The term ‘retail shrinkage’ refers to the loss of stock by retailers caused by the combination of shoplifting, staff theft and administrative errors, It is estimated that up to 3% of revenue is lost by retailers to retail shrinkage. Ultimately, this cost is passed on to customers, making it a concerning problem for businesses and consumers alike.
An integrated Point of Sale system, such as Uniwell4POS (developed by Uniwell POS Australia, Lynx Software and POSLynx), can act as a means to control, deter and investigate potential retail shrinkage.
Consider these benefits:
- Price control – powerful management of selling prices and keeping all terminals synchronised reduces staff mistakes – also, minimise ‘open price’ buttons on the touch screen layout, preventing staff from guessing or discounting without permission.
- Barcode scanning – one of the best ways of providing secure price control for barcoded merchandise. Even pre-packaged weighed goods can have price or weight embedded barcodes, ensuring price accuracy.
- Recording, and optional manager control, of critical POS functions – security sensitive POS functions, such as refunds, no sales, corrections and discounts, can all be limited to manager control. With a Uniwell4POS system, totals of these functions are also returned to Uniwell Lynx, our back-office software, for analysis.
- Direct feed of journal data – Uniwell Lynx also has the ability to display a ‘live feed’ of journal data as the POS is being used. It is particularly beneficial to let staff know that this feature exists.
- Export to shelf label printing – when making price changes in the back-office, exporting data directly to label printing software provides an immediate opportunity to update shelf and product labels. This means that advertised prices on the shop floor are kept consistent with prices in the POS (complying with consumer law).
- Journal data storage – an integrated POS system collects and stores historical electronic journal data directly to the back-office, providing a means of searching POS activity that can aid in the tracing of suspected anomalies.
- Stock control – Most back-office software systems like Uniwell Lynx can also provide optional comprehensive stock control features that allow retailers to track movement and spot anomalies. The LynxScan Portable Data Terminal also provides the means of easily spot-checking stock levels.
Even small retailers should consider these benefits to assess whether the investment in an integrated POS solution can effectively ‘pay for itself’ in savings resulting from the minimisation of retail shrinkage.
Contact POSLynx to discuss how a Uniwell4POS system can benefit your business.