Key takeaways from this blog:
- Activity to minimise retail loss is much more than reducing store theft
- The key is to gather deep data about all instances
- Remediation and cost-reduction strategies can then be put in place.
As retail professionals, we know that retail loss is much more than customer and employee theft.
Loss also incorporates costly stock management and supply chain errors, wastage, product refunds and more.
In addition to the crippling cost of theft, as highlighted here by British Retail Consortium, one of the overriding contributors to loss (the term ‘Shrinkage’ may sometimes be used here) is lack of transparency of the instances and occurrences across a retail estate
Identification and qualification of this, to minimise retail loss, makes a fundamental, cost-saving difference.
To gain this clarity, a dive-deep analysis can assess causes of losses and track instances at store and business level. Once these specifics are known, consistent and robust mitigation strategies can be adopted.
Jakson Trovaoda, Loss Prevention Specialist at retail productivity consultancy SWL, explains, “Retail management teams must have the capacity and tools to fully scrutinise loss occurrences and reasons, within individual stores and across their estate,” he said.
“The deep business benefit comes, when a minimisation structure addressing, not just theft and security issues but stock management errors, damage, wastage, returns and refunds and more, is consistently adopted.
“Adopting a standardised policy to identify reasons for returns and processing of returns, may just be one element here.”
This is where SWL’s Retail Loss Management Roadmap to Zero comes in.
This delivers rapid evaluation and improvement, enabling retail leadership teams to identify and address all relevant issues and adopt procedures to consistently meet their cost-reduction aims.
To find out more, email or call SWL’s Jakson Trovoada on +44 (0)1527 895020 or email firstname.lastname@example.org.