Showing posts from November, 2018

How Small Retail Businesses Can Reduce Shrinkage: VGNC Tips

Inventory shrinkage is one of the major hindrances in the growth of small retail businesses. Inventory shrink is the difference between the expected revenue to the actual revenue the retail business makes. Now that been said, how can this shrinkage be reduced so that your retail business can achieve its full potential?

Loss prevention is the next step to reduce shrinkage in the business. However, it requires a lot of precision and expertise in identifying the factors associated with shrinkage and accordingly act upon it.

Let’s Understand First What Is Shrinkage? Shrinkage is the loss of inventory for certain important factors such as administrative error, damage of goods while in transit to the store or in-store damages, shoplifting, employee theft, and even vendor fraud.
Identifying the Causes of Shrinkage There are various reasons associated with loss. These can be damaged goods during the transit to your store or in-store damages of goods. There can be shoplifting or theft by dishone…