Whitepaper • 25.09.2019

Retail cash loss – Addressing the problem with intelligent technology

One of the major shrink related issues faced by retailers

Any business that accepts cash for transactions has come to expect that some percentage of it will vanish as a result of fraud, administrative errors and employee misdeeds.

Inventory shrink, which includes cash loss, costs retailers an estimated 47 billion dollars annually. It is so prevalent that retailers have a line item for it in their P&L statement.

Retailers can no longer simply shrug off cash loss, even if it has reached the “cost of doing business” status. Like any cost, it has to be addressed and – if possible – reduced. Individual retailers tend to downplay shrink for fear it creates a negative image, but the industry makes a concerted effort to measure shrink and address cash loss by trying to reduce internal theft.

Supplier
Logo: APG Cash Drawer

APG Cash Drawer

4 The Drove
BN9 0LA Newhaven
UK

Indeed, retailers can substantially eliminate their cash loss with the right technology at the checkout. For instance, intelligent cash management solutions provide an affordable approach to prevent loss. There are several reasons for cash loss, for example employee theft, administrative errors, fraud or shoplifting.

Using technology to tackle theft and mistakes at the POS will not totally eradicate shrink for retailers, considering administrative errors and inventory shrink caused by fraudulent actions also contribute to the problem. However, technology that makes cash handling transparent and more accurate is instrumental in reducing cash loss, as much as 90 percent.

Preventing cash loss at the POS comes down to a combination of people and systems. A retailer needs honest cashiers, attentive managers and systems that keep everyone honest who is involved in cash handling.

Find detailed reasons for cash loss, an analysis and tips for loss prevention and five best practices in APG#s whitepaper ‘Retail cash loss – Addressing the problem with intelligent technology’.

One third of retailer shrink is caused by employee theft.

related articles:

popular articles:

Thumbnail-Photo: Vending machines: Customers alone in the store...
18.01.2021   #sales promotion #food retail

Vending machines: Customers alone in the store

Combi City-Markt makes round-the-clock shopping possible – without staff

Shopping after closing time? That’s possible at the Combi City store Bünting in Oldenburg. At the 24/7 vending machine, late at night shoppers have the opportunity to stock up on everything they need from the supermarket's ...

Thumbnail-Photo: Checkout-free hotel convenience store in Yokohama, Japan...
17.02.2021   #self-checkout systems #self service

Checkout-free hotel convenience store in Yokohama, Japan

Using biometric authentication technology

Zippin announced the launch of its latest retail format: a hotel convenience store. Zippin's partner, Fujitsu, the leading systems integrator in Japan, has worked with Koyo Group to implement the world's first checkout-free store within a ...

Thumbnail-Photo: Automated grocery PickUp kiosk for contactless grocery service...
11.01.2021   #coronavirus #food retail

Automated grocery PickUp kiosk for contactless grocery service

Albertsons Companies debuts kiosk at Jewel-Osco store in Chicago

Albertsons Companies announced that it is the first American grocer to pilot an automated and contactless grocery PickUp kiosk. The kiosk, located at one of its Jewel-Osco stores in Chicago, demonstrates continued expansion of the company’s ...

Thumbnail-Photo: Klarna starts cooperation with Verifone
23.12.2020   #digitization #self-checkout systems

Klarna starts cooperation with Verifone

The idea: a shopping experience in stores that is unique worldwide

Klarna, the leading global payments and shopping service, announces a strategic partnership with Verifone, a global leader in payments and commerce solutions, that will make Klarna available as the first-ever buy now pay later solution to millions ...

Thumbnail-Photo: BAUHAUS introduces new click and collect technology...
10.03.2021   #electronic shelf labels (ESL) #price labelling

BAUHAUS introduces new click and collect technology

New solution helps store associates pick items for Click & Collect orders

With help from electronic shelf labels and handheld terminals, it has become much faster and easier for BAUHAUS to navigate through the store to find the right items. A new solution that also saves a lot of time on replenishment.With a product range ...

Thumbnail-Photo: RISE Spotlight - Digital Signage: New Solutions for a New Era...
30.03.2021   #digital signage #event

RISE Spotlight - Digital Signage: New Solutions for a New Era

Digital event on 13 April 2021 from 15:00 to 17:00 CET (14:00 – 16:00 GMT)

RISE Spotlight is a monthly series of free-to-attend digital events, highlighting key ISE technology areas. Produced in partnership with TNW, they feature global subject experts, technology entrepreneurs and start-ups. ...

Thumbnail-Photo: FinTech IoT platform for self-service financial transactions...
25.02.2021   #cash management #cash handling systems

FinTech IoT platform for self-service financial transactions

PayComplete, the new cash handling brand from SUZOHAPP, announces global launch

PayComplete, the new brand and identity of the cash handling division of SUZOHAPP announced its launch today. This new brand will invest in what is an Internet of Things (IoT) platform for broader financial transactions, running both on ...

Thumbnail-Photo: Southeast Asian online and offline health and beauty partnership...
06.02.2021   #online trading #e-commerce

Southeast Asian online and offline health and beauty partnership

Grab brings beauty products from over 2,200 Watsons stores to customers’ doorsteps

A.S. Watson Group, an international health and beauty retailer, and Grab, Southeast Asia’s super app, announced the largest O+O (online and offline) health and beauty partnership in Southeast Asia, spanning across six Southeast Asian markets ...

Thumbnail-Photo: Touchless Feedback
16.03.2021   #customer satisfaction #customer relationship management

Touchless Feedback

The Wall Street Journal published an article about Instant Feedback ‘Smiley’ Buttons

The Wall Street Journal, after interviewing our co-founder and Executive VP of Strategic Alliances, Ville Levaniemi, published an article titled “Instant Feedback ‘Smiley’ Buttons Go Touchless in Pandemic”. The article ...

Thumbnail-Photo: Adidas presents growth strategy ‘Own The Game’ until 2025...
22.03.2021   #e-commerce #digitization

Adidas presents growth strategy ‘Own The Game’ until 2025

Strategic focus on direct-to-consumer, e-commerce, consumer experience

Adidas introduced its new strategy ‘Own the Game’ at a virtual investor & media day. Main strategic focus of ‘Own the Game’ is to strengthen the credibility of the adidas brand, to create a unique consumer experience and ...

Supplier

Delfi Technologies GmbH
Delfi Technologies GmbH
Landgraben 75
24232 Schönkirchen
Citizen Systems Europe GmbH
Citizen Systems Europe GmbH
Otto-Hirsch-Brücken 17
70329 Stuttgart
Axis Communications GmbH
Axis Communications GmbH
Adalperostraße 86
85737 Ismaning
GMO Registry, Inc.
GMO Registry, Inc.
Cerulean Tower, 26-1 / Sakuragaoka-cho, Shibuya-ku,
150-8512 Tokyo
EuroShop
EuroShop
Stockumer Kirchstraße 61
40474 Düsseldorf
Elo Touch Solutions (Belgium) NV
Elo Touch Solutions (Belgium) NV
Wingepark 5B / 301
3011 Rotselaar
iXtenso - Magazin für den Einzelhandel
iXtenso - Magazin für den Einzelhandel
Celsiusstraße 43
53125 Bonn
GLORY Global Solutions (Germany) GmbH
GLORY Global Solutions (Germany) GmbH
Thomas-Edison-Platz 1
63263 Neu-Isenburg
CCV GmbH
CCV GmbH
Gewerbering 1
84072 Au i.d.Hallertau
Reflexis Systems GmbH
Reflexis Systems GmbH
Kokkolastr. 5-7
40882 Ratingen