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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.
While the new “anti-establishment” world is rejecting globalization, will retail CCTV technology integration provide the panacea to retail risks?
In the highly competitive retail sector, ensuring that the right product is on the right shelf at the right time is critical. Yet the problem of shelf out-of-stocks (OOS) remains as stubborn as ever. Could the LP team be the key to unlocking this new sales opportunity?
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.
Visual information is no longer the only — and perhaps not even the primary — component of a video surveillance system. Images are still valuable, but it is the data inherent within them that provides for new applications and value. A camera is now a computer with a lens. Video once provided LP with extra eyes. Now it also offers brains.
Often, these theft events will occur in the retail setting, but there are other ways by which the devices can be used to steal information. Unfortunately, all it requires is a little illicit technology and a lot of criminal intent.
Implementing targeted theft-deterrent strategies depends on consistent record-keeping, organization, and pattern recognition. A data-driven incident management process is the only way to keep pace with an extremely adaptable foe.
Here is a quick-and-dirty guide to instructing employees on the proper techniques of writing an incident report: a key loss prevention skill that is critical to professional growth.
As the industry transitions from bricks and mortar to “bricks and clicks,” the capabilities of existing systems are being stretched thin, and many retailers have not fully integrated the new technology required to manage loss and reduce shrinkage effectively in an omni-channel world.
Every so often, a simple idea catches the imagination, fervor, and engagement of a group of people and is developed into a successful practice that revolutionizes a business. Electronic article surveillance (EAS) source tagging is definitely one of those.