Powershelf RFID Tech and Blockchain Software Could Help Hospitality Operators Eliminate Out-of Stocks
Powershelf, helping businesses digitize their store's inventory using proprietary software and hardware, announced a new solution that uses radio frequency identification (RFID) technology and blockchain software to help operators better manage on-shelf inventory and eliminate out-of-stocks. The cost will be one cent per RFID chip.
Out-of-stocks are an ongoing challenge for many businesses, including hotels. Eight percent of products are estimated to be out-of-stock at any given time, which means shoppers and/or guests are often not getting the products they need. This costs time and causes frustration, while degrading the customer experience.
Consider this example: A hotel guest wakes up the morning of their friend's wedding only to realize he has left his razor at home. The front desk, however, informs him that there are no razors to be found at the hotel – either complimentary or for sale. The guest must either find friends staying in the hotel and borrow a razor or try to find time to drive/Uber to a store that sells them. The experience is stressful and tints the customer's view of the hotel. If the hotel was using the Powershelf solution, it would have known that its stock of razors was low and could have restocked them prior to the wedding weekend when many guests would likely be calling and asking for one.
The one penny, Gen 2 RFID solution will be coupled with proprietary supply chain software developed by Powershelf to significantly improve asset tracking and eliminate out-of-stocks. This innovation builds on a large test conducted with the Food Marketing Institute (FMI) across 200 different brands that found Powershelf technology significantly reduced out-of-stock incidents. The solution will form an integral part of the ecosystem of software and devices—including solutions from Qualcomm, Microsoft, SAP, and GE—offered by Powershelf.