What are some of the challenges that retailers face and how can they deal with them?
One thing that is always a concern is inventory loss. Companies can hardly stay in existence if they don’t have ways to deal with inventory loss, not only from shoplifting, but also from employee theft. Half of the losses that occur are not from customer theft, but from employee theft. To combat this, you have to have daily reports to look at sales, along with inventory spot checks to determine that things are balancing out and that shrinkage isn’t occurring. Employees in the retail industry tend to have a lot of turnover, so you have to be quick. It’s a sad commentary, but if some employees see that they might be able to get away with something, then they probably will. How can companies prevent employee theft from occurring? First, they have to make sure no one steals cash receipts. Once in a while, a company gets lax and falls behind in balancing out store receipts. In this day and age, a lot of transactions are made with credit cards, but you always have some cash on hand. That has
