What Is Shrink?
Shrink refers to the percentage of loss of products between manufacture and point-of-sale. The average shrink percentage in the retail industry is somewhere between 1% and 2% of sales. The following numbers are taken from the Sensormatic Global Shrink Index:
Total global shrink in 2018 cost retailers $99.56 billion, with $42.49 billion lost in the US alone. 34.34% of shrink is attributed to shoplifting and organized retail crime, which leaves over 60% due to internal errors.
The 5 Main Causes Of Internal Shrink
- Training and re-training challenges
- Theft and dishonesty
- Inappropriate or poorly-designed transaction processes
- Management challenges at point-of-sale
- Poor work habits
StoreVision's solutions document, manage, control, and reduce the costs associated with these risks.
Our Simple Solution
While there are numerous ways to cope with shrink caused by shoplifters and vendors, it’s more difficult to prevent employee theft and internal errors. StoreVision’s systems are a simple and powerful tool for retailers across the country to protect against internal losses.
StoreVision’s services help to detect and resolve transaction and process errors, while providing a deterrent effect that contributes to minimizing fraud and theft.
We provide customized solutions that leverage the retailer’s existing:
- Management and staff
- IT and network infrastructure
- Video systems
- Data systems
- Current business process operations
We will provide the hardware and installation for a video system that delivers coverage and recording of 100% of your store's facilities and operations. Our system integrates all available data resources to index the video, so you can zero in on sources of loss and error.
We will provide service, training, and user and management support to deliver improved business procedures based on the data collected by our system.
- Evaluate existing in-store and corporate data resources
- Evaluate existing video systems
- Design StoreVision's system in the most cost-effective form
- Deliver and install the complete StoreVision system
- Implement, test, and certify the system for warranty
- Provide user training and support
- Provide management consultation, training, and support
- Provide analysis and recommendations to retain, extend, and enhance system applications and effectiveness