Recent National Retail Federation research indicates that retail loss, or shrink, increased 13.2% in 2023, suggesting losses at store or facility level are rising alarmingly. Customer facing businesses are well aware of the ongoing issues with shrink but it is important to note that there are two forms of shrink:
- External losses caused by shoplifting, vandalism and other human induced events
- Internal losses which are caused by accuracy and knowledge issues in regards to business processes and organizational habits.
All shrink is devastating, especially to small and midsize businesses where even minor cost increases can have a greater impact on the bottom line. Controlling and preventing shrink is not an exact science but frontline and supervisory staff who have certain skills can deter certain types of external shrink and strive to eliminate all internal caused losses. ExpressTrainingSystems.com offers an effective and practical training package that deploys essential skills and organizational habits that positively impact loss prevention initiatives.
Loss Prevention Training
ExpressTrainingSystems.com offers Loss Prevention Training for small and midsize businesses and is suited for frontline staff who actively engage customers and may be responsible for internal processes such as inventory receiving and handling. LPT zeros in on key concepts for loss prevention and delivers core skills and habits that can improve loss and shrink situations at retail type businesses:
- Defining what is loss and how it affects the business
- Identifying the types of losses that can occur
- Learning techniques and strategies for minimizing internal losses
- Understanding the types of external losses that can happen
- Learning simple customer service techniques to deter loss
- Understanding the importance of company policies regarding loss
- Developing practical organizational and awareness habits
LPT is a standalone course that covers fundamental and intermediate concepts related to controlling shrink and losses at the facility level. LPT is ideal for new hires, frontline workers and supervisors with minimal loss prevention exposure.
Delivering Effective Training Through Technology
Training offered by ExpressTrainingSystems.com are designed for small and midsize businesses and use current technology to deliver learning that is cost effective and impactful. Loss Prevention training is offered in two formats:
- Self Paced formats are available digitally on mobile or desktop devices and include downloadable worksheets. Self paced learning offers complete coverage of material as well as interval knowledge checks, 2 way role playing exercises and end of course evaluations ensure concepts and skills are picked up.
- Instructor Led sessions take a deeper look at concepts and material and deliver the ultimate in participant engagement. Real time polls and participation focused exercise keep students engaged and increase effectiveness. Each Instructor Led session includes highly valued Q/A time at the end for participants to ask questions.
Both formats are highly effective and are suited for different business needs. Self paced material can be white labeled and stylized to match the business’s marketing palette. Instructor Led sessions are limited in capacity to ensure equal time is available for all students.
Upskilling and Awareness Can Yield Significant Benefits
Shrink can affect any retail and consumer facing business but for small and midsize businesses, the effects of shrink are much deeper and it takes longer for SMBs to recoup those losses. Starting with the front line team, retail modeled organizations can help control losses from shrink by ensuring individuals have uplevel skills and organizational habits that promote awareness and increase accuracy. Engagement techniques in Loss Prevention Training can even elevate the customer experience as well as deter certain types of external losses while learning advanced organizational habits can ensure accuracy and drive productivity for back end tasks. Businesses will benefit by having upskilled and well trained frontline staff to to control and reduce shrink caused by internal or external factors. Additional business benefits come from elevated worker experiences and increased ownership of the business by the individual through continued development and support.
The Bottom Line
Losses are an unfortunate reality for retail type customer facing businesses but for small and midsize operations, losses from shrink have an even greater effect on the bottom line. While not all shrink can be eliminated, training and upskilling frontline staff can greatly reduce and control the amount of loss that goes through the business. Customer service skills and practical organizational habits delivered by Loss Prevention Training can help businesses mitigate and reduce shrink caused by internal and external factors. Improved skill sets and awareness will have a positive impact on costs related to shrink and overall profitability of the business as well as increasing individual worker satisfaction and productivity. Loss Prevention Training is a cost effective training solution for SMBs and can be delivered conveniently through self paced modules or instructor led online training.
For more information, please visit the Course Descriptions / Training Access page.