Retail loss can haemorrhage budgets. In this quick Q&A, SWL’s Jakson Trovoada unpacks the key issues and details what can be done.
Key takeaways from this Q&A:
- Retail loss is much more than store theft
- The key is to gather deep data about instances
- Remediation and cost-reduction strategies can then be put in place.
Today, to support retail leadership teams, we are going to talk about reducing retail loss with SWL’s Loss Prevention expert, Jakson Trovoada.
Q: Hello Jakson. Let’s begin by outlining what should be included when we talk about loss. It’s much more than simply store theft, isn’t it?
Yes, that’s correct. It does include theft and of course, this includes employee, as well as customer theft. However, stock management, supply chain errors, product damage and wastage, product refunds and more; should also be assessed.
Q: Let’s unpack that a bit more. What are examples of non-theft loss?
One example may be a warehouse or store receiving a delivery of say, 1,000 items but, purely as a result of human error, an employee inputs 100 items. Another example would be a retail chain treating product returns and refunds inconsistently, with no agreed procedure or returns reduction strategy.
Q: What can retailers do to address these issues?
The starting point is gathering detailed data about what is actually happening, where and when. Dive-deep analysis can assess causes of losses and also track instances. The journey here is transparency, qualification, and identification. Once these specifics are known, consistent and robust mitigation strategies can be adopted. Here at SWL, we call this the Roadmap to Zero.
Q: What difference could this potentially make?
This delivers rapid evaluation and improvement, enabling retail leadership teams to meet their cost-reduction aims. For example, one UK forecourt & convenience retailer that partnered with SWL to address retail loss prevention, achieved a 19% reduction in associated costs.
To find out more, email or call SWL’s Jakson Trovoada on +44 (0)1527 895 020 or email – firstname.lastname@example.org.