In retail, what is the difference between multichannel and omnichannel? #nrf #retail


#multi channel retailing

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This is a Great Question. Here s the difference:

Multichannel Retailing is something that retailers have been doing for a long time. This means that they were selling through more than once channel. For example, brick-and-mortar stores, catalogue, and kiosks.
Each channel may be managed separately, with it s own demand forecasts, promotions, and even price adjustments. These traditional methods produce a tremendous amount of out-of-stocks, carrying costs, lost sales, and unnecessary markdowns every year.

Omni-Channel Retailing has evolved with the introduction of Predictive Analytics technology that has allowed retailers to gather more data about their supply chain, and make better decisions. These decisions are made by taking the entire business into account, dozens of factors, trends, forecasts, and interrelations of each piece of the business.

In a true Omni Channel environment, the entire retail organization works in concert. From merchandise planning, to assortment planning, purchasing, allocation, replenishment, and to promotions, price optimization, and event management. This significantly reduces inventory costs, and increases customer service lever at each channel to maximize gross margin.

Our company has been offering a fully integrated Retail Predictive Analytics platform for over ten years. Take a look at our solution map below.

You should also take a look at this article on how Retalon s Predictive Analytics are the answer to Smart Fulfillment in Omni Channel Retailing:

Hope this helps, give me a shout if you have any questions about anything above! Yan Krupnik | LinkedIn

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I’ve written about my thoughts on this topic here: Omnichannel is a buzzword. Multichannel is a strategy. But, I’ll sum up the contents of that article…

The original poster is correct. Omnichannel and multichannel are not the same thing, even though they are often incorrectly used interchangeably.

However, another myth that’s floating around (even in this thread) is that omnichannel is a more modern evolution of multichannel. THIS IS NOT TRUE! “Omnichannel is a newer term, but it is not the evolution of multichannel .

Break down what those words actually mean. “Multi” means more than one. “Omni” means every (“omnichannel meaning “every channel”). Trying to be “omni” means making a strategic decision to be everywhere. It’s not about architecting a customer experience, based on where you customers want/need you to be. It’s about assuming your customer need omnipresence, which simply isn’t true.

“Omni isn’t actionable. It’s unfocused.

Omnichannel also focuses too much on customer touchpoints. You do need to create effective customer touchpoints, but that alone will not deliver an exceptional customer experience. Omnichannel does not account for what must go on behind the scenes of your business.

On the other hand, multichannel strategy means building a customer experience via the channels your customer needs you in. It also means building the operational ability to deliver an exceptional customer experience across those channels. I define it as the intersection of three concepts:

  • Customer Type – How you need to interact with different customer segments (B2B and B2C customers are very different).
  • Fulfillment Method – How you fulfill customer orders (e.g. inventory management, drop shipping, 3PL).
  • Sales Outlet – How you manage customer touchpoints (e.g. merchandising, marketing, eCommerce) across multiple channels.

Multichannel strategy incorporates all of these elements. Omnichannel strategy really only worries about the third.

Don’t get caught up in the media buzz of the term “omnichannel”. It doesn’t mean “doing multichannel better”.

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Can Retailers Prevent Shrinkage? #online #shopping #codes


#retail loss prevention

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Top Sources of Retail Shrinkage

Updated May 09, 2016

In the retail world, shrinkage, or shrink, is the term used to describe a reduction in inventory due to shoplifting. employee theft. paperwork errors or supplier fraud.

The common misperception is that retailers absorb shrinkage as part of the cost of doing business. While retailers have to factor loss into their bottom lines, it s a costly problem for all. The average shrink percentage in the retail industry is about 2 percent of sales. While that may not sound like a lot, consider that shrinkage cost retailers more than $44 billion in losses in 2014, according to the National Retail Security Survey on retail theft.

There are four major sources of inventory shrinkage in retail: Employee theft. shoplifting. paperwork errors and supplier fraud. And there s also a fifth category of shrinkage. which encompasses all the unknown reasons for loss.

According to the National Retail Security Survey, the number one source of shrinkage for a retail business is shoplifting. Customer theft occurs through concealment, altering or swapping price tags, or transfer from one container to another. Shoplifting used to be the second-most common reason for inventory loss source,behind employee theft, but recently moved into the dubious number one spot.

Stealing by shoppers continues to cost retailers billions of dollars every year. In 2014, it accounted for 38 percent of retailers shrinkage. Security measures such as cameras and digitized tags that set off alarms, have helped reduce the losses, but this is still a tough area of theft for retailers to handle.

Coming in at a close second to shoplifting in the shrinkage department is internal or employee theft. This can happen when company workers steal or misappropriate funds or goods. Some of the types of employee theft include discount abuse, refund abuse and even credit card abuse.

Unfortunately, this is one loss prevention area that generally doesn t receive as much monitoring as customer theft, even though 34.5 percent of shrinkage in 2014 was due to employee theft. Checking employees personal bags and belongings before they exit the store is one way to combat theft, but searching and monitoring workers is not the best way to build morale. It s a difficult problem for retailers to deal with effectively.

Administrative and paperwork errors make up approximately 16 percent of shrinkage. Simple pricing mistakes due to markups or markdowns can cost retailers quite a bit, so it s crucial to have good protections in place, and use simple, easy-to-understand accounting systems and programs.

The smallest percentage of shrink is vendor fraud, which is responsible for about 7 percent of shrinkage. Retailers report vendor fraud occurs most when outside vendors come into a store to stock inventory. Whether it s failing to provide as many units as invoiced, or stealing of other products, vendor fraud can cut into a retailer s bottom line.

The smallest and perhaps most frustrating segment of retail shrinkage are chalked up to unknown causes, according to the National Retail Security Survey. Roughly 6 percent of all losses are not able to be accounted for under any of the other categories.


Canadian Retailer Magazine #retail #signs


#retail magazine

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Canadian Retailer Magazine

Current Issue: THE STORE ISSUE 2016

Innovation drives the retail industry. From the use of the latest technology and enhanced back-end systems to improvements in customer service and in-store offering, innovation is happening throughout the retail operation. This special STORE issue of Canadian Retailer magazine highlights some of the creativity and ingenuity that’s helping to raise the standards of today’s retail experience. Read more about retail innovation in our full coverage of Retail Council of Canada’s STORE 2016 Conference.

Also in this issue:

The focus on today’s connected consumer intensifies
Canadian Retailer and KPMG Canada recently brought together some of Canada’s leading retailers to find out how they’re innovating to meet expectations and drive growth.

Making it personal
Today’s consumer has come to expect innovations aimed at providing more convenience. Retailers are responding by better understanding and engaging with them across the shopping journey.

Only one channel
Retailers know they need to close the divide between digital and physical retailing to improve the customer experience. The way some are doing this is by integrating the two entities.

Previous Issue: GROCERY 2016

The retail industry is always changing. Whether responding to consumer behaviour and trends or driving the shopping experience through innovation, retailers are never standing still. This statement is true for all retailers, but is perhaps even more apt when talking about the Canadian grocery sector. Customer expectations today are increasing – grocers are now seen as responsible for saving them time and money while improving the shopping experience, and their lives. Find out how Canadian grocers are working toward meeting their consumers’ needs and changing the way people are viewing their next grocery trip.

Download the Canadian Retailer Media Kit.


Understanding today’s social grocery shopper

Social media is a powerful tool. And the smart use of the platform is helping Canadian grocers connect with today’s social consumer like never before. Read more


The grocery aisle disrupted

Technology has been fundamentally altering what it means to ‘go’ shopping. And nowhere is this more true than in Canada. Find out how the country’s leading grocers are using digital options to improve the shopping experience for their customers and increase sales across channels. Read more


For the love of flyers

Whether paper or electronic, flyers make up an important part of a marketing campaign. Retail marketers share their thoughts on why the weekly circular is too good an idea to ever truly die. Read more


Brand marketing in the digital age

Brands have more choices now than ever concerning ways to reach the consumer. Find out how marketing teams are engaging consumers and enhancing experiences through captivating storytelling. Read more


32% Off Overstock Coupon Codes for October 2016 #discount #websites


#overstock coupon code

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Overstock Coupons & Promo Codes 2016

Since launched by Patrick M. Byrne in 1999, online discount shopping has seen dramatic changes thanks to Overstock. Making the most out of a bad situation, Byrne sold the surplus and returned merchandise of failed dot-com businesses through this online e-commerce marketplace. In 2011, Overstock began to sell new merchandise, rebranding themselves as a valuable online shopping space. The now multi-billion dollar company provides online shoppers with just about anything they .

Overstock carries items for the furniture, home décor, area rugs, decorative mirrors, kitchen, dining, and patio supplies, housewares, tools, and as their name would promise, they sell liquidated items from other vendors. They carry thousands of name brand products and offer some of the lowest prices that can be found on high quality items and regular everyday needs. Shoppers who love a good deal can trust that Overstock has compared prices of everything sold on their site with those of other retailers, and they guarantee the most affordable merchandise deals.

Overstock has acquired several sister companies since they began selling retail. Here are their affiliates:

  1. Worldstock. Online retail site that offers products produced by artisans where 70% of the profits go directly into the pocket of the person who made the product.
  2. Farmer’s Market. Online food retailer specializing in gourmet style delights like jams, cheeses, and baked goods all straight from the farm.
  3. Overstock Pet Adoptions. An online information hub that connects people looking to adopt a pet to rescue the newest member of their family from a shelter.

WHAT DO THEY OFFER?

In short, Overstock offers just about anything you could need at an affordable, low price. Here are their top sellers:

  1. Furniture. office chairs, desks, bed frames, entertainment centers, sofas, bookcases and more.
  2. Electronics. DVD’s/Blurays, laptops, digital cameras, printers and scanners, tablets and accessories .
  3. Jewelry & Watches. luxury brand watches and accessories, necklaces, rings, bracelets, earrings.
  4. Home Décor. rugs, decorative accessories, mirrors, frames, throw pillows, window treatments and more.
  5. Apparel. for men, women, and children. If you can wear it, they have it!

AMAZING DEALS YOU CAN’T MISS

  1. COUNTDOWN TO BLACK FRIDAY – Overstock is already celebrating the biggest shopping day of the year for the entire month of November. They guarantee the best deals of the year and that they will beat all competitors’ prices.
  2. JEWELRY LIQUIDATION VAULT – New deals daily on all stones and carats. Includes diamonds, rubies, sapphires, gold, white gold, silver, and platinum.
  3. MATTRESS SALE – Up to 55% off and a guaranteed EXTRA 10% off all mattresses.

COUPON REDEMPTION

Go to the “checkout now” box in the upper right hand corner. Once you sign in, either by creating an account or as a guest, you’ll be brought to the page with your order form. Look very carefully below the “payment options”. You’ll see an icon for PayPal, RewardsPay and Credit Card options. Directly beneath is a box you need to check off that’s labeled “I want to use a promo code”. Check the box, apply the discount and checkout with extra money in your pocket! BangGood.com. HSN and ShoppersChoice.com also offers such discounts on plenty of items to save more on your every purchase.

For knowing more about your favorite retailers, social media is always the more preferred option. Check what Overstock has to offer. Overstock was founded by good old fashion principles. With thousands of products, better prices and great brand names.

TOP CATEGORIES

  • For the Home
  • Furniture
  • Bed and Bath
  • Men, Women, Children’s Apparel
  • Jewelry and Watches
  • Electronics
  • Worldstock
  • Gifts
  1. Memory Foam Mattresses by Serta Deluxe, Comfort Dreams, and Slumber Solutions.
  2. Furniture by Upton Home, Furniture of America, Bombay Outlet, Casual Home, Lexington Modern, and Christopher Knight Living.
  3. Health and Beauty Products by Clinique, Estee Lauder, Lancome, Christian Dior.

Mobile Application

Access thousands of great deals each week by downloading Overstock’s mobile app to your phone or tablet. Easy user interface allows you to browse each category and see images and descriptions of the items you want. You can shop and pay through the app, read customer reviews and trust you’re getting the best price.

GIFT CARDS AND MEMBERSHIPS

Overstock is the ideal place for gift giving and gift card purchases, as they offer recipient so many shopping options. eGift cards, regular gift cards, and corporate gift cards are offered in from $10 all the way up to $1,000.

Club O Rewards Program provides free shipping on all orders no matter what, VIP access to exclusive deals, and up to 40% off select items.

EXTENSIVE SHIPPING OPTIONS

Orders over $50 receive free shipping, unless you’re a Club O member in which you’ll receive free shipping on any order you ever make! Shipments are made to all 48 congruent states and Alaska and Hawaii. Free shipping does not apply to Alaska and Hawaii. You can track your order online or expedite shipping for a higher cost. Overstock offers international shipping to over 180 countries for additional costs.

COSTUMER SUPPORT INFORMATION

Overstock offers top-notch customer support for all of your shopping, payment, and other needs. Whether you have a question about merchandise, cost, payment options, membership services, or shipping you can rest assured the online and telephone support staff will help.

GET IN TOUCH WITH US

With over a million followers on Facebook, Instagram, Twitter and more, it’s no wonder why Overstock is one of the most successful retail spaces on the Internet. Connect with other Overstock customers through consumer reviews on all social media sites. Below are some features of Overstock’s social media presence.

CONTACT DETAILS

Overstock.com
6350 South 3000 East
Salt Lake City
UT 84121
Phone Number: (801) 947-3100


Retail Jobs (Managers – Assistants) in the UK #retail #not #me


#retail manager jobs

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Retail jobs

Sign up for job alerts Get new jobs for this search by email

Found 689 jobs

Are you a Retail professional looking for new opportunities? Here at Leisurejobs we supply a huge number of Retail jobs from junior level to senior management, working with exciting brands like Paddy Power, Starbucks. Thorpe Park. Costa Coffee and many more. Whether you’re a Retail Manager, Merchandiser, Retail Assistant or a specialist Personal Shopper we’ve got you sorted!

Acton £7/hr (part time and full time available – must be flexible) Oxygen Free Jumping

Oxygen Freejumping is the market leading trampoline park chain in the UK.

Manchester, Greater Manchester Competitive Tiffany Co

Christmas with Tiffany Co. your time to sparkle! Unwrap your potential as a Tiffany Co. Seasonal Sales Professional at Selfridges, Manchester.

London (Central), London (Greater) Competitive Tiffany Co

Christmas with Tiffany Co. your time to sparkle! Unwrap your potential as a Tiffany Co. Seasonal Sales Professional within one of our London-b.

Manchester, Greater Manchester Competitive Tiffany Co

Christmas with Tiffany Co. your time to sparkle! Unwrap your potential as a Tiffany Co. Seasonal Sales Professional at Selfridges, Manchester.

London (Central), London (Greater) Competitive Tiffany Co

Christmas with Tiffany Co. your time to sparkle! Unwrap your potential as a Tiffany Co. Seasonal Sales Professional within one of our London-b.

Cardiff £8.00 per hour Praesepe

We are seeking an enthusiastic and motivated individual to take on the role of Assistant Manager in our Cashino Venue in Cardiff.

Weoley Castle, Birmingham £8.00 per hour Praesepe

We are seeking an enthusiastic and motivated individual to take on the role of Assistant Manager in our Cashino Venue in Weoley Castle.

London Competitive Chelsea FC

Our aim is to be the best, not just within the sports industry but also amongst all global consumer brands.


Retail strategy #retail #branding


#retail strategy

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Retail

Retailers find themselves facing a welter of uncertainty as they wait to see how changes in credit availability, commodity prices, and consumer demand will pan out. The one thing that is clear, however, is that waiting is the last thing they should do. It is only by taking decisive action now that companies will offset pressures on their top line, enhance their profitability, and emerge in a stronger financial position to make the investments required for long-term value creation as the economy rebounds.

Spotlight on:

Don t assume the new entrant in your market is a disruption. Learn to recognize different types of threats and design the best strategic response.

read more on strategy + business

The implications of five trends driving novel changes in consumer spending and behavior could alter the trajectory of retailers and consumer goods companies for decades.

Using customer experience (CX) to create value for your customers and business in an Age of Experience.

Consumer packaged goods companies spend billions of dollars each year on trade promotion but few really understand what they get in return, since getting a clear picture of spending and ROI is a complex undertaking. Strategy Chief Retail Strategist Tom Blischok and Partner Nick Hodson look at the implications of Clay Christensen s recent analysis of retailing.

read more on strategy+business blog

European grocery retailers currently face a significant and growing problem of overcapacity, which threatens their future earnings.

Digitization presents a fundamental challenge to established store chains that have long considered information technology to be an operational support function, not a source of competitive advantage.

Addiction to discounts is costly for retailers, but in moderation, promotions can boost profits and brand value.

read more on strategy+business

How we help our clients

PwC s strategy consulting team Strategy has a broad and deep set of capabilities to address the issues faced by retail companies. We support our clients with a global team that has experience in all major retail industry sectors, including big-box category killers, department stores, drugstores, e-commerce sites, specialty retailers, and supermarkets.

Client examples

Retail

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2016 PwC. All rights reserved.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.


Multichannel Retailing: Definition, Benefits & Challenges #online #coupon #deals


#multi channel retailing

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Multichannel Retailing: Definition, Benefits & Challenges

This lesson will identify the benefits of multichannel retailing, such as customer loyalty and improved analytics. We will also look at challenges, such as information security and personnel time. Examples of multichannel retailing will be given.

What Is Multichannel Retailing?

Ever see something you wanted to buy right then and there? When you go to the store, do you want to know if another store has the same product at a lower price? What about sitting on your couch and seeing a product advertised on television that you’d like to buy right away? If you like ordering goodies from your couch, car or deck, then you are a fan of multichannel retailing.

Multichannel retailing is when a company provides numerous ways for customers to purchase goods and services. This marketing strategy could include selling through traditional outlets such as catalogs, brick-and-mortar stores, mail, and telephone. But, it also includes nontraditional electronic and mobile outlets like websites, chats, emails, apps, and social networks.

Multichannel retailing is a way to build a brand and reach a lot of consumers. You want to target channels that give you the most return on your investment. Let’s review the benefits of multichannel retailing and look at Sears as an example.

What Are The Benefits Of Multichannel Retailing?

Multichannel retailing is a marketing concept that is always evolving. The bottom line is that most companies these days are expected to give customers a variety of ways to shop. Customers want convenience, and they want things done immediately. Multichannel retailing offers the following benefits.

  • Flexibility for consumers when purchasing and paying for goods and services,
  • More opportunities to build a brand among diverse audiences,
  • Additional chances to solicit and use consumer testimonials,
  • 24-hour access to customers to build brand loyalty,
  • A greater degree of visibility among various demographics, and
  • Improved analytics to help understand consumer behaviors.

Sears was one of the first companies to use a multichannel retailing model. Established in 1886, Sears started as a traditional outlet, a mail order catalog store. By the 1950s, the company built several brick-and-mortar stores. After expanding its Kenmore, Craftsman, and Diehard brands, it was acquired by Kmart in 2004. Sears continued its multichannel transformation.

Combined with Kmart, Sears has turned itself into a diversified, online behemoth. The company not only owns familiar brands such as Discover and Allstate, but it has dramatically improved convenience for customers wanting their brands. Now consumers can buy something in the store and have it shipped home or vice versa. Interestingly enough, Sears continues to invest in different types of brick-and-mortar stores, including outlets and discount stores.

The company has improved its retail sales with a large investment in online marketing channels and changes. For example, Sears became a part of the the Shop Your Way rewards program, which is an online platform that builds shopping around a social network. The company also expanded its app, Sears2go, which allows you the convenience of shopping with your mobile phone.

Sears even offers an electronic personal shopper from its website while giving store customers the flexibility to use a kiosk in its stores. By offering multiple shopping, payment, and shipping methods, Sears looks to continue shifting its business model to more of an online retailer. Now that we know the benefits of multichannel retailing, let’s look at the drawbacks.

What Are The Drawbacks of Multichannel Retailing?

The drawbacks of multichannel retailing are usually related to companies spreading themselves so thin that they are not able to offer a truly integrated experience to customers. For example, there are a few questions a company needs to answer before expanding into multiple channels as a marketing plan:

  • Are you able to keep the prices of goods and services comparative to competitors?
  • Can you offer a comparable customer service experience online?
  • Do you have the ability to keep customer information secure in all settings?
  • Are you able to compete when consumers compare quality across other retailers?
  • Do you have the money to invest in targeted messaging?
  • Do you have the staff available to maintain the multiple channels?

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WWD – Women – s Wear Daily brings you breaking news about the fashion industry,


#retail magazine

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Fashion s revolving door continues to spin furiously, with Carven s designer duo the latest to depart after a short tenure. Alexis Martial and Adrien Caillaudaud presented their last collection for the brand at Paris Fashion Week last September and are now leaving by mutual agreement. Here, the duo posing backstage at the SS17 show. Read the full scoop on WWD, link in bio.

From the WWD Archive: Cornelia Guest at home with her dog in 1967. (: Tony Palmieri)

From the WWD Archive: Future philanthropist Angelina Jolie and her brother, James Haven, at the Seventh on Sale AIDS benefit in New York, 1990. (: Eric Weiss)

I am humbled and honored to have the opportunity to dress the First Lady of the United States Michelle Obama. Thank you Michelle for all of the things you have done for America and for the rest of the world, for the women in the United States and the rest of the world, said Donatella Versace in a statement about the rose gold chain mail gown she designed for the final State Dinner hosted by he Obamas tonight.

In honor of Bob Dylan winning the Nobel Prize in Literature, we took a look back at the musician s most iconic outfits. See them all at WWD.com. #TBT (: di Crollalanza)

What defines good and bad taste in fashion? The Vulgar: Fashion Redefined exhibition at the Barbican Art Gallery in London is exploring just that. For an exclusive inside look at the exhibition, click link in bio.

Who really delivered on the instant fashion promise? Check out this week s issue to find out. (: Fabian Öhrn)

The Desert Trip music festival proved that the classics – both the OG headliner acts and the clothes that inspired today s festival fashion – rule. Check out all the best festival looks at WWD.com.

Trolls stars, Anna Kendrick and Justin Timberlake make a surprise appearance at Macy s in NYC.

Photo Archive


An Introduction to Loss Prevention #television #retailers


#retail loss prevention

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Loss Prevention 101

The following information is provided to educate those unfamiliar with the concept of loss prevention across the retail industry. The information below is by no means all-inclusive and is provided solely as an introduction to loss prevention.

For more detailed information and specific recommendations and support for your loss prevention needs, contact LP Innovations.

(The term retail can be applied to any industry or segment, including food service or food retail)

What is Loss Prevention?

Loss Prevention is the concept of establishing policies, procedures and business practice to prevent the loss of inventory or monies in a retail environment. Developing a program around this concept will help you to reduce the opportunities that these losses can occur and more specifically, work to prevent the loss rather than solely be reactive to them after they occur.

Why does a retailer need to understand loss prevention?

When a retailer experiences a loss, they are losing direct, to the bottom line profitability. Lost inventory requires replenishment at a cost to the retailer and lost monies cannot be replaced. The cost of these losses goes direct to the bottom line of a retail balance sheet causing lost profits. Profits that could have been used for new inventory, new store openings, employee benefits, increased earnings or improved EBIDTA.

Why do you need a loss prevention function?

Like any other part of your business a loss prevention function or established program helps make the business better. You have business functions around sales, marketing, human resources and more – why wouldn’t you have a business function around the protection of inventory and the prevention of losing it?

The size of your loss prevention function, department or program depends on your business – the number of locations, what you are selling and the potential threats, risks and concerns facing your business. Having an established function that includes program elements and resources to establish, implement and monitor loss will make your business more profitable and less susceptible to certain losses.

How do losses occur?

Most losses occur in three categories; internal theft, external theft and through errors. Here are some brief descriptions of each category:

Internal (Employee) Theft is the largest contributor to loss for most retailers, regardless of size or segment. Although some may wonder why employee theft would be the largest category of loss, hands down, every survey, study and comparison across segments has shown time and time again that those who steal from a business the most are employees.

Employee theft occurs through many different methods. From simple merchandise theft to collusion with friends or other store employees, inventory losses by employees can easily deplete your profits (and the merchandise available for sale to customers). The point of sale (register) brings with it many other forms of employee theft. Simply removing money from the till to elaborate “conversion frauds” that include refund, void or discount thefts, point of sale theft can often cause a “double-dip effect” where you lose money and inventory simultaneously through a single incident.

External Theft is often caused by shoplifting, break-ins, robberies or other acts by outside sources. Although it does not cause as much loss overall compared to internal theft, shoplifting and external theft most certain causes a substantial amount of loss annually to the retail industry. Controlling external theft requires a commitment to educating your employees on good customer service, awareness to the signs of a potential loss and how to best protect the store and inventory against external loss. This requires the establishment of procedures and training in areas such as; shoplifting prevention, robbery awareness, safety and how to handle various situations dealing with people. What security measurements you have in place within your retail location can also greatly assist you in your efforts against external loss (although not always).

The last major area of caused loss in the retail environment is through Errors. Often considered paperwork errors, these mistakes can contribute upwards of over 15%-20% of a retailer’s annual loss. Ironically, most of the errors seen in retail are employee-caused, thereby making a retailer’s employee perhaps the highest contributor to the business loss every year!

Errors can occur anywhere – from checking in shipments, to ringing on the register to transferring merchandise. These errors can include the inaccurate counting of merchandise to the improper discounting or accounting of a sale or tender. Simple mistakes caused over and over again have resulted in thousands of dollars lost to a single retail establishment.

How do I know if I may have a loss prevention problem?

Losses can be caused by many different reasons and through a variety of methods. How you know you may have a problem is to look for possible symptoms that the business is not being profitable. Here are some questions you can ask to see if you may have a loss prevention problem:

  • Your cost of goods or food costs are increasing but your sales are staying the same or decreasing
  • You notice empty containers, hangers or missing items throughout your store
  • Employees are reporting shoplifting issues or concerns
  • You have been the victim of a robbery over the past year (robbers often look for easy targets)
  • You are losing inventory but no one mentions any shoplifting or theft events (possible employee theft)
  • One employee reports shoplifting events but nobody else is witness to these events
  • Sales are down consistently when a certain employee works
  • Your cash drawer never balances and has small overages and shortages
  • A certain employee has a high number of refunds, voids or no-sales and not the only employee authorized to handle these transactions
  • Friends hanging around of asking for a certain employee

These are only a few of the potential indicators that your location may have a loss prevention problem. To learn more please read our Best Practices and White Papers or visit our Thought Leadership section.

Check out our free eBooks!


Wholesale and Retail Trade Industry #retail #for #sale


#wholesale retail

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Wholesale and Retail Trade Industry

The wholesale and retail trade supersector is made up of two parts: the wholesale trade sector (sector 42), and the retail trade sector (sector 44 – 45).

The wholesale trade sector comprises establishments engaged in wholesaling merchandise, generally without transformation, and rendering services incidental to the sale of merchandise. The wholesaling process is an intermediate step in the distribution of merchandise. Wholesalers are organized to sell or arrange the purchase or sale of (a) goods for resale (i.e. goods sold to other wholesalers or retailers), (b) capital or durable nonconsumer goods, and (c) raw and intermediate materials and supplies used in production. Wholesalers sell merchandise to other businesses and normally operate from a warehouse or office.

The retail trade sector comprises establishments engaged in retailing merchandise, generally without transformation, and rendering services incidental to the sale of merchandise. The retailing process is the final step in the distribution of merchandise; retailers are, therefore, organized to sell merchandise in small quantities to the general public. This sector comprises two main types of retailers: store and nonstore retailers.

Quarterly Census of Employment and Wages data show that wholesale and retail trade make up a large part of the nation’s employment and business establishments. In the economy as a whole, wholesale trade represents about 4.4 percent of all employment and about 7.2 percent of all establishments; while retail trade is about 11.7 percent of all employment and about 12.9 percent of all establishments.

Current Employment Statistics estimates show annual average employment in wholesale trade during the 1994 – 2003 period was between 5,247,300 (in 1994) and 5,933,200 (2000). During 2003, wholesale trade employment averaged 5,605,600. In retail trade during the same period employment ranged from 13,490,800 (1994) to 15,279,800 (2000). Retail trade employment averaged 14,911,500 in 2003.

Annual employment of nonsupervisory workers in wholesale trade was 4,196,400 in 1994 and reached a peak of 4,686,400 in 2000. Employment of nonsupervisory workers in wholesale trade averaged 4,394,500 in 2003. In retail trade, nonsupervisory workers numbered 11,502,100 in 1994, and peaked at 13,039,800 in 2000. Employment of nonsupervisory workers in retail trade averaged 12,648,700 in 2003.

The annual average of the average weekly hours of nonsupervisory workers in wholesale trade was 37.8 in 2003; in retail trade, the corresponding average weekly hours number was 30.9 in the same year. For all private industry, the average was 33.7.

In wholesale trade, the average hourly earnings of nonsupervisory workers were $17.36 in 2003; in retail trade, nonsupervisory workers’ average hourly earnings were $11.90. The average earnings for production and nonsupervisory workers in all private industry were $15.35 in 2003.

According to the Current Population Survey, in 2003, the unemployment rate of persons most recently employed in wholesale and retail trade was 6.0 percent, the same as the overall unemployment rate.

Data from the Mass Layoff Statistics program show that in 2002:

in wholesale trade, there were 150 extended mass layoff events, resulting in 24,205 separations of workers from their jobs, and 19,476 initial claimants for unemployment insurance;

in retail trade, there were 412 extended mass layoff events, 135,679 separations, and 108,419 initial claimants.

Employment Projections data indicate that wholesale trade employment will increase 11.3 percent over the 2002 – 12 period. Retail trade employment will increase 13.8 percent. Total employment for all industry sectors is projected to grow 14.8 percent.

Labor productivity – defined as output per hour – grew by 5.6 percent in wholesale trade from 2001 to 2002, according to data from the Productivity and Costs program; the growth in output per hour in retail trade was 4.5 percent. There are separate measures of productivity for many industries at the 4-digit NAICS level of classification.

The Producer Price Index program publishes data for many industries in the retail trade sector.

In 2003, there were 191 fatal occupational injuries in wholesale trade, and 343 fatal occupational injuries in retail trade; there were 247,600 nonfatal injuries and illnesses in wholesale trade, while in retail trade there were 620,900 nonfatal injuries and illnesses, according to data from the Injuries, Illnesses, and Fatalities program. In wholesale trade, the nonfatal injuries and illnesses incidence rate was 4.7 per 100 full-time workers; in retail trade, the incidence rate was 5.3 per 100 full-time workers. The rate was 5.0 per 100 full-time workers in all private industry.

Some businesses in this industry are:

Antiques Dealer
Art Dealers
Art Sales Custom Framing
Art Supply Store
Artificial Flowers Importers
Athletic Shoe Stores
Automobile Dealership
Automotive Parts and Accessories Store
Boat Dealers
Book Stores
Building Material Dealers
Business to Business Electronic Markets
Clothing Stores
Commercial Equipment Wholesalers
Construction Material Wholesalers
Crafts Stores
Department Stores
Durable Goods Wholesalers
eBay Business
Electronic Parts Wholesalers
Electronic Shopping
Electronics Stores
Equipment Wholesalers
Farm Product Wholesalers
Farm Supply Stores
Florists
Fuel Dealers
Garden Centers
Gasoline Stations
Gift, Novelty, and Souvenir Stores
Grocery Wholesalers
Hardware Wholesalers
Health and Personal Care Stores
Hobby, Toy, and Game Stores
Home Centers

Home Furnishing Stores
Home Furnishing Wholesalers
Household Appliance Stores
Import/Export Business
Industrial Wholesalers
Internet Auctions
Jewelry Stores
Liquor Stores
Luggage and Leather Goods Stores
Mail-Order Houses
Manufactured (Mobile) Home Dealers
Motor Vehicle Dealers
Motor Vehicle Wholesalers
Musical Instrument and Supplies Stores
New Parts Wholesalers
News Dealers and Newsstands
Nurseries
Office Supplies and Stationery Stores
Outdoor Power Equipment Stores
Personal Service Wholesalers
Pet and Pet Supplies Stores
Pharmacies and Drug Stores
Prerecorded Tape, Compact Disc, and Record Stores
Professional Equipment Wholesalers
Retail Store
Sewing, Needlework, and Piece Goods Stores
Sporting Goods Stores
Supermarkets
Supplies Wholesalers
Tobacco Stores
Used Merchandise Stores
Vending Machine Operators
Warehouse Clubs and Supercenters
Wholesale Distribution