Take control of your inventory and take control of your shrinkage.
Accurate inventory management is the key to reducing administrative errors that would otherwise contribute to a higher rate of retail shrinkage and greater profit loss. If retailers are not currently in control of their inventory, how it’s merchandised, priced and promoted, including transactions and how the employees are involved, it’s impossible to pinpoint when, why, and how a loss occurred.
Paperwork Errors? Yep, the NRF reported administrative and paperwork errors make up approximately 20 percent of shrinkage. Simple pricing mistakes due to mark-ups or markdowns can cost retailers quite a bit, so it’s crucial to have good, easy-to-understand systems and workflows.
A solid practice of cycle counting your inventory can have a huge impact here as well. Many errors in the EPOS system can be uncovered with this practice before the inventory is sold and it becomes shrinkage. Miss aligned promotional pricing and the price held in the EPOS system can have a huge impact on profit margins.
We can help you make significant savings across all these areas of shrinkage. Our NetTickIT platform is deployed in a number of UK retailers doing just that. To learn more and look at the case studies click here.