Loss Prevention
Beyond saving money, addressing losses can have unforeseen benefits for retail businesses. The inventory shrink costed the US retail industry $61.7 billion. To strengthen their active loss prevention efforts retailers must get to the bottom of existing shrinkage sources as inventory touch-points proliferate at breakneck speed. This will assist them in tightening their control over assets at an item-level scope, creating opportunities to unlock baked-in losses.
- Identify loss trends of Products
- Generate store loss ranking
- Report high loss products
- Identify vendors with loss-making products
- Identify loss invoking processes
Strategize Product Assortment & Pricing
Loss prevention analytics provide insights into products that account for high losses. It helps you to optimize your product assortment to minimize your losses. Moreover, you can also make informed decisions on whether to raise or drop the price of a certain product.
Optimize Store Operations
It helps you to identify & re-engineer high loss invoking processes like product markdowns, customer guarantees, staff discounts, and customer compensation. You can identify vendors delivering products that are prone to large losses and work with them to minimize the losses.
Store Benchmarking
It helps you to establish and track loss targets and objectives for stores and associates. Loss ranking can provide you insight into the individual performance of the stores. You can also identify the root causes of main loss drivers and develop mitigating actions.
Case Study
Understanding customer purchasing patterns through analysis of how products are purchased together
Labor productivity analytics focusedd on optimizing labor allocation to meet customer service levels
Insights on market product and customer trends and how Ingles is performing compared to the industry
Consolidated holistic view to supplier performance, including metrics on vendor fulfillment performance, sales, profitability, inventory performance and product quality issues
A comprehensive solution that leverages pricing strategies, rules and statistical modeling to recommend optimal regular prices
Systematic insights that highlight loss trends and patterns and identify processes, products, vendors and associates that result in high losses
Insights into assortment gaps (both across products and across stores), underperforming products and underserved customer needs.
Navigate the business impact of any crisis with proactive response strategies to key risks related to Supply Chain, Sales, Finance and Workforce
Increase customer loyalty, minimize customer churn and drive more value from existing relationships
Data driven actionable insights on workforce composition, recruiting, retention, diversity, turnover and Workforce ROI