Shop Insurance
Retailers could minimize the losses associated with shrinkage by taking out a comprehensive shop insurance policy. According to X, chief executive of monitoring software firm Overtis, shrinkage has become a "huge" problem for traders. "If you look at numbers from the British Retail Consortium, they think it made up nearly one and a half per cent of retail turnover last year," he explained. Businesses can monitor shrinkage in order to reduce it, trying to understand where it is coming from can be a major challenge. He pointed out that monitoring software can help retailers combine CCTV footage with shots of tills, for example, to give a better indication of what is happening in the store. "All retailers are under pressure to improve margins and profitability," "Bearing in mind the figures about loss, I think it is something every retailer needs to consider." Shop insurance could be a useful tool in the fight against shrinkage, as policies can include cover against employee theft and fraud.
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