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.
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.
An excerpt from Bad Stores and How to Fix Them
Lack of compliance with currency management procedures is a natural consequence of the industry’s high turnover — if staff is always changing, procedures get sloppy. But even without an ever-changing team, procedures and the ability to govern how and when they’re executed can suffer without the proper tools.
Shoppers making in-person purchases in 2018 have more payment choices at the register than ever before. They can pay with check, debit or credit, or by scanning their phone or watch. Or they can pull out their wallets and pay with cash — and despite convenient advances in payment technology, many do.
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.
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.