Tato every year. Yet businesses are using tools and technology to prevent churn
The loss associated with downsizing is two-fold: You lose the capital you invested in acquiring the product, and you lose the potential revenue that the product could generate by selling it. Not to mention the indirect effects that stockouts have on your business, damaging customer perception of your brand and potentially driving customers to competitors.
That’s why we’ve put together this comprehensive
loss prevention guide for retailers, including the main causes of shrinkage and what you can do about it.
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Hospitality and retail brands need to save time and reduce costs by implementing programmatic and brand standards. Execution is key.
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When creating a loss prevention plan, it is helpful to consider the causes of the loss. The biggest contributors to this loss of capital should be your primary areas of focus.
The reduction is due to several main things:
. This includes the straightforward thief who steals items and more complex schemes such as returning stolen items for credit or even cash. This could also include using counterfeit money to purchase goods.
Employee theft rivals shoplifting
accounting for just over one-third of the decline. It can also be outright theft, the simple taking of an item that has not been paid for. Internal theft also includes processing fake returns, giving out fake gift cards, leaving magento will depend on your level items out of order, or even taking cash from the register.
Mistakes happen and cmo email list loss prevention is no different. In fact, clerical errors or paper shrinkage contribute to nearly 21% of retailer shrinkage. Businesses that rely on manual processes and systems are more susceptible to this type of attrition.