Contributors: Specialty Retailer Leadership
This Specialty Retailer knew they needed to future-proof their retail operations with efficient, flexible solutions. With retail strategies for optimizing brick and mortar locations ever-changing, they began exploring solutions and partners that could help them realize their goals. They had an inkling that shifting from an internal loss prevention team to a fully outsourced model could be the key to helping them increase agility and reduce costs.
Hearing from this Specialty Retailer that they were interested in transitioning to a fully outsourced loss prevention department was music to our ears. Loss prevention is a discipline like any area of a business that takes years of experience to execute properly. And it can severely impact your bottom line, so this isn’t an area any company should skimp on. We crafted a custom loss prevention program for the Specialty Retailer tailored to address their key issues and gaps in their current LP efforts.
How DTiQ Helped
Our custom loss prevention solution for this Specialty Retailer started with field support for their stores, knowing that was driving the bulk of the Specialty Retailer’s shrink – to the tune of just over 700,000 units per year. We matched in-person coaching and training for every store with a rigorous operational audit. To drive improvement, results need to be tracked and shared. Our field staff collected, reviewed, and followed up with results at their assigned locations – hitting the Specialty Retailer’s stores 1,500+ times in one year and resolving 300+ incidents uncovered by those operational audits. We even customized our backroom awareness materials so that the Specialty Retailer’s store managers could post their quarterly shrink goals & results for the store team to see.
The result was a consistent, focused loss prevention solution that drove accountability and delivered incredible results. Overall, the Specialty Retailer’s custom loss prevention program from DTiQ got them where they wanted to be – spending less time and money on loss prevention AND seeing improvement to their bottom line. Aside from the cost savings and shrink improvement (which are astounding) the store culture took a much more positive outlook on loss prevention. No longer was improving shrink a daunting task for stores and a struggle for the LP department.
- Improved awareness of shrink rates
- Stronger knowledge of loss prevention best practices
- Deep ownership & accountability of LP results
- Enthusiasm and appreciation of visits from their local DTiQ loss prevention rep