The “Register” is the cornerstone for any retail store. It holds an opening balance of cash and holds anyone with access liable. There are a number of problems that influence the balance in a register and have serious consequences for the business. Shrinkage is the loss of inventory influenced by factors such as theft, administrative error, damage in-transit or cashier errors that benefit the customer. Early identification of these issues will impact shrinkage and positively impact the entire business.
Inventory levels are the key to any retail grocer’s success. Controlling perishable losses and out of stock delays is easier with demand forecasting, yet transition to new technologies and data-driven methods of inventory control can be costly if not properly implemented. Here are the top five mistakes made by retailers undergoing a transition to a demand forecasting inventory operations model.
As we close this series on loss prevention and unsaleable products, we explore possible solutions owners, managers, and associates alike can begin implementing to bring about vast improvement. In part one, we presented a high level overview of the challenges related to the loss prevention of unsaleables. In part two, we zeroed in on how stock rotation, product dating, and product discrepancies can potentially exacerbate shrink and create consumer confusion.
Previously, we presented a high level overview of the challenges related to the loss prevention of unsaleables. Specifically, we examined how logistics, shelf life management, and the coordination between retailers and manufacturers all play an intricate role in reducing shrink. All of these factors can be small pieces of a larger problem or, on the positive end of the spectrum, small pieces of a larger solution when adequate changes and adjustments are made to facilitate loss prevention efforts.
According to GENCO, unsaleables are products that are removed from the primary distribution channel. Although each has unique characteristics, unsaleable products can include customer returns, expired products, OS&D (over, shorts & damages), spoils, outdates, exceptions, warehouse damages, and deductions.
In Central Florida, like other places in the United States, it is often the case that small health food stores serve as a community’s pioneers in the markets of organic food, natural health products, and vitamins.
Publix, Chick-fil-A, and Food Lion are among the companies that earned an “excellent” score in a recent study conducted by the Temkin Group that compared a wide variety of organizations and industry verticals. These companies, along with other supermarkets and fast-food chains like Kroeger, Save-a-Lot, and Wegmans, received top ratings from consumers.
Companies across the board often turn to media characters to market their products. Why? Because it’s an effective, proven way to promote their products in order to maximize sales. Popular media characters used in brand marketing can connect manufacturers with children and influence a child’s product preferences. Kids are quick to develop emotional bonds even…
As a desire for farm-to-table narratives increases, the culture of the food industry continues to evolve in order to meet changing consumer demands and interests. In particular, the industry is seeing a large scale push for organic products, as Millennials enter into the shopping the arena with purchasing practices predicated on nutrition and healthy living.