Employee discounts are a great benefit to provide, but it is not at all uncommon for employees to abuse this benefit for themselves or for friends and family. How can you identify this policy abuse and develop operations and company culture to prevent it? Let’s delve into the issue of employee discounts and examine some best practices to combat this fraudulent and often criminal practice.
Many bargain-loving shoppers are ready to hit the stores as soon as Thanksgiving dinner is over, making Black Friday the biggest shopping day of the year for retailers. From effectively advertising deals, stocking your shelves and preventing theft, what do you need to do to be prepared for the influx of customers when midnight strikes on November 27th?
Should you upgrade your point-of-sale (POS) system? To answer that question you need to examine the cost of the upgrade. This means not only considering the actual cost of the hardware, setup and support services, but also considering time to train employees on the new system and assessing whether you will have to close your retail operation during operating hours in order to install and test the system.
The end of summer is approaching and kids are heading back to school. Parents and kids will be flooding retailers looking to pick up school supplies. In fact, the National Retail Federation anticipates that the average family will spend $630 per child on back-to-school supplies this year alone, with total spending totaling about $68 billion in 2015—that’s a lot of business to be made from students and parents alike. Let’s look at some of the current trends in back-to-school spending so you can think about adjusting your day-to-day operations in order to best prepare for this influx of family shopping.
Retail stores own enormous amounts of data, and that data needs to be stored securely. However, before you settle on a data storage system, you’ll need to ask yourself several questions. We’ll walk you through some of the most important questions you should be asking, so that you can be confident that you’re choosing the best data storage system for your company.
Supply shrinkage (also known as inventory shrinkage) is something that many retailers battle on a regular basis. In accounting terms, inventory shrinkage refers to the loss of inventory from the point of purchase (inventory) to the point of sale. When shrinkage is high, profits are obviously lower.
According to the National Association for Shoplifting Prevention, there are over 27 million active shoplifters working in the country today, while over 10 million people have been caught for shoplifting in the past five years alone. Electronics retailers are particularly susceptible to shoplifting because most digital devices and accessories are small, plus there is the added threat of return fraud, employee theft, and other schemes designed to harm the wireless retailer, produce product shrinkage, and lower your bottom line. But an investment in technology, management techniques, alternative training techniques and sophisticated video intelligence systems can help you boost the customer experience in your retail operation and minimize the risks that shoplifters represent.
Shoplifting is an all-too-common occurrence for many retailers. However, different types of businesses are more likely to be targeted than others, and the time of year also plays a role in shoplifting incidents. What time of year is your business most under threat of theft?