The annual Global Retail Theft Barometer, underwritten by Checkpoint Systems, shows that in UK in 2014 shoplifting accounted for 26% of all stock loss, while retailers saw £770m stolen by employees and an additional £300m lost as a result of supplier errors. Globally, UK stores had the worst level of administrative and non-crime losses with 40% of all shrinkage coming as a result of internal errors, such as mistakes with pricing.
As the figures above show, it is incredibly important to be in control of your shrinkage at all times. It is important to understand the reasons you would have shrinkage. The main reasons are:
Shrinkage is one of the top reasons for a reduction in profit and finding a way to reduce theft (employee or customer) and administrative errors (internally or from suppliers) will protect the profit of your business.
The following is a guide on how to reduce your losses.
Always protect your stock and your profits by utilising the guides above and reducing your retail shrinkage.
Related Service: Retail Supply Chain Audit