Powershelf is the leader that helps retailers use software and hardware to digitize their stores. Last Tuesday, Powershelf announced the launch of a new breakthrough solution which helps retailers better manage inventory and remove out-of-stocks by using blockchain software and radio frequency identification (RFID) technology.
It is a lasting challenge that out-of-stocking for retailers. It is estimated that there are 8 percent products is out of stocks at any fixed time. It means that shoppers often don’t find what they need in the stores. It will waste time, decrease the shopping experience at the same time and bring hundreds of billions of dollars selling cost for brands and retailers.
The new one penny, Gen 2 RFID solution will be combined with proprietary supply chain software developed by Powershelf to significantly improve eliminate out-of-stocks and asset tracking. This innovation builds on a large test conducted with the Food Marketing Institute (FMI) across 200 different brands that found Powershelf technology significantly decreases out-of-stock situations. The solution will form an integral part of the ecosystem of software and devices, including solutions offered by Powershelf from Microsoft, Qualcomm, SAP and GE.
John Linehan, President of King’s Hawaiian, said: “We have tested Powershelf in stores for over a year and we are glad to bring this next-generation technology into more stores and larger retail customers. We believe Powershelf’s machine learning, blockchain and Gen 2 RFID technology could virtually remove out-of-stocks in grocery stores, and we are happy to take the next step with Powershelf and its partners. That’s our ultimate goal: ensuring our clients get their King’s Hawaiian products when and where they want them.”
John White, Co-CEO of Powershelf, said: “We will be expanding our solution into the largest retailers all over the world this year. Out-of-stocks have frustrated shoppers, brands and retailers since the appearance of grocery store. Powershelf removes out-of-stocks and unlocks significant value throughout the supply chain. We have a cooperation with our data partners to harness that value by setting up a worldwide network to track assets in real-time and bring transparency never happened to the retail grocery industry.”