Shrinkage is an accounting term used to describe when a store has fewer items in stock than in its recorded book inventory. Factors contributing to shrinkage include employee theft, shoplifting, administrative errors, vendor fraud, product damage, and more. Shrinkage has a direct correlation with pr...
If you've heard the term shrinkage recently, you're probably wondering, "What is shrinkage?" Inventory shrinkage covers multiple forms of waste. Learn more now.
It’s a retail manager’s responsibility to reduce shrinkage in your store through security measures, employee training, and stock management processes. Shrinkage is unlikely to be completely eliminated, so many retailers include it in their accounts as an expected financial loss. The goal is to ...
In addition, having accurate inventory data across sales channels helps retailers get products to consumers faster, improving customer satisfaction and reducing stress on staffers. It also helps reduce inventory shrinkage—inventory that a retailer should have but doesn’t because of internal theft, inc...
“There is no business more customer-focused than retail, and so it’s no surprise that the sector has embraced digital technology to better understand what their customers want,” says Rutter. “In 2022, many retailers will come to realise that these now familiar personalisation solutions have ...
In addition, having accurate inventory data across sales channels helps retailers get products to consumers faster, improving customer satisfaction and reducing stress on staffers. It also helps reduce inventory shrinkage—inventory that a retailer should have but doesn’t because of internal theft, inc...
Supermarket shrinkage is notoriously higher than the typical loss rates across all retail sectors. A spring 2013 study by the University of Florida showed a 2.5 percent supermarket shrinkage rate, which was more than double than the 1.1 percent rate for all retailers. Understanding the leading cause...
Walmart made clear it is using RFID only for inventory and supply chain management. Yet, as retailers worldwide know — or arebeginning to find out— RAIN RFID can also enable much more. How RFID works in retail Solutions built on the Impinj platformcan give retailers the real-time inventor...
Written By: Kristina Lopienski Kristina is the Sr. Director of Marketing Communications at ShipBob, where she writes various articles, case studies, and other resources to help ecommerce brands grow their business. Read all posts written byKristina Lopienski ...
Operating expenses -- utilities, payroll, supplies, insurance and other costs such as marketing and shrinkage, or loss from theft or damage -- make up your overhead and are expressed as a percent of sales. For example, $25,000 in expenses on a sales plan of $250,000 puts your over...