Controlling Inventory Shrinkage
Retailers everywhere are haunted by shrinkage. With theft and cash register errors being two of the main concerns, retailers constantly face the challenge of keeping their inventory up to date. Get an all-in-one POS or Point of Sale System with inbuilt inventory tracking and security features that perform accurate reporting, reconciliation, and analysis to push losses due to inventory shrinkage on a downward trend.
Preventing theft and fraud
A bane in brick-and-mortar stores, inventory shrinkage is primarily attributed to theft and fraud. Most of these scams happen at the cash register levels, at the time of customer service, and in the warehouse. These could be in the form of fake sales, return goods fraud and purchase swindles.
Minimise or even eliminate all these errors with OVERSEE POS systems
About 38% of bulk inventory shrinkage is shoplifting, while employee theft is around 34.5% (data from the National Retail Security Survey – 2015). Another piece of data in the United States reported that shoplifting is estimated at a whopping 42.9%. Most of these common theft opportunities vanish with security settings across the POS. Another way of stealing cash is through discounts, coupons and returns – add secondary verification steps across all these beneficiary modules to control theft and infringement.
Speeding Up Shrinkage Identification
While a product might go missing, the faster businesses discover its absence, the better it is to determine its cause. At the end of the day reconciling counts should not be a nightmare. The POS should contain the list of SKUs and its stock on hand, so that management can instantly initiate tracking procedures.
Comprehensive Reporting
During normal business operations, OVERSEE’s integrated POS system allows stakeholders to run reports with rapid access to business intelligence. Physical inventory can be regularly reconciled along with an analysis that easily catches purchase frauds as against product tallies and shipping and receiving reports.
OVERSEE POS is secure, fast, and provides real-time inventory management and tracking systems, thus eliminating internal loss and inventory shrinkage.
