The integration of WaveRFID with Frames Data unlocks a game-changing tool that simplifies your business processes and maximizes your profits.
This post comes to us from our friends at WaveRFID.
As an eyewear business owner, you know that keeping up with the latest trends and prices of frames can be challenging. However, with the integration of WaveRFID and Frames Data, you can simplify your processes and find more time in your day. You can increase your profitability and maximize reimbursements. Does this sound like a dream?
WaveRFID is a cutting-edge software that helps you manage your inventory efficiently. It offers real-time inventory tracking, purchase order management, and automated reordering. With WaveRFID, you can also track your sales and turn rates. This software package makes it easy to keep the correct amount of inventory in your store and evaluate the brands that sell the best.
Frames Data is a comprehensive eyewear database that offers information on over 650 frame brands, 47,000 frame styles, and nearly 200,000 frame SKUs. It provides you with accurate and up-to-date wholesale pricing information, including frame descriptions, dimensions, and images. With Frames Data, you can make informed decisions about your inventory and pricing, which ultimately leads to increased profitability.
| ...[What] normally took 4 or 5 hours is only a 30 minute process in WaveRFID. |
When you integrate WaveRFID with Frames Data, you get access to a powerful tool that streamlines your business operations and enhances your profitability. The integration of WaveRFID with Frames Data unlocks a game-changing tool that simplifies your business processes and maximizes your profits.
Adding new frames in WaveRFID with Frames Data is as easy as scanning the barcode. Our clients tell us that work that normally took 4 or 5 hours is only a 30 minute process in WaveRFID.
One of the key benefits of this integration is the weekly Wholesale Price Updates report that WaveRFID provides. This report lists all frame on your frame board that have had a pricing update in the last week.
With the help of the Wholesale Price Updates report, you can quickly see every frame that should have it's retail price tag re-printed at the new higher retail rate. This prevents you from selling products below your target profit margin, so you won't leave money on the table.
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An example of the weekly Wholesale Price Updates report provided by WaveRFID. |
In addition, this weekly report from WaveRFID ensures that you get the best possible reimbursements for contracted vision plans like EyeMed and VSP. These plans often have strict pricing requirements, and failure to comply can result in reduced reimbursements. With the integration of WaveRFID and Frames Data, you can ensure that your pricing is always up-to-date, which means you won't miss out on any reimbursements from the plan or the calculated patient overages.
Let’s do the math – if 4 jobs per day had a $5 wholesale price change that could mean $15 of loss revenue ($5 from the plan and $10 from the patient). If you work 20 days a month this equates to over $14,000 in profit for the year. This is a conservative calculation since we see about 40% of the frames purchased have a wholesale price increase during the year.
| 40% of frames purchased have a wholesale price increase during the year |
The weekly updates will also flag frames that have been discontinued. This gives your practice more time to exchange recently discontinued products for new styles and eliminates the losses incurred by stale frames.
In conclusion, the integration of WaveRFID and Frames Data is a dream come true for any optical shop. It simplifies your inventory management, provides you with accurate pricing information, and enables you to make informed decisions about your inventory and pricing based on real data. With WaveRFID and Frames Data, you can stay ahead of your competition and achieve your business goals.
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The WaveRFID integration with Frames Data WaveRFID designed our integration to Frames Data so that it is alive and constantly updating information. Each client catalog is populated with missing data and updated to include the most current wholesale pricing and discontinued dates. This information is presented back to business owners in dashboard views in order to make critical and timely decisions regarding returns and price changes.
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About WaveRFID
WaveRFID is a cloud SAAS software developer created by optical industry veterans and offering RFID turn-key solutions for inventory management, tags and equipment (readers and security portals).Our software products can be used as a standalone system or in cooperation with other POS applications.The web-based software includes frame and asset catalogs, electronic-ordering, dashboards, reporting, credit tracking, security and theft prevention, counts, and e-commerce. Find out more about WaveRFID - http://www.waverfid.net