Inventory Tracking

Overview of Known and Unknown Loss

Minimizing shrink is crucial for any retail business. Losses come in two main categories; known and unknown. As a loss prevention team, your goal must be to move as many losses into the known group as possible. That way, they can be more closely watched and managed.

Your #1 Theft Deterrent = Customer Service

When it comes to deterring shoplifters, more retail professionals realize that the best defense can be a good offense. That is, it’s not enough to catch shoplifters once they have taken an item. All efforts should be made to ensure that they never even get a chance to steal.

Throwing Away Hard Earned Inventory

Working in the supermarket industry requires various checks and balances. It is tricky to operate a business where the shelf life of the inventory ranges from years to days. Unfortunately, time sensitive items get thrown away for a number of reasons. Additionally, goods that incur damages are thrown out and create loss. Both of these…

​Why Low Shrink Supermarkets Track Theft

Shoplifting happens in every retail store leaving remnants that pepper aisles floors and product shelves. Empty packages are found around the store after shoplifters came in and removed the contents, leaving the evidence behind.

Reducing Shrink by Tracking Returns and Lost Items

Monitoring and tracking returned products is a fundamental part of every retail business. As a point of reference, a “return” refers to any item previously purchased by a customer that is returned to the customer service associates. Returned items happen for several reasons: It could be a product quality issue, the item was rung up…

How an Unbalanced Register Impacts Shrink

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.

​​Top 5 Mistakes in Demand Forecasting

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.