Besides ensuring customers are satisfied, keeping track of inventory and managing finances, another task that retailers must face is preventing theft from their stores. This can come from customers, employees and sometimes even accidental errors. However, solutions like retail management software can help merchants save significant amounts of revenue.

The New York Times reports that many businesses are turning to technology to prevent theft and fraud, mainly among employees. Some are logging information about workers' illegal activity into databases that are shared throughout the industry, meaning that any infractions among staff members are made public to professionals within the sector, further reducing the chances that these employees will be hired by other merchants.

This approach has its good and bad points, but other solutions are available to pinpoint instances of theft, not only by workers but customers as well. Retail management software helps businesses keep track of their inventory and gives them insight into when merchandise goes missing. This is especially important, notes LP Magazine, as 78 percent of shrinkage, or theft, comes from shoppers and employees. Having the technology in place to catch illegal activity saves companies revenue.

This entry was posted by Retail Pro on Wednesday, April 10th, 2013 at 11:58 am .