Loss prevention: what can I do?
Anyone who works in the retail store operations area knows the importance of stock organization, to prevent waste, optimize resources, avoid losses and have all the information for better decision making. Today we bring you the strategies you need to implement in your business to prevent losses and increase efficiency.
What is loss prevention in retail?
We call loss prevention when we talk about the set of processes and strategies with the objective of preventing, combating, reducing business losses, acting specifically on waste, fraud, theft, whether internal or external. Since losses can lead to a substantial reduction in profit, it is important to implement a good strategy in the retail industry.
Losses can be:
Known: Also called operational, these are losses that occur due to managerial failures, being considered predictable, such as deterioration or expiration of available products.
Unidentified: Actions that are neither foreseen nor predictable, resulting from external actions, such as theft or deviations, being notorious in the course of inventory tasks.
How to optimize the retail loss prevention process?
Take the topic in mind and make it a priority.
Bring up the topic in meetings, take it to the rest of the team, discuss it and demonstrate the need to implement the strategy and its benefits.
Analyze risk points and factors
After introducing the topic in the business, identify the points that are generating losses, analyze your data, observing the existing waste. Map processes and identify risks.
Implement loss prevention system
With all the planning done and the actions and needs identified, it's time to join the loss prevention system, with the following steps.
Implement quality software, controlling the entry and exit, deadlines and validity of goods in the establishment.
Create and standardize stock tasks, getting more organization, and managing them efficiently and productively.
Conduct inventories frequently, ensuring daily/bi-daily inspections, in order to respond quickly and identify problems
Optimizing travel to the store, promoting a good system for moving merchandise into the store, preventing possible losses due to product damage.
Prepare your team
In addition to all this, it is extremely important to guarantee the creation of an area responsible for the theme, making sure that this theme is prepared and controlled daily in its stores.
Implement the right technology
Today, there are numerous technological systems dedicated to this area. One of these is Tlantic Mobile Retail, which manages and optimizes all store operations, from:
Price Audit
Checklists
Audits and Validity Control
markdowns
receptions
Location of items in Store
Conducting Inventories
Control and Analytics Dashboards
Stock inquiry and product information
Automatic and automated label printing
And much more.
And what are the main benefits of this investment in your business?
Increase in Efficiency
Reduction of Ruptures
Increase in Customer Satisfaction
Increase in Employee Satisfaction
Productivity increase
Loss Reduction and Operating Costs