It’s no secret the retail industry has a shrink problem. According to the National Retail Federation, U.S. retailers report average annual losses of approximately $46.8 billion due to theft and error. While understanding these causes can be helpful, it’s far from a final solution to reducing your shrink problem.
Shrink, or loss reduction requires more than understanding―it requires action. A well-structured loss prevention program should be designed around six principles: Prevention, awareness, compliance, detection, investigation, and resolution. In this guide, we explored each of these six principles and how they fit together to reduce shrink.
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