Harvard Study Shows Better Performance for Retailers Offering Buy Online Pickup in Store
With 75% of retail customers who have used Buy Online Pickup In Store (BOPIS) stating that they are likely to make an additional purchase, it represents an opportunity for businesses to increase their sales and revenue, provided they are staying up-to-date with their inventory and keeping customers informed on how much quantity of a viewed product they have currently available. The leader in radio frequency identification (RFID) technology, SimplyRFID offers an affordable, turnkey solution for businesses to get up and running with daily and weekly inventory, rendering their slow and manual tracking processes obsolete.
According to the Harvard Business Review: "To better understand the impact of a BOPIS omnichannel strategy, they analyzed 49 million online and in-store transactions from a national retail chain before and after a competitor launched a BOPIS service (this research was all conducted prior to the pandemic). They found that the company's sales dropped by 4.7% online and 1.8% in-store, and the decline in in-store sales was greater the closer a store was to one of the competitor's BOPIS locations. This suggests that by launching BOPIS, the competitor was not only stealing the company's online sales, but also their in-store traffic."
SimplyRFID offers benefits to retailers to rapidly improve efficiency and reduce cost by automating processes, providing an accurate inventory count, and improving utilization of assets and quality, which is important to note as nearly 50% of customers also indicated that they made additional purchases in-store while picking up the item they ordered online.
Omnichannel support helps drive more sales and traffic to a business. Companies with a strong omnichannel strategy see a 9.5% increase in annual revenue, according to Aberdeen Group. SimplyRFID's $2,500 turnkey inventory system makes omnichannel support a reality for everyone.
"SimplyRFID helps prevent customer loss by providing our clients with the ability to quickly and accurately track inventory and better navigate the omnichannel environment overall," said SimplyRFID CEO Carl Brown.
SimplyRFID and GDS are holding a roundtable discussion on how managing accurate inventory with RFID is the key to a successful omnichannel strategy. Learn more here.
About SimplyRFID
Learn more about obtaining accurate inventory counts and positively impacting all areas of business. Visit www.simplyrfid.com for details or contact Eric Richmond, Director of Client Services or our Support Team for more information.
