Retailers frequently struggle with inaccurate inventory and that inaccuracy has significant negative impacts to their business such as: lost sales, excess shrink, ineffective omnichannel processes, poor employee productivity and bloated inventories. As retailers work to improve efficiency they are entering a new era of retailing (Retail 3.0) by using RFID technology and solutions which is enabling retailers to achieve over 98% inventory accuracy and thus more efficiently manage their inventory and deliver new levels of customers service. This Retail 3.0 retail world includes: dramatically reducing out of stocks, creating better instore experiences and enabling more effective omnichannel delivery models. And likewise, in supply chains, RFID technology and solutions from SML are being used to improve inventory accuracy through the lifecycle of a product.
Based on the IDTechEx forecast for 2016, the number of tags used in 2017 is expected to reach over 5 billion. SML, as a market leader in traditional clothing labels and packaging, is already serving the needs of the apparel retail industry. As a result of adding RFID technology and solutions to its existing programs, SML is in an excellent position to benefit from the shift towards comprehensive retail inventory management and the Internet of Things.
The aim of the investment is to establish optimal synergy between Invengo and SML in areas such as products, marketing, sales and innovative RFID solutions. Blending the extensive RFID product and solution depth of Invengo with the proven retail technology and global reach of SML will strengthen the global leadership position of both companies in apparel inventory management solutions for the retail sector.
"We have admired SML for years as they built a world-class data management system to support the global expansion of their locally based service bureaus. Coupled with an excellent track record in on time delivery and price efficiency, an experienced and highly-valued management team and in-company know-how, we are in an excellent position to benefit in this fast-moving growth market," comments, Jiann Hsieh, CEO of Invengo International.
ABOUT INVENGO TECHNOLOGY
Invengo - the global RFID technology provider - is a leading developer and manufacturer of high quality, intelligent RAIN RFID, HF and NFC inlays, tags and connectivity solutions utilized in the Internet of Things (IoT). With a focus on RFID innovation, Invengo has created a leading product line in retail, library, (industrial) laundry, pharmaceutical, healthcare, (public) transportation and many other industries. With over 20 years of experience in RFID, Invengo is fully dedicated to enabling efficiency in applications such as ticketing, identity management, supply chain management, authentication, asset management and brand equity.
Invengo Technology Pte. Ltd, located in Singapore (with subsidiaries in the US and Europe), is the international headquarters of Invengo Information Technology Co. Ltd, listed on the Shenzhen Stock Exchange (SZSE: 002161.SZ). Employing over 600 people worldwide, Invengo is one of the largest publicly traded, RFID-oriented companies in the world, with design and manufacturing plants located in the United States, Europe and China and sales offices spanning all major geographies.
ABOUT SML HOLDINGS LTD.
SML is a global total brand identification solution provider serving an international customer base consisting of, among others, top fashion brands and some of the largest retailers in the world. Its wide range of high quality products include woven labels, printed fabric labels, EAS solutions, RAIN RFID solutions, heat-transfer products, packaging solutions, specialty trims and printed paper products. With a presence in over 30 countries and manufacturing facilities around the world, SML is committed to effectively and efficiently serving the worldwide needs of customers and exceeding their expectations in quality, price, service and speed.
The SML RFID tagging solutions enable RFID item visibility with loss prevention functionality. They include RFID-enabled labels, tickets or hang-tags with RFID data personalization which is provided through a network of globally located service bureaus. On the software side, SML also provides market-leading RAIN RFID solutions based on the proven Clarity™ platform.
General Manager Marketing
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