Retail Loss Prevention

[pic] Retail Loss Prevention: Doing more with Analytics February 2009 DRAFT Abstract T he sell industry is in the middle of an unprecedented economic crisis. alone sellers are trying to figure out how to cut costs, moderate customers, conserve cash and more importantly stay in business. Recently, the National Retail Federation (NRF) polled readers of its SmartBrief asking them what was on fleet of their mind. Loss Prevention (LP) came in second only to the overall economy! It is no surprise given that every one dollar bill saved from retail sign on is a dollar added instantaneously to the bottom-line. Looking back in history, we have seen tough propagation like these are conducive for higher shrink numbers. This is in general due to retailers cutting down loss prevention staffing and inclose personnel, slowdown in technology investments, and increase in stealing owing from people who cannot handle the economic pressure. LP organizations are at different stages of evolution when we look at their capability to weapons the power of analytics From basic reporting on shrink to perceptiveness the key drivers with high correlation to shrink and managing by expulsion with the help of predictive models.

There is a need to lend oneself available data assets effectively by building capabilities to report, contemplate and predict shrink accurately. This article reviews the trends in retail shrink, its sources and how analytical techniques can help attack shrink in a cost effective manner. Retail Shrink Trends Global retail shrinkage, inventory losses from crime or waste, cost retailers most $104.5 Billion fit year, or 1.34% of sales1. In North America, shrink totaled $42.3 billion, or 1.48% of sales, with the US accounting for a hearty portion of this figure. North American retailers spent $12.3 Billion, or 0.43% of sales, last year to fight shrink. Majority of the loss prevention bud spoil goes towards payroll (LP corporate and field personnel) and systems like CCTV, Electronic... If you want to get a full essay, order it on our website: Ordercustompaper.com

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