It’s official: The cost of cash is more than you think

  


Get 10 retailers in a room and ask them what their most expensive form of payment is. What do you think they’ll say? I’d wager most of them would say credit – but they’d be wrong.


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3 next-level store audit tips to optimize your retail business

 

A colleague asked me recently what I’d tell someone just starting out in retail loss prevention or audit. While much has changed since I started as a store auditor, I still see one mistake again and again – treating audits as “gotcha” moments.

 

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Can too much cash can be a bad thing?

 

Too much cash is bad? Absolutely, when it’s sitting idle in your stores. Cash is essential in a retail store, but striking the right balance of cash on hand and cash in corporate’s bank account is a never-ending challenge. If stores have too little cash, they can’t operate properly. But fear of running short often causes retailers to keep too much cash on hand, creating a costly problem — idle cash.

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11 important things retailers could be doing instead of managing store reports

 

When I was a district coordinator in a major retail chain, I was — as all retail leaders are  slammed. All the time. If I wasn’t forecasting sales or monitoring operational results, I was managing vendors and department heads. My favorite part of the job was being in stores and seeing how things were going day to day, but it felt like I was only there if there was a problem to solve. And, of course, I only heard about these problems when I’d spot them in the daily and weekly data deluges that flooded my email.

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8 silly things retailers do with their cash

 

Retailers don’t always give their cash the attention it deserves. Whether you take a little cash in your stores or a lot, it can still present a challenge if it isn’t managed properly.

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The cost of multitasking in retail

 

We’re all busy. It’s a reality of modern life, one that retailers see in their customers every day. How many times does a shopper approach the register while on a phone call or walk around the store with their face buried in a phone? Multitasking makes us feel like we’re getting more done – instead of just shopping, these customers are shopping, catching up with Mom, listening in on a conference call, refilling a prescription or responding to email. All at once! That must be more productive, right?

 

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Improving your retail payroll productivity

 

With the breakneck speed of change in the retail industry, you can’t afford to not give shoppers what they want. And what they want is your employees’ time.

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Don’t let manual processes slow down payment reconciliation

 

Payment reconciliation might seem like a no-brainer to many retailers. After all, so many of today’s transactions are by card, right? Not necessarily. According to the Federal Reserve’s Diary of Consumer Payment Choice study, 32 percent of consumer spending is still in cash. In retail categories like food and personal care supplies, auto-related spending, entertainment, and personal services, cash still reigns supreme over credit, debit, checks and electronic payments.

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How to better manage exception reporting

 

Twenty-six percent of retailers say cash theft is their top cause of loss, according to the 2015 U.S. Retail Fraud Study. It might be the top cause of loss for the other 74 percent of retailers, too – they just don’t know it. Cash theft doesn’t just cost the actual cash you lose, after all. It also costs you the time it takes to identify, track and resolve the source of the loss.

 

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Does your customer experience actually focus on the customer?

 

Last week, I had my eye on a humidor. I had done my research online, found one I liked and loaded it into my Amazon shopping cart. I was ready to pull the trigger, but at the last minute I decided to go see it in person at a local shop and get the opinion of the employees, who I guessed would be experts on the topic. It was a bit more money, but I’d have it instantly.

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