Every year, businesses across the globe lose around $100 billion to shrink, and the average shrink rate of 1.44% in the U.S. costs American retailers $48.8 billion annually. That’s a lot of money left on the table! This means implementing methods to reduce shrink in retail should be a priority.
Have you heard of the retail apocalypse that wasn't? Still, retailers face major challenges in today's climate. Here are 6 key challenges faced by retailers worldwide. Challenge #1 Merchandising Merchandising compliance is still staggeringly low. Studies show 60% of promotional displays are not executed properly. 60 percent! Properly executed retail displays register as much as … Continue reading 6 Key Retail Challenges [Infographic]
A comprehensive list of security tips for retailers you can follow to help ensure your stores are secure against physical and online threats.
In retail, even the slightest lapse in safety and security can spell disaster. Theft, fraud, and data breaches can put a sizeable dent on your bottom line… and reputation. This is why it is important to establish store security measures across your locations. Industry data shows that security issues in retail aren’t slowing down. The … Continue reading How to Establish Security Measures for Retail Stores
We’ve put together comprehensive Loss Prevention Guide for retailers, including the main causes of shrink and what you can do about it.
Loss prevention is a very real challenge for retailers. Shrinkage is a problem that costs retailers billions of dollars every year due to external theft, internal theft, and administrative errors. Regularly using a Loss Prevention Checklist across your locations ensures compliance with policy, reinforces training, and demonstrates loss prevention is a priority for your business. … Continue reading Loss Prevention Checklist
In retail today, every dollar counts, and loss prevention challenges are very real. Shrink has a significant effect on a retailer’s bottom line. In fact, a recent study by the National Retail Federation (NRF) found an average shrink rate of 1.44%. This costs "the overall U.S. retail economy $48.9 billion.” This is why we put … Continue reading Loss Prevention Challenges in Retail
Here are three types of store audits you should conduct and how often should you do them to keep your stores operating in top condition.
The holidays are just a few short weeks away and we know that you and your staff are working hard on sales, promotions, and other seasonal programs. Before rolling out your initiatives, ask yourself: are you working just as hard to minimize loss in your business? While the holidays bring in more customers and sales, … Continue reading 4 Loss Prevention Tips to Help You Keep All Your Holiday Profits
To assist multi-unit retailers starting or improving their retail audit program, Compliant IA regularly publishes how-to guides, best practices and checklists. Use this sample Loss Prevention Checklist to create or update your loss prevention program across your locations. Loss prevention is a set of policies and procedures designed to minimize theft, fraud, vandalism and waste. … Continue reading Loss Prevention Checklist
Let us look at several scenarios involving the collection and dissemination of store-based data. 1. Merchandising and service standards. A district manager visits her franchisees and uses her tablet or smartphone to run a quarterly audit on each store’s compliance with merchandising and service standards. 2. Work order forms. A store manager fills out a work … Continue reading 7 Store Data Collection Scenarios