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In Auditing, Intuition is Unreliable

Throughout the United States, many health and beauty specialist retailers reported in interviews with the writers of the 2013 Global Retail Theft Barometer that their stores were among the highest affected by theft. This makes intuitive sense: health and beauty products are often a combination of expensive and small enough to slip into a pocket or a purse.

However, overall, and according to the Global Retail Theft Barometer, health and beauty products have a relatively low amount of shrink, somewhere between 0.7% and 1%, as compared to the national average of 1.5% of total shrink across all product categories.

Similarly, survey respondents frequently stated that specialist apparel retailers suffered from higher-than-average amounts of shrink. While it is true that apparel is a frequent target of shoplifters, the lower amount of administrative loss and supplier fraud in this industry actually contributes to the apparel industry having an average amount of shrink.

Using retail auditing software can help you fight shrink by finding out the hard facts of what drives shrink at your retail stores, and to systematically snuff out shrink precisely when and where it occurs.