From the Sector

In-store Asia, a trade fair for retail resources and investments in store design, visual merchandising and in-store marketing on the Indian subcontinent will again be held in Mumbai from 13 to 15 June 2024. Over the course of the 15 years of its existence it has become established as the biggest get-together of retail decision-makers in India. Here, over 4,500 players from retail, consulting and services, manufacturers as well as retail solution providers come together.

Visitors to In-store Asia have the opportunity to discover a wide variety of exhibitors showcasing their products and solutions for the retail sectors including:

• Point-of-Purchase (POP) displays and interactive flatscreens
• Visual Merchandising (VM) and store fittings
• Signage and graphic design solutions
• Retail technologies for improving customer retention
• Tailor-made store design services
• Start-up initiatives for the retail sector

The 2-day conference at In-store Asia provides a platform for discussions about current retail trends in India and the world over. More than 40 key speakers from India and abroad will share their forecasts, latest trends and use cases on the topics of retail markets, retail experience design, sustainability, visual merchandising, retail technology and store fitting under the inspiring motto “Connected, Collaborative, Conscious”.

Highlights at the trade fair amongst others include the VM&RD Retail Design Awards and the VM Challenge, two events that honour special achievements and innovations in visual merchandising and store fitting. The VM&RD Retail Design Awards acknowledge outstanding store fitting projects in a total of 24 categories. The VM Challenge is a unique live window display contest for the visual merchandising community where six teams compete to dress a window on a given theme.

A research report released today has revealed the innovative new ways retailers are using RFID technology in-store to improve profitability. Authored by Emeritus Professor Adrian Beck from the University of Leicester and the ECR Retail Loss Group and supported by Checkpoint Systems, Utilising RFID in Retailing: Insights on Innovationhighlights how companies are employing the technology for a broader range of purposes. It demonstrates the value the technology is bringing to their businesses and ultimately, the impact it is delivering to their bottom line. Crucially, it also shows thatmore retailers than ever are recognizing the benefits of RFID and driving uptake within their organisations. The report claims that as businesses are becoming more established in their use of RFID-generated data, they are gradually incorporating more usecases into their business-as-usual practices.

The report claims that as businesses are becoming more established in their use of RFID-generated data, they are gradually incorporating more usecases into their business-as-usual practices.

In particular, more and more retailers reported using RFID to streamline the audit process (as an alternative to infrequent organisational stock takes), which not only delivers considerable cost savings, but also provides more regular insights into the status of inventories. It also found that using RFID was having a significant impact on store processes. While RFID has always been key to inventory accuracy, some companies are now using this data to further improve business activities such as reducing phantom out of stocks, improving rapid stock search and find tasks and developing an efficient ship from store (SFS) capability.

Beyond the more traditional retail model, RFID was seen as a key facilitator in delivering omnichannel retailing by all those questioned. Without the inventory accuracy offered by RFID, few retailers believed they could reliably use their stores as fulfilment centres to output online orders. Indeed, one retailer admitted to only making RFID-enabled store stock available for this purpose. The use of RFID to improve online order accuracy is also becoming more commonplace, to reduce errors in the picking and packing process, therefore improving customer satisfaction. One retailer reported a 90% reduction in incorrect orders and customer complaints since introducing RFID into the process.

Looking to the future, one area where the benefits of RFID are starting to be tested is self-checkouts (SCO). While currently limited due to the need to have a 100% SKU tagging strategy in place, retailers are starting to recognize the benefits the technology could offer including increased speed of checkout, reduced likelihood of double scanning and thereby improved customer service. Another area where retailers also reported reaping the benefits of RFID was loss prevention. While none of those interviewed argued that reducing loss was the primary reason for investing in RFID, many acknowledged they were benefiting from it by using the technology to tackle refund frauds, enable dynamic loss product profiling, manage e-frauds and identify stolen products.