As temperatures rise, keep inventory shrinkage low
Jul. 27, 2016
Inventory shrinkage is a constant business challenge. According to the 2015 National Retail Security Survey (NRSS), inventory shrinkage accounted for $44 billion in 2014. Make sure you’re taking the correct steps to protect your products this summer.
Power comes in numbers. When your team works together across all areas, this ensures that there will be less opportunities where loss can occur. Make sure that everyone at your company is invested in loss protection – from the employees who are on the floor, to the staff members who are behind the scenes.
Store your backup inventory— especially top shelf liquor and fine wine— in a separate, secure location. Limit access to owners and, or managers. For high-priced products on the floor, invest in security caps. If you are worried the caps will deter consumers from purchasing products, try using clear security caps or bottle collars.
A benefit of the modern age is all of the available technologies that can help reduce inventory shrinkage. The most common: surveillance cameras. Even a warning sign of video surveillance can deter a person from stealing. Other technologies, such as software or digital tools to help manage inventory, can help reduce operational errors that ultimately lead to shrinkage.
Upping your physical presence on the sales floor is a simple and inexpensive way to combat inventory shrinkage — even if your team is small. The key is to not be stagnant; have your employees circulate the floor.
Have a safe and secure summer!
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Sources:
http://www.climatecentral.org/news/first-half-of-2016-record-hot-by-far-20540
http://smallbusiness.chron.com/prevent-employee-liquor-theft-bar-40194.html
https://nrf.com/news/retail-and-restaurant-loss-prevention-have-more-common-you-think
http://losspreventionmedia.com/insider/shoplifting-organized-retail-crime/shedding-light-on-retail-theft-statistics/
http://www.medicaldaily.com/some-it-hot-summer-crime-increase-linked-higher-temperatures-better-weather-288944
http://www.bjs.gov/content/pub/pdf/spcvt.pdf
http://www.chicagomag.com/Chicago-Magazine/The-312/March-2012/Heat-and-Crime-Its-Not-Just-You-Feeling-It/
http://www.restaurantowner.com/public/SixProvenPracticestoControlYourBeverageCosts.cfm