Take Control of Your Inventory. 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.
The NRF reported administrative and paperwork errors make up approximately 20 per cent of shrinkage. Simple pricing mistakes due to markups or markdowns can cost retailers quite a bit. Therefore, 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. Misaligned promotional pricing and the price held in the EPOS system can have a huge impact on the 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. Learn more – look at the case studies.