6 Automation Trends That Will Shape The Next Frontier of Retail Stock Control

While adopting new automation trends can be daunting for retailers of any size, leveraging these technologies is essential for growing your business and enhancing the customer experience (CX).

Here are some of the many benefits of implementing automated stock control:

It improves accuracy and reduces human error. Automation minimizes human interference, reducing the chances of errors in inventory counts and tracking.

It improves efficiency and productivity. Automation streamlines many of your daily stock control processes, improving operational efficiency and productivity.

It saves money. Automated stock control software can help your retail business minimize stockouts and overstocks. This eliminates product waste and improves cash flow by aligning inventory with consumer demand.

It increases visibility. Automation provides real-time visibility into stock levels across multiple warehouses and sales channels. This is great for retailers who have multiple stores as well as online and mobile app orders.

It enables business growth. Automated systems are flexible and capable of handling increased inventory volumes, accommodating the growth of retail operations with minimal manual effort.

This article will explore six automation trends shaping retail stock control in 2024 and beyond.

What Is Retail Stock Control?

It's essential to understand that inventory management and stock control have different focuses. Inventory management involves forecasting and ordering stock.

Meanwhile, stock control, also known as inventory control, is the process of managing how much stock you currently have and keeping track of it. This covers tracking stock from the point of purchase, warehousing, moving goods to your retail store, shipping them to your customers, and re-ordering the products.

Effective stock management ensures that the right products are available for customers, which minimizes stockouts, optimizes production, reduces excess stock, and improves customer satisfaction by meeting demands.

6 Automation Trends Shaping Retail Stock Control

Stock-Keeping Units

A stock-keeping unit (SKU) is a scannable product identification code, printed on the labels, and made of letters and numbers for stock control purposes. These codes show details such as product color, size, and brand.

SKUs help retail businesses automatically track inventory and manage it better. For example, if you own a brick-and-mortar store, you'd ensure that every product is assigned an SKU code before performing an inventory audit in-store or at other locations.

RFID Tags

Due to their data capacity, radio frequency identification (RFID) tags store more than the standard SKU or serial information.

RFID tags make it possible to automate product identification and tracking. Scanning RFID tags with handheld or fixed scanners allows for quick and accurate inventory data capture, reducing manual data entry errors from humans.

Artificial Intelligence

Artificial intelligence (AI) technology is becoming even more accurate and reliable when used for stock control, reducing the margin for human error. This accuracy helps with precise product tracking and reduces discrepancies between physical and recorded inventory.

Robotic Press Automation

In recent times, product distribution centers and warehouses have been experiencing a revolution with the implementation of robotic press automation (RPA), which uses software robots to automate repetitive and data-driven tasks.

In stock control, robots can automate inventory data entry and other administrative processes, reducing manual effort and human errors which, therefore, improves accuracy.

Warehouse Management Systems

A warehouse management system (WMS) is a software that can help retail businesses manage and control their warehouse operations, from when products enter a distribution or fulfillment center until they leave for customer deliveries.

WMS can automate and optimize inventory deliveries, orders, and shipping in stock control. This software improves inventory accuracy, enhances order fulfillment, and enables efficient warehouse layout and space utilization.

Internet of Things

The Internet of Things (IoT) enables physical devices and sensors to connect to the Internet, allowing them to track and monitor inventory in real-time.

IoT devices can collect data on stock levels, location, and product condition, which provides valuable insights for effective inventory control.

Conclusion

These six automation trends are shaping the way retail businesses manage and keep track of their stock.

At a time when customer expectations are higher than ever and the retail landscape is increasingly competitive, stock control automation can improve accuracy, drive growth, increase profitability, and enhance customer satisfaction.

As we look to the future, the role of automation in stock control is predicted to grow even further, offering exciting opportunities for retail businesses ready to embrace these trends.