Profit Protection Assistance
We are always looking to assist clients and help reduce any loss on their bottom line profits. That is why we have a professional team who can provide cost effective yet flexible solutions to any issues a business may have. We can help reduce stock shrinkage by helping reduce costs for businesses as shrinkage causes additional costs e.g. extra labour to mitigate shrinkage or extra shipment and administration costs to compensate for losses. There is also the cost of not selling - defensive merchandising i.e. locking up expensive beauty or electronic goods etc. loses sales as shoppers may not ask to unlock cabinets and customers may decide not to buy. Cost of out of stock - shrinkage can cause out of stocks when demand for the product is not satisfied. Shoppers can delay the purchase, substitute the product or leave the store when confronted with out of stock thus resulting in the additional cost of lost sales.
Internal (recorded by company i.e. empty bottles found, non-scanning items)/external (i.e. items recorded which cannot be resold or empty bottles etc.) theft identification can be carried out.
We can look at physical loss in terms of damages/wastage/spoilage. Pricing is another area which can cause losses by errors in which goods are priced and sold. For example goods coded incorrectly on the store inventory system or staff incorrectly pricing products on shelf or stockroom. This can be easily identified using our technology.
Planogram assistance can be provided by us whereby stock is placed in certain areas and stock is counted by location in planogram order to identify slow and fast moving stock. This can also help impulse buying from customers to generate increased sales of products.
Errors in the reading of stock on retailer systems can be detrimental to a business by retail buyers or suppliers incorrectly inputting item set up details that lead to stores receiving fewer items than identified. For example promotional items that are not correctly associated with the book stock database.
In house auditing may also lead to errors in stock being incorrectly entered i.e. incorrect counts of items that are located in multiple places. Thus presenting a case for an external stocktaking company such as ourselves to undertake stock counts.
Errors can also be generated by product movement. In particular, in receiving of goods, transfer, returns or refunds e.g. shortages on delivery from a manufacturer or distribution centre or perhaps transfer to other stores being incorrectly recorded.
Please feel free to browse our Stocktaking/Retail Services menus below to learn more about what we do or if you would rather, Contact a Member of the Team who will happily assist you.
Some of the companies Retail Stocktaking Ltd. has worked with...