Vendor Managed Inventory and RTL
Vendor Managed Inventory is what it states. The stock levels for the brand are managed by the vendor, generally with input by the retailer. There are two good examples of this in the UK; Clarks AFU and Start-rite.
If you're a Clarks or Start-rite stockist you will know the benefits of this system, particularly during the busy Back To School period.
Retail Technology Limited's system fully integrates with these two vendors. So, what are the benefits;
- Electronic catalogue information is automatically uploaded to the stockists' RTL system. Thus no manual input of style information. It's done for them! This saves manual data entry plus printing of labels/barcodes as the system will simply recognise the barcodes already on the box end label.
- The RTL system receives packing notes automatically. What this means in practice is that the retailer simply scans the barcode on the packing note and the stock levels are updated. This saves time and increases accuracy.
- Stock transfers between a retailers' stores are recorded and sent back to the vendor to ensure that the vendor's stock records synchronises with the retailer's.
- Since there is an agreed stock quantity set for each individual item (style/colour/size), these quantities can be adjusted. A good example is a ladies sandal; when it is first received in February at the beginning of the Spring season the retailer will want higher stock levels. As the season progresses, the retailer will want to stop replacing stock sold to the same degree if at all.
- From time to time, stock takes must be done to ensure that the retailer's and vendor's stock records match. The RTL system allows for these stock takes to be exchanged thereby ensuring proper synchronisation.
The RTL Supplier Integration Module by RTL has been operational for over fourteen years and has proven to be a most reliable and worthwhile tool saving retailers time and money whilst increasing accuracy.
If you are a Clarks or Start-rite stockist and are exploring Retail Management Systems, make sure you talk to RTL!