Loss Prevention Challenges in 2018

In retail today, every dollar counts. Shrink has a significant effect on a retailer’s bottom line. A recent study by the National Retail Federation (NRF) found an average shrink rate of 1.44%, costing "the overall U.S. retail economy $48.9 billion.” Below a list of 4 loss prevention challenges retailers are facing in 2018, and how … Continue reading Loss Prevention Challenges in 2018

3 Types of Audits Every Retailer Should Conduct

Conducting store audits should be on the to-do list of every retailer, and for good reason — retail audits help you uphold company standards, improve operations, and promote a safe in-store experience. But what exactly are the types of audits you should conduct and how often should you do them? More importantly, how can you … Continue reading 3 Types of Audits Every Retailer Should Conduct

4 Loss Prevention Tips to Help You Keep All Your Holiday Profits

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

Loss Prevention Checklist

Loss prevention is a set of policies and procedures designed to minimize theft, fraud, vandalism and waste.  With "shrinkage" amounting to 1.7% of gross sales for the average North-American retailer, the  financial stakes are high.  Below, a list of criteria for visiting/auditing stores in the context of loss prevention. Methodology: This checklist was compiled from publicly available sources … Continue reading Loss Prevention Checklist

7 Store Data Collection Scenarios

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