Innovative technology is revolutionising the management of fashion inventory.
Prominent retailers like Crew Clothing and Joules operate both physical stores and online platforms, making it challenging to keep track of hundreds of clothing lines stored on heavy duty garment rails, along with other storage equipment in the warehouse.
Fashion retailing is intricate, with rapidly changing trends and fluctuating consumer preferences. Predicting sales volumes for new product lines is particularly difficult. Overstocking ties up capital while increasing storage costs, and understocking results in missed opportunities for sales, along with customer dissatisfaction.
Inventory management systems are designed to accurately monitor stock levels using advanced artificial intelligence (AI) algorithms that analyse market trends, historical sales data and sales patterns to forecast future demand. Inventory levels are automatically adjusted to prevent stock from running out or reaching excessive levels. AI systems also impact pricing strategies by analysing predicted demand and competitors’ prices.
Despite advancements in technology, most fashion retailers still rely on manual picking, with workers using picking trolleys to collect order items. However, increasingly workers are assisted by warehouse management systems that plan picking journeys and guide warehouse workers directly to inventory locations.
Radio frequency identification (RFID) systems track inventory at all stages, making sure that items are stored at the correct location, picked for the right order and loaded on the correct delivery vehicle. If an item goes astray, it can easily be located. This helps warehouse security by preventing theft.
RFID in stores can also help customers quickly locate fashion items they have seen online.Get a free quote