When you reduce theft in your business, you maximize profits. And while reducing theft is a common goal, protecting your business from theft is not an easy feat. There are numerous tips and tricks to reduce theft. But there are only two retail loss prevention tips you need to heed: Invest in loss prevention...Read More
Every year it is becoming increasingly more difficult to draw customers into your retail store. One of the key strategies to increasing sales is through improving customer experience in retail. With the emergence of eCommerce, consumers have shifted away from brick and mortar shopping. Instead, they...Read More
When addressing retail theft, most people have an image of someone sneakily putting items into a bag and leaving the store. Although this may be one of the most common shoplifting tactics, another theft frequently utilized is theft at self checkout lanes. Emerging in the 1990s, self checkouts offered...Read More
Business managers are aware of the cost of shrinkage on a profit sheet. But they may not be familiar with the retail loss prevention strategies which have been proven effective. An article in the Harvard Business Review profiled five large retail chains with a collective shrinkage rate of 44 percent...Read More
Sweethearting is a common retail term, referring to situations when an employee gives away items to a customer or discounts items for a customer. Usually the person receiving the free goods is a friend or family member—their sweetheart. Creating a proactive sweethearting policy helps to combat...Read More
When you view loss prevention statistics, it is clear theft poses a major issue for all companies, regardless of size. Armed with knowledge and modern technology, catching internal and external theft is easier than ever. But first, you must face the facts. The Big Picture In today’s competitive business...Read More
Simply put, preventing and learning how to catch employees stealing requires a three-part plan: identify how your business is vulnerable to employee theft develop clear policies, and use resources to help implement and enforce those policies Identifying Vulnerabilities: How to catch employees stealing If...Read More
If a retail business wants to improve profitability, they typically focus on the revenue side. But other retail cost-cutting strategies may create more meaningful results which deliver longer-lasting benefits. Strategically...Read More
The arrival of big data has fueled business intelligence efforts. While business owners readily toss around buzzwords in this area, many seem to be confused by what those buzzwords mean and how they interact. For example,...Read More
Profitability is the key to success for any business. When you consider 82% of all businesses fail due to poor or negative cash flow, profit loss is a looming problem for all businesses. Every year theft accounts for nearly $13 billion in losses with no signs of slowing down. Considering certain industries...Read More
Making tough business decisions is rarely simple. But using POS data from the system you have in place will help you better understand trends in your business, pinpoint areas of concern, and make choices based on solid information. In most cases, your POS system is already collecting an overabundance...Read More
Business owners and managers seeking ways to increase sales would be wise to focus on creating a better customer experience. At a time when consumers have more options than ever before, offering an experience that’s enjoyable, interesting, or even exciting is a way to encourage them to set foot in...Read More
