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Technology is not here to eliminate us; it’s here to make our jobs and lives easier. Retail will continue to evolve with technology. As retailers, our responsibility is to focus our efforts on improving the customer experience using the new tools at our disposal.
From an LP perspective, a strong understanding of how retail inventory is managed is crucial to resolving shrink-related issues. One basic but important component is knowing the inventory control techniques and accounting methods used by your company. The two most common are the “retail” method and the “cost” method of accounting.
RFID technology allows companies to know where in their process any particular asset is, so they can monitor the speed of production, the time of delivery, or any other factor that will help them to see how long their processes actually take—and control assets by knowing where they are at any point in time.
Few things are as frustrating for a loss prevention leader than discovering a bad packaging design they know will promote retail shrink— a feature which could easily have been prevented.
While omni-channel was indeed a significant point of discussion throughout the conference, loss prevention and risk management issues were hardly mentioned. Maybe I shouldn't have been surprised, but I was.
Not every loss prevention tool fits the needs and budget of every retailer. However, a combination of tactics makes an impact and reduces a store's shrinkage.
Solutions to address theft and loss are often led from the retailer side of the partnership, but manufacturers do face responsibilities when it comes to product protection. From manufacturer to retailer, product protection is everyone's job.
Payless and Sears are dramatic examples of the difficulties of some iconic retail brands, but they're not alone. Recently, David Simon, chairman and CEO of the Simon Property Group, admitted he's nervous.
Today’s fast-paced retail requires stores to keep up with consumer demand for popular brands and specific fast-moving SKUs. While many Internet of Things (IoT)...