11/30/2016 Training Program On How To Reduce Vendor Theft: full version free software downloadRead NowCan Retailers Prevent Shrinkage? In the retail world, shrinkage, or shrink, is the term used to describe a. While retailers have to factor loss into their bottom lines, it's a costly problem for all. While that may not sound like a lot, consider that shrinkage cost retailers more than $4. National Retail Security Surveyon retail theft. And there's also a fifth category of shrinkage, which encompasses all the unknown reasons for loss. Customer education and training program. Periodic review and revision of the risk assessment. Vendor Management policies/procedures are in place. International Foundation for Protection Officers. Are you aware that you can reduce your shrinkage by 84% if you. In addition to training your employees to spot shoplifters. Strategies to reduce employee theft. Technology alone will not eliminate retail theft. Retailers who want to reduce. Training, Certification & Compliance. Vendor; Procurement Policies; Employee. Identity Theft Prevention Program. Education will help avoid or reduce the emotional stress that often. GENERAL COMPLIANCE TRAINING 2011. NEW YORK STATE MOTOR VEHICLE THEFT AND INSURANCE FRAUD PREVENTION. Retail Theft and Inventory Shrinkage. Return to news menu. Retail Theft and Inventory Shrinkage. Retail Security Survey Shows U. S. Retailers Losing $3. Billion to Theft Inventory shrinkage, a combination of employee theft, shoplifting, vendor fraud and administrative error, cost United States retailers over $3. National Retail Security Survey report on retail theft, which analyzed theft incidents from 1. U. S. According to University of Florida criminologist Richard C. Hollinger, Ph. D., who directs the National Retail Security Survey, retailers lost 1. The surveyed portion of the retail economy transacts over $1. Total inventory shrinkage was down slightly from $3. While total inventory shrinkage was down slightly last year, to 1. Inventory shrinkage remains the single largest category of larceny in the United States, more than motor vehicle theft, bank robbery and household burglary combined. Retail Theft: What's the Harm? Hollinger warns that it isn't just retailers who should be concerned about retail theft. Retail theft impacts everyone. Ultimately it's consumers that are hurt the most in the form of higher prices. Internal theft by employees cost retailers a record $1. Shoplifting Also on the Rise Shoplifting was also on the rise last year with 3. Shoplifting was responsible for nearly $1. Employee theft and shoplifting combined continue to account for the largest source of property crime committed annually in the United States. Other Areas of Inventory Shrinkage The remainder of the annual retail losses not due to employee theft and shoplifting are caused by paperwork errors and theft by vendors. Both administrative errors and vendor fraud have declined from two years ago. Stopping Retail Theft . It is also an extremely busy time, which leaves stores more vulnerable to theft. These data mining packages can be tied to digital video recorders to provide crisp, clear images of who sold what to whom with a click of a button and can delivered to any location around the world. Source tagging programs where tiny anti- theft labels about the size of a paper clip are placed inside an actual product or product package, effectively hiding it from view. Self- alarming anti- theft tags that broadcast an audible alarm throughout the store when a shoplifter attempts to improperly remove it from merchandise. Retailers who want to reduce losses should also strive to provide good customer service and promote high job satisfaction levels among its retail sales associates. From Melody Vargas,Your Guide to Retail Industry. Retailindustry. about. Retailers Lose $4. Billion Annually to Inventory Shrinkagefrom Ernst & Young. Ernst & Young's Study of Retail Loss Prevention. Ernst & Young's Study of Retail Loss Prevention examines how retailers manage one of their most significant costs - - inventory shrinkage, which includes employee theft, shoplifting, administrative and paperwork errors, and vendor errors/issues. In addition to the financial impact of . The study estimates that the U. S. Companies are placing a renewed emphasis on managing shrink to help improve profitability in this difficult economic environment. If, as our study indicates, 4. The average study respondent spends more than $2 million a year on loss prevention. However, less than half the study respondents (4. Respondents said they use a dozen different employee awareness programs including hotlines, codes of conduct and incentive compensation programs to try to address employee theft, but the problem is likely the way these programs are deployed. Simply having programs and procedures in place, or announcing them to employees, isn't enough. To maximize ROI, companies must follow up by enforcing the policies visibly and directly. An analytical approach can provide a valuable understanding of the causes of shrink and help retailers develop loss prevention measures that more effectively address their issues. Transactional systems such as Point of Sale (POS) systems have both increased the amount of data available to retailers and decreased the cost of collecting it. Just a relatively small improvement can have a significant impact on a retailer's bottom line. The average shrinkage loss at retail incurred by each respondent was 1. The information in the study was accumulated through interviews with financial executives at the participant companies. The reliability of the information contained in this report depends on the quality of the information provided by the respondents to the survey. The number and type of retailers who responded also affect the trends outlined. Some trends might therefore not be representative of a particular segment or of the retail industry as a whole. Source: Ernst & Young press release, May 1.
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