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.
CCTV has long been one of the most important, central methods to deter shoplifters and help identify repeat offenders. Great CCTV systems mean you can monitor problem areas constantly, and even if you can’t react to a thief in real time, you could still get a good idea of their identity, behavior, and the products that they targeted.
Key control is a necessary burden for every store. You have to lock up your valuables and make sure that you keep a close eye on the movements of the keys to prevent loss and duplication. Here are 5 best practices that can help you improve your key control system.
Minimizing shrink is crucial for any retail business. Losses come in two main categories; known and unknown. As a loss prevention team, your goal must be to move as many losses into the known group as possible. That way, they can be more closely watched and managed.
Working in the supermarket industry requires various checks and balances. It is tricky to operate a business where the shelf life of the inventory ranges from years to days. Unfortunately, time sensitive items get thrown away for a number of reasons. Additionally, goods that incur damages are thrown out and create loss. Both of these…
One area of the grocery store that has consistently proven to have expired products every time we visit a store is the energy bars section. Like the rest of the store, products here expire due to a variety of reasons, whether that’s overordering or a lack of rotation. However, there is a simple solution that can help reduce your shrink in the category. When stockers are stocking new boxes of product, leave those new boxes unopened if there is already an open box on the shelf.
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.
As annual digital coupon spending approaches the $1 billion dollar mark, we must examine whether the CPG industry is experiencing a shift away from free-standing insert (FSI) coupons to digital coupons. If the landscape is changing to digital, we also must ask whether digital move volume like trusty FSIs, and whether the ROI (Return on Investment) is similar.