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New Jewelry Inventory Technology Coming to US
Through a collaboration between Pac Team and Myndar, it will help retailers accumulate product data in real time and keep track of inventory in a new way.
New York--Retail display and packaging company Pac Team Group is bringing an advanced technology to the United States that will help jewelry retailers.
Pac Team’s PT Next technology division has partnered with Myndar, the Hong Kong company founded in 2009 that develops technology solutions specifically for the jewelry and watch industries to streamline business for retailers.
Through its research and development, Myndar has been able to develop an approach to radio-frequency identification (RFID), a technology that uses electromagnetic fields to identify and track “Smart Tags” attached to objects.
Unlike traditional bar codes that require the use of a scanner, RFID Smart Tags only need to be within range of a reader for multiple tags to be read at the same time, allowing retailers to take an entire store’s inventory accurately within minutes.
It also helps retailers accumulate product and brand information in real time.
According to Myndar, RFID allows retailers to predict more closely their customers’ behavior based on saved past data of purchases to maximize sales opportunities.
RFID technology has been replacing traditional UPC bar codes in the fashion and apparel industries, and now is extending to the jewelry and watch sector.
Myndar’s products already are used by retailers like Chow Tai Fook in Asia to manage millions of items every day.
Now, through the company’s partnership with Pac Team Group’s technology division, Myndar will be able to add their technology to retail environments and fixtures in North and South America without “disrupting (a) brand's visual presentation,” the companies said.
“We are thrilled to be partnering with Myndar to bring this revolutionary RFID technology, specifically for the jewelry and timepiece industries, to the United States and provide customized solutions and local support in the Americas,” said Eric Zuckerman, president of PT Next and Pac Team Group. “This is a natural fit for our Group, as we are increasingly able to provide our clients new opportunities to make their POS smarter and provide them invaluable insight and control.”
Concurrent with the partnership, Pac Team Group announced the hiring of retail technology expert Michael Villanueva, who will lead PT Next as senior systems architect.
Villanueva joins with plenty of IT experience, having led domestic and offshore business and technology teams in implementing technical architecture. He also has expertise in RIFD technology, including 15 years at retailer Neiman Marcus spent designing and deploying technology solutions and RIFD.
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