Point of Sale (POS) Glossary
Loss prevention is a store’s strategy for reducing inventory disappearance due to shoplifting, employee theft, return fraud, breakage, PO shortage, and other unwanted stock shrinkage reasons. There are numerous implementation strategies to help reduce loss, including installing cameras, hiring security, and using a point of sale system with real-time inventory tracking and robust POS analytics.
Effective store policies and inventory controls are essential to reducing fraud. A point of sale system that supports easy inventory reconciliation, employee tracking, and robust reporting can help track down theft and other ways that stock is lost.
Some merchants have loss prevention departments that act as a security force to help reduce stock loss. Checks and balances in a management structure can also be highly effective in combatting inventory shrinkage.
Customers love promotions! Buyers are often pulled in by one deal and wind up buying regularly priced merchandise in addition to, or sometimes instead of your discounted items.
An eCommerce website is open 24/7 and accessible from all over the world. Being online and having physical store opens your business to a global market.