Owning a retail store requires constant thinking about your store, whether it is which products to put on the shelves or where to put the shopping carts and baskets. One issue that keeps many store owners up at night is loss, otherwise known as theft.
Unfortunately, virtually every retail store will experience theft of either inventory or money each year. Luckily, there is a way to help keep the amount of loss a store experiences to a minimum and keep all of your precious items on the shelves until a customer is ready to (legally) but it.
Loss prevention is the idea of setting policies and procedures in place to help prevent theft or loss of any kind in a retail store. From inventory to money, just about anything that is owned by the store is liable to be stolen.
Security systems, inventory audits, store greeters and everything in between play a role in loss prevention. Loss doesn’t always result from unlawful actions, as some administrative mistakes can result in inventory shrinkage as well.
There are a few different types of loss that a store will experience, such as:
Simply put: to make your business better.
By preventing theft or administrative mistakes, you are maximizing your profitability. Stolen inventory will not make you any money, so why not try to protect it and keep it on the shelf?
Budgets, sales, pricing decisions and so much more depends on maintaining an accurate inventory level. Aside from saving yourself money and preserving the reputation of your store, a loss prevention function can save you numerous headaches as a store owner.
Now that know how important it is to make sure your items are accounted for at all times, make sure shoppers have baskets and carts to put them in!
Contact Good L Corporation today to learn how brand new shopping carts and baskets can help take your store to the next level!