It’s Safe to Say We’re Pretty Excited for NRF Protect 2019
Deposit management sounds simple, right? Your stores send deposits to the bank, and the funds show up in your account. Unfortunately, there’s a lot of ways your deposit process can go awry.
To say Carrie Fields is always on the go would be an understatement. As the front end operations specialist for Reasor’s, an 18-store grocery chain based in Oklahoma, she’s in stores every day to observe, coach employees and generally handle any problems that arise.
When I talk to retailers about their challenges, the cost of accepting cash doesn’t usually top their list of concerns. Typically, it’s for one of two reasons: either they don’t realize how the cost snowballs based on a wide variety of factors, or they’ve simply decided that there’s nothing they can do about it. Most retailers I speak with aren’t even sure what their cost of cash is in the first place. But in some retail verticals, the cost of cash is higher than the cost of accepting credit.
It’s well established that engaged employees perform better. In retail, the impact of an employee who’s invested in their work is easy to see – it results in greater productivity, more customer satisfaction and a better bottom line.
A former Chipotle employee was just awarded $8 million after she was accused of stealing $636. How can I protect my company from this kind of situation?
— Regional Director, Audit
When I go to NRF Protect, I’m always struck by the wide swath of challenges LP professionals face each day. From ORC to data breaches to inventory shrink to cash loss – there’s a lot on your plate.
If you know anything as a retailer, it’s that shoppers want what they want when they want it. We want to shop from our couches at 11 p.m., or we want to drop into a store and have an experience; we want to get things delivered, or we want to pick them up the same day. We want every option so we can create the experience we want and need in the moment.
If you grew up in the ’80s like I did, you’ve seen some great movies. While some of them might fall into the “so bad they’re good” category, most ’80s movies seemed to carry with them an important life lesson, many of which translate to the retail industry. So find your scrunchie, pop that collar and reminisce!