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Shrinkage (accounting)
In accounting, inventory shrinkage (sometimes shortened to shrinkage or shrink) occurs when a retailer has fewer items in stock than in the inventory list due to clerical error, goods being damaged, lost, or stolen between the point of manufacture (or purchase from a supplier) and the point of sale. This affects profit: if shrinkage is large, profits decrease. This leads retailers to increase prices to make up for losses, passing the cost of shrinkage onto customers. In 2008, the retail industry in the United States experienced shrinkage rates of around 1.52% of sales.''National Retail Security Survey'' (2009) University of Florida During the same year, retailers in Europe and Asia Pacific reported average shrinkage of about 1.27% and 1.20% of sales, respectively.''Global Retail Theft Barometer 2008'' Causes According to the 2008 National Retail Security Survey conducted at the University of Florida, a shrinkage rate of 1.51% translates to $36.3 billion in annual loss ($15.5 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retail Shrink
Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and then sells in smaller quantities to consumers for a profit. Retailers are the final link in the supply chain from producers to consumers. Retail markets and shops have a very ancient history, dating back to antiquity. Some of the earliest retailers were itinerant peddlers. Over the centuries, retail shops were transformed from little more than "rude booths" to the sophisticated shopping malls of the modern era. In the digital age, an increasing number of retailers are seeking to reach broader markets by selling through multiple channels, including both bricks and mortar and online retailing. Digital technologies are also affecting the way that consumers pay for goods and services. Retailing support services may also include the provi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security Guard
A security guard (also known as a security inspector, security officer, or protective agent) is a person employed by a government or private party to protect the employing party's assets (property, people, equipment, money, etc.) from a variety of hazards (such as criminal activity, waste, damaged property, unsafe worker behavior, etc.) by enforcing preventative measures. Security guards do this by maintaining a high-visibility presence to deter illegal and inappropriate actions, looking (either directly, through patrols, or indirectly, by monitoring alarm systems or video surveillance cameras) for signs of crime or other hazards (such as a fire), taking action to minimize damage (such as warning and escorting trespassers off property), and reporting any incidents to their clients and emergency services (such as the police or paramedics), as appropriate. Security officers are generally uniformed to represent their lawful authority to protect private property. Security guards ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retail Loss Prevention
Retail loss prevention (also known as Retail asset protection) is a set of practices employed by retail companies to preserve profit. Profit preservation is any business activity specifically designed to reduce preventable losses. A preventable loss is any business cost caused by deliberate or inadvertent human actions, colloquially known as " shrinkage". Loss prevention is mainly found within the retail sector but also can be found within other business environments. Retail loss prevention is geared towards the elimination of preventable loss. Most companies take this traditional approach by either having their own in-house loss prevention team or using external security agencies. Shrink Items that are unaccounted for compared to what the inventory system believes the store should have are losses or "shrink". Shrink is caused by operational errors, internal theft, and external theft. Retail loss prevention is responsible for identifying these causes and following up with train ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Breakage (accounting)
Breakage is a term used in telecommunications and accounting to indicate any type of service which is unused by the customer. A good example would be gift cards or calling cards that have been sold but never redeemed. Revenue from breakage is almost entirely profitable, since companies need not provide any goods or services for unredeemed gift cards. It is distinct from shrinkage, which refers to items which are not used by the customer because they disappeared from inventory. In 2006, a blog called "The Stalwart" criticized Best Buy for using estimated breakage to improve their revenue numbers. In telecommunications In telecommunications, breakage can occur in several ways. The key elements in maximizing revenue versus service via breakage are: * Use of quanta (pay for more than you use). * Bundling of mixed services (force purchase of other services). * Expiry of purchased service (ideally expire monthly). * Inflexibility of plans (with high charges for exceeding arbitrar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Acceptable Loss
An acceptable loss, also known as acceptable damage or acceptable casualties, is a military euphemism used to indicate casualties or destruction inflicted by the enemy that is considered minor or tolerable. In combat situations, leaders have to often choose between options where no one solution is perfect and all choices will lead to casualties or other costs to their own troops. A small scale practical example might be when the advancement of troops is halted by a minefield. In many military operations, the speed of advancement is more important than the safety of troops. Thus, the minefield must be "breached" even if this means some casualties. On a larger strategic level, there is a limit to how many casualties a nation's military or the public are willing to withstand when they go to war. For example, there is an ongoing debate on how the conceptions of acceptable losses affect how the United States conducts its military operations. The concept of acceptable losses has also ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Florida
The University of Florida (Florida or UF) is a public land-grant research university in Gainesville, Florida. It is a senior member of the State University System of Florida, traces its origins to 1853, and has operated continuously on its Gainesville campus since September 1906. After the Florida state legislature's creation of performance standards in 2013, the Florida Board of Governors designated the University of Florida as a "preeminent university". For 2022, '' U.S. News & World Report'' ranked Florida as the fifth (tied) best public university and 28th (tied) best university in the United States. The University of Florida is the only member of the Association of American Universities in Florida and is classified among "R1: Doctoral Universities – Very high research activity". The university is accredited by the Southern Association of Colleges and Schools (SACS). It is the third largest Florida university by student population,Nathan Crabbe, UF is no longer lar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Override
A price override is a feature of a retail management system which allows an authorised person to change the automated price of a product or service, in order to apply a discount. Price overrides occur for a variety of reasons. One common reason is to discount damaged goods. Another is employee discount Discounts and allowances are reductions to a basic price of goods or services. They can occur anywhere in the distribution channel, modifying either the manufacturer's list price (determined by the manufacturer and often printed on the packag ... and discounts given to other groups. An override may also be necessary due to the displayed price of an item not matching the price shown at the register. This can occur when staff have not caught up with changes to the display caused by recent price changes on the retail management system, or it may simply be a mistake. The customer is then given the old price for goodwill, or for legal reasons. Other reasons include coupon red ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shelf Life
Shelf life is the length of time that a commodity may be stored without becoming unfit for use, consumption, or sale. In other words, it might refer to whether a commodity should no longer be on a pantry shelf (unfit for use), or no longer on a supermarket shelf (unfit for sale, but not yet unfit for use). It applies to cosmetics, foods and beverages, medical devices, medicines, explosives, pharmaceutical drugs, chemicals, tyres, batteries, and many other perishable items. In some regions, an advisory ''best before'', mandatory ''use by'' or ''freshness date'' is required on packaged perishable foods. The concept of expiration date is related but legally distinct in some jurisdictions. Background Shelf life is the recommended maximum time for which products or fresh (harvested) produce can be stored, during which the defined quality of a specified proportion of the goods remains acceptable under expected (or specified) conditions of distribution, storage and display. Accord ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security Tag
Electronic article surveillance is a technological method for preventing shoplifting from retail stores, pilferage of books from libraries or removal of properties from office buildings. Special tags are fixed to merchandise; these tags are removed or deactivated by the clerks when the item is properly bought or checked out. At the exits of the store, a detection system sounds an alarm or otherwise alerts the staff when it senses active tags. Some stores also have detection systems at the entrance to the restrooms that sound an alarm if someone tries to take unpaid merchandise with them into the restroom. For high-value goods that are to be manipulated by the patrons, wired alarm clips called spider wrap may be used instead of tags. History Surveillance tags that could be attached to items in stores were first invented by Arthur Minasy in 1966. Initially the concept of pilferage becoming a real concern to retailers started in 1964 when a requirement was raised by a retailer i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
IP Camera
An Internet Protocol camera, or IP camera, is a type of digital video camera that receives control data and sends image data via an IP network. They are commonly used for surveillance, but, unlike analog closed-circuit television (CCTV) cameras, they require no local recording device, only a local area network. Most IP cameras are webcams, but the term ''IP camera'' or netcam usually applies only to those that can be directly accessed over a network connection. Some IP cameras require support of a central network video recorder (NVR) to handle the recording, video and alarm management. Others are able to operate in a decentralized manner with no NVR needed, as the camera is able to record directly to any local or remote storage media. The first IP Camera was invented by Axis Communications in 1996. History The first centralized IP camera, the ''AXIS Neteye 200'', was released in 1996 by Axis Communications. Although the product was advertised to be accessible from anywher ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shoplifting
Shoplifting is the theft of goods from an open retail establishment, typically by concealing a store item on one's person, in pockets, under clothes or in a bag, and leaving the store without paying. With clothing, shoplifters may put on items from the store and leave the store wearing the clothes. The terms ''shoplifting'' and ''shoplifter'' are not usually defined in law. The crime of shoplifting generally falls under the legal classification of larceny. Shoplifting is distinct from burglary (theft by breaking into a closed store), robbery (stealing by threatening or engaging in violent behavior), or armed robbery (stealing by using a weapon). In the retail industry, the word '' shrinkage'' (or ''shrink'') can be used to refer to merchandise lost by shoplifting, but the word also includes loss by other means, such as waste, uninsured damage to products and theft by store employees. Shoplifters range from amateurs acting on impulse, to career criminals who habitually engage i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and " financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measure ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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