Retail Training to Counter Shoplifting and Employee Theft

With retail sector spreading its wings in India and the possibility of FDI in retail being opened up soon, retail businesses are gearing themselves up for more sales and bigger profits. However, those who have been in the organized retail business for a few years know that increasing sales is only one side of the coin, when it comes to booking profits. Retail shrinkage accounts for loss of millions and billions of dollars to the retailers across the world. Retail Shrinkage is the loss of a value of an item from the time it was received at the store to the time when it was sold.

Retail training to counter shoplifting and employee theft has emerged as an important strategy for the early birds in loss prevention and cut down on retail shrinkage.

Some of the key reasons of Retail Shrinkage identified by the retail world are:

Employee Theft accounts for 41% - 55% of retail shrinkage. Incidents of shoplifting may be much higher but the loss due to one incident of employee theft is considerable that one incident of shoplifting. In fact, it has been claimed that on an average, a shoplifting incident costs Rs 5,500 while an employee theft incident costs them Rs 1,09,000. Moreover, employee theft incidents can go undetected for years and initiate a very bad culture in your company.

Retail training can help an online store reduce 68% of retail shrinkage by creating an environment, culture, and strategies that can help you avoid employee theft and shoplifting to a great extent.

Some of the other things that retail education and training programmes include are strategies to:

• Avoid different types of employee errors,
• Building teams that are honest, loyal and efficient,
• Creating a relaxed, friendly shopping environment for customers,
• Visual merchandising tips to display products in an attractive manner and still keeping them well protected,
• Fighting Organised Retail Theft (ORT),
• Improving the receiving process
• Way to prevent robbery & burglary.

In the times of Google +, Twitter, Amazon, Facebook, Youtube, and Ebay, when online retail is as much a part of lives of Generation X, Y and Z, as malls and outsized retail stores, it is important for retail sectors to become more efficient if they want to really survive and thrive. Hence, Retail Training is really important for them when they are hiring afresh as well as for their existing employees.

Some of the leading schools in India providing Retail Training are:

• SMART (School of Management And Retail Training), Varanasi
• Indian Institute of Retail Training, Delhi
• National Institute of Retail Management (NIRM), Bangalore
• Indian Retail School, Bangalore
• Indian Institute Of Job-Oriented Training (IIJT - Retail), Kolkata
• Global Retail school, Hyderabad
• Infinite Retail Solutions Pvt. Ltd., Mumbai
• Academy of Retail & Finance (ARF), Delhi
• Ignited Minds Society's Mulshi Institute of Retail Management (MIRM), Pune

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Source: Ruchi Shrimali (Shiksha Team)