KANSAS CITY, KS: Hundreds of AWG retailers met at the AWG Innovation Showcase to hear Larry Miller, President of Smart Retail Solutions and ProfitTrax BI explain how to get a competitive advantage by Declaring War on Storewide Shrink Loss with Smart Analytics and Integrated Best Practices.
The message was clear; Operational Shrink Loss accounts for approximately 70% of Total Store Shrink Loss (currently estimated at 2.70% of Retail Sales) and store Out of Stocks are costing retailers approximately 1.8-3% in Sales (according to FMI & GMA). Proactive, sustainable Shrink Prevention (particularly in Fresh Departments) combined with reducing Sales Loss from excessive Out of Stock conditions will gain retailers significant competitive advantage and positively impact the customer experience.
“There is an urgent need for companies to innovate to find smarter ways to mobilize Store Teams, Operations Leaders and Merchandisers to use the power of BI Analytics to target Shrink Loss and Missed Sales from OOS to regain an average of .42% at their Bottom Line,” Miller explained. “Utilizing truly smart technology isn’t about more data and spreadsheets. Senior Executives tell us all the time that, ‘we have the data, we get the numbers and reports,’ but still Store Shrink is 15-20% too high.”
Miller elaborated that, at ProfitTrax, they have proven that with the right tools and the right training, Stores can reduce Operational Shrink Loss 15-20% and OOS 22% in as little as 90 days. “Companies have all the Data and Reports they need. Their Leaders must make optimal use of the Data to get real, bottom line results by empowering Store Teams with Data-led Directives, Operational Answers and proven Best Practice Training, not more data. When Company Leaders support the use of Smart Analytics and Expert Training, Store Teams are mobilized and empowered to significantly (15-20%) grow Store Profit and improve Shopper Loyalty. These same Store Teams need to be retrained to use Data-led Best Practices to improve Inventory Management and Cash Flow instead of depending on interpreting spreadsheets.”
According to David Ball, President of Ball’s Food Stores, “the combination of Larry Miller’s Total Store Manager and Customer Service Excellence Training Programs for all of our Managers and Supervisors with the use of the ProfitTrax BI has made a major, positive impact on our Bottom Line. As an AWG Board Member, I highly recommend ProfitTrax to all Supermarket Retailers.”
Larry Miller is the founder of the National Supermarket Shrink and Operations Survey, ShrinkTrax, the Total Store Manager Profit Improvement Programs, co-author of the Cornell University text for Retail Loss Prevention Managers – and now – ProfitTrax BI. He regularly speaks at Retailer Conferences and trains Retailers in smarter ways to run better stores with Technology and more effective Operations and Merchandising Best Practices.
About Smart Retail Solutions
ProfitTrax is the flagship Profit Improvement BI and Best Practices Training “Action Alert” Solution developed by Smart Retail Solutions. ProfitTrax is a cloud-based, SaaS, Enterprise Business Intelligence solution that guarantees sales improvement, shrink reduction, customer experience improvement and sustainable store profit improvement. The ProfitTrax advanced analytics interprets store-wide data, performs multi-dimensional analysis, and produces Plain English Action Alerts using proprietary Narrative Science. For more information, please visit: https://smartretailsolutions.com.
Smart Retail Solutions, LLC