Tag: shrinkage

How much of our shrinkage number is due to theft? How do you answer this question? Educated guess? Based on indicative feedback? Through deep data analysis? The “go to” tool to understand the answer to these questions, and move shrinkage from unknown into known shrink, is often the incident reporting tool.

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.

A recent report from the ECR Community Shrinkage and On-shelf Availability Group charts the scale and extent of the losses retailers are experiencing from a range of self-scan and checkout technologies. The research also provides a detailed review of the ways in which these losses might best be controlled.

"We proved-out that the technology works phenomenally well. The technology is great." This effusive praise by an LP executive who oversaw a several-store test...

The supply-chain web is spun so intricately that it's impossible to know it, truly. Perhaps the most we can aim for is to gain...

Whether you are an AI skeptic or an enthusiast, these real-life scenarios illustrate the impact of AI and IoT and demonstrate ways for the retail industry to reimagine their loss prevention strategies with advanced technologies.

Employee theft is a major problem for many employers in the United States, coming in at number two on the list of leading causes of inventory shrinkage (behind shoplifting/ORC), according to the 2018 National Retail Security Survey.

Contemporary loss prevention professionals still maintain responsibility for retail security. But they also must handle employee theft issues, data protection, safety and risk management, inventory audits, legal compliance, and matters related to organized retail crime and fraud.

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?

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.