Retail shrinkage is a major issue affecting businesses of every size. U.S. retailers face shrinkage of approximately $60 billion dollars each year according to Forbes.com.[1] Typically, employee theft is the main cause of retail shrinkage, likely due to the ease of taking merchandise from the stockroom. Recently, employee theft has attributed to 43% of lost revenue for retailers, and The US Chamber of Commerce has indicated that 75% of employees have stolen at least once.[2] In addition, the number of employees apprehended for shoplifting increased almost 10% between 2015 and 2016.[3] To understand the significance of this problem, it is important to realize that retail shrinkage accounts for about 1.38% of overall retail sale.[4] However, shoplifters are only caught an average of 1 in 48 times they steal.[5]
Tidel systems help retail stores secure their cash balances and reduce overall cash exposure in the store. In addition, Tidel cash management systems provide automated reporting that enables faster reconciliations and accelerated deposit preparation. This level of automation and security offers store managers peace of mind and, more importantly, more time for them to monitor the sales floor, train employees, and perform other more productive activities, such as those that contribute to a reduction in store shrink.
Installing Tidel systems not only helps employees feel safer in the store, but payroll hours can be optimized and store operations simplified as managers can spend less time handling cash. Tidel has become an integral partner for businesses looking to protect themselves against theft and retail shrinkage. To learn more about how a Tidel smart safe can help prevent retail shrinkage in your store, check out the infographic and click here to learn more.
[1] https://www.forbes.com/sites/nicoleleinbachreyhle/2015/10/07/new-report-identifies-us-retailers-lose-60-billion-a-year-employee-theft-top-concern/#30dfe89f80eb
[2] https://www.inc.com/articles/1999/05/13731.html
[3] http://fortune.com/2015/01/26/us-retail-worker-theft/
[4] http://losspreventionmedia.com/insider/shoplifting-organized-retail-crime/shedding-light-on-retail-theft-statistics/
[5] https://cybra.com/5-loss-prevention-stats-retailers-should-know/
