Every year, workers and business owners embark on tax-filing journeys that are often confusing but highly beneficial. As many are aware, tax refunds and tax breaks in the form of deductions can drastically reduce liability. While scanning your favorite tax preparation website, it’s important to know that tax credits and deductions are stark contrasts but work in tandem with each other.
The never-ending goal of ending world hunger starts with caring about the exorbitant food waste that is prevalent across the globe. One way that corporations and manufacturers could assist the many US food banks currently suffering from shortages of food donations would be to loosen restrictions on donating unsold food items.
Return and refund scams are very commonplace. It’s estimated that nearly 10% of all refunds and returns somehow abuse store return and refund policies. Learn about some common scams and 2 simple steps you can implement to help prevent your store from being defrauded.
Loss prevention is a huge part of retail. Regardless of size and the amount of shrink, controlling loss of products impacts retail as a whole.
When it comes to deterring shoplifters, more retail professionals realize that the best defense can be a good offense. That is, it’s not enough to catch shoplifters once they have taken an item. All efforts should be made to ensure that they never even get a chance to steal.
Monitoring and tracking returned products is a fundamental part of every retail business. As a point of reference, a “return” refers to any item previously purchased by a customer that is returned to the customer service associates. Returned items happen for several reasons: It could be a product quality issue, the item was rung up…
The “Register” is the cornerstone for any retail store. It holds an opening balance of cash and holds anyone with access liable. There are a number of problems that influence the balance in a register and have serious consequences for the business. Shrinkage is the loss of inventory influenced by factors such as theft, administrative error, damage in-transit or cashier errors that benefit the customer. Early identification of these issues will impact shrinkage and positively impact the entire business.
Inventory levels are the key to any retail grocer’s success. Controlling perishable losses and out of stock delays is easier with demand forecasting, yet transition to new technologies and data-driven methods of inventory control can be costly if not properly implemented. Here are the top five mistakes made by retailers undergoing a transition to a demand forecasting inventory operations model.
As we close this series on loss prevention and unsaleable products, we explore possible solutions owners, managers, and associates alike can begin implementing to bring about vast improvement. In part one, we presented a high level overview of the challenges related to the loss prevention of unsaleables. In part two, we zeroed in on how stock rotation, product dating, and product discrepancies can potentially exacerbate shrink and create consumer confusion.