas manufacturing because of the outbreak of COVID and labor shortages. 

This has also led to limited availability of the parts and materials. People are inclined towards online shopping or, in easy words, shopping from the comfort of their home without getting affected to the virus. So, the rise in online shopping has almost hindered retailers’ stock-taking ability, which resulted in low inventory. 

  • Embracing New Technology

There is a notion that retailers are always on the side of adapting to cutting-edge technology. But this isn’t the actual scenario even before the year of pandemic happened. The fact is that only 10% of the overall retailers were adapting to the modern retail technologies powered by Ai and IoT, while the rest were inclined towards the conventional mode of operation. 

How to Mitigate the Challenges?

Of course, there is no quick fix for these challenges, but something can be done to keep the negative impact at bay. It can be done by adapting to the right inventory tracking solution for better managing the assets. 

Retailers can have accurate and real-time tracking by automating the processes with RFID management software using different components like portals, tags, scanners, and antennas. Use of RFID help in getting exact details of what you have and where the item is located exactly so that you can have better control over the delivery of the deliverables. 

It will certainly increase productivity, inventory accuracy, customer satisfaction, and item tracking ability. What are you waiting for? Get in touch with a reliable RFID service provider, implement it in your supply chain for inventory management, and get stunning results.

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