Ahhh! It is that time of year again! Time for resolutions, proclamations and transformations. Time to: lose weight, make more money, create better habits, become more profitable and start doing all of those things we know we need to be doing. After all, it is a new year.
So, why do we wait until January 1st to light the fires of change?
A new year is like a clean slate. It is like getting a “re do” of sorts. Right now, thousands of retailers are scrambling to get year-end numbers to complete performance reviews on the management. One of the critical numbers is referred to as “shrink”. Shrink is the difference between what should be in inventory and what actually is in the inventory. Some loosely refer to it as “theft”.
Retailers have a number of ways they try to reduce theft, however, the most agreed upon is simply customer service. By consistently greeting customers, assisting them throughout their shopping experience and following up with them, theft can be drastically reduced. Other common practices to reduce theft include: store policies, sensor tags, under cover loss prevention staff and video surveillance.
Video surveillance can be used not only to deter theft, but also as a customer service training tool. Many retailers (and restaurants) use video surveillance (CCTV) to demonstrate to employees how their behavior can decrease theft and increase sales. It is often used as a corrective tool to show an employee where he or she could have been more effective by offering better service.
As we begin a new year, let’s remember that it is never too late to start something new and great!