Inventory shrinkage continues to be a disturbing reality for the retailers around the globe. For instance, it cost the economy of the neighboring US a whopping forty-eight and nine billions of dollars in 2016, as per revealed by the (NRSS) National Retail Security Survey: 2017 conducted by the (NRF) National Retail Foundation in New York. However, the losses could be significantly reduced by engaging a qualified security service, and today’s discussion will concentrate on the various aspects of inventory shrinkage and how a retailer could suitably prevent it. For a pretty insignificant amount of money; such trustworthy, third-party services provide a wide range of services; and are increasingly sought after in Vancouver and other global cities worldwide.
- There are other factors also, apart from theft, which are potential causes of shrinkage
Inventory shrinkage is one such piece of the bitter truth that no retailer could ever deny or ignore. Retail inventory shrinkage is essentially the net numerical difference between the figures a business owner has registered in the ledgers and the physical stock they happen to possess when examined. It could often be caused by employee theft and administrative errors, with the greatest contributing factor being shoplifting, which involves organized retail crime. The retailers witness plunging profit margins while the consumers may also experience the pinch through escalated prices for reimbursing the accrued loss of revenues. However, having a proper security service in place does help one to reduce the severity of shrinkage, and perhaps, this explains quite satisfactorily why hiring such services, duly licensed, are becoming pretty much standard practice these days in Vancouver and other global locations around the world.
- Shoplifting is a primary cause of concern for the retailers
Organized retail crime and instances of shoplifting taken together accounted for thirty-six and five percent of annual retail inventory shrinkage in the US for the year 2017, as disclosed by the aforementioned NRSS. While organized retail crime proves to be far more expensive than the regular, garden-variety cases of shoplifting, the latter still leaves a statistically significant amount of impact on the bottom line of a retailer. Fortunately, there are many reliable security services available in Vancouver, and all other key business locations around the globe, which can take care of this issue with great ease.
- Organized retail crime happens to be an uncomforting reality
The organized retail crime, more often than not, typically involves an exhaustive network of robbers who strategically search for the retailers and target them. These highly sophisticated gangs steal the merchandise and sell the stolen products to other criminals overseas or domestically. Projecting them as legitimate, these utterly professional, organization of super-thieves sell the robbed merchandise back to the retailers for selling to the consumers. All the goods are appropriately marked up at every stage of the entire process that makes it lucrative for the criminals but expensive for the retailers. Nonetheless, spending a small part of one’s annual budget for employing a well-established security service in Vancouver (or wherever may it be required), does help a retailer to reduce the odds of inventory shrinkage.
- Not all incidents of shrinkage are caused by external forces
Inventory shrinkage cannot be solely blamed on outside parties with questionable intents. The NRF states that the average estimated cost per dishonest worker was nine hundred sixty-two and sixty dollars in 2017, which, incidentally, turns out to be way more than the year before when the figure was six hundred and twenty-two dollars. Hence, investing in a dependable security service in Vancouver (or wherever one may need), is indeed one of the very best decisions that a business owner is to ever take.