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How can you communicate with customers to reduce shrinkage?

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Shrinkage, or the loss of inventory due to theft, damage, or error, can have a significant impact on your business profitability and performance. One of the ways to reduce shrinkage is to communicate effectively with your customers, both online and offline. In this article, we will explore how you can use different strategies and tools to engage with your customers, address their needs and concerns, and prevent potential losses.

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1 Understand your customers

The first step to communicate with your customers is to understand who they are, what they want, and how they behave. You can use various methods to collect and analyze customer data, such as surveys, feedback forms, loyalty programs, social media, and web analytics. By segmenting your customers based on their demographics, preferences, and buying patterns, you can tailor your communication and marketing strategies to suit their needs and expectations. You can also identify the segments that are more likely to cause shrinkage, such as impulse buyers, bargain hunters, or dishonest shoppers, and target them with specific messages and incentives.

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Teodora T.
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When we talk about perishables one thing to note is that we don't sell chicken but the finished meal, crispy and mouthwatering It may be a good idea to make a step towards completing the dish. For example, marinate the kebabs or pre cut the groceries in a certain way. Names of products should be fitted accordingly.

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2 Educate your customers

The second step to communicate with your customers is to educate them about your products, services, and policies. You can use different channels and formats to provide relevant and useful information to your customers, such as product descriptions, reviews, testimonials, FAQs, videos, blogs, and newsletters. By educating your customers, you can increase their trust and satisfaction, reduce their confusion and frustration, and encourage them to make informed and rational decisions. You can also inform them about the consequences and costs of shrinkage, and how it affects your business and other customers.

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3 Interact with your customers

The third step to communicate with your customers is to interact with them on a regular basis, both online and offline. You can use various tools and platforms to engage with your customers, such as live chat, email, phone, social media, and in-store staff. By interacting with your customers, you can build rapport and loyalty, address their queries and complaints, and offer them personalized recommendations and solutions. You can also monitor their behavior and feedback, and identify and resolve any issues or risks that may lead to shrinkage.

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Teodora T.
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Visibility of products in an overabundant store layout is a challenge. Adding more visibility to produce close to expiry date can also be done through apps. Retailers can prevent food loss and waste in such way. Around 1-1.5% of entire food production is wasted in retail alone. If the app could save half of this amount, the overall food loss and waste would decrease by 6.5% !!

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4 Reward your customers

The fourth step to communicate with your customers is to reward them for their loyalty, referrals, and feedback. You can use different schemes and programs to incentivize your customers, such as discounts, coupons, freebies, points, badges, and gamification. By rewarding your customers, you can increase their retention and advocacy, motivate them to buy more and repeat their purchases, and generate positive word-of-mouth. You can also deter them from engaging in fraudulent or unethical activities that may cause shrinkage, such as shoplifting, returns abuse, or chargebacks.

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Teodora T.
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Discounting items due to close expiry date is a traditional incentive method used by the retailers. However, there are other incentives, too. The Customer is changing. Sharing info on savings, promotion of eligible behaviour, spreading eco-awareness, are only some of the non-monetary incentives that the new Consumer appreciates and values. This opens up a whole new range of opportunities for the supply chain.

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5 Secure your customers

The fifth step to communicate with your customers is to secure their personal and financial information, as well as your inventory and assets. You can use different measures and technologies to protect your customers, such as encryption, authentication, firewalls, anti-virus, CCTV, alarms, and RFID tags. By securing your customers, you can enhance their confidence and trust, reduce their anxiety and uncertainty, and prevent potential losses due to cyberattacks, identity theft, or physical theft.

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6 Improve your customers

The sixth and final step to communicate with your customers is to improve your communication and customer service based on their feedback and suggestions. You can use different methods and tools to collect and analyze customer feedback, such as surveys, ratings, reviews, comments, and complaints. By improving your communication and customer service, you can increase your customer satisfaction and loyalty, identify and eliminate any gaps or errors in your communication and inventory management processes, and reduce shrinkage and improve your bottom line.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you communicate with customers to reduce shrinkage?

1

2

3

4

5

6

7

1 Understand your customers

2 Educate your customers

3 Interact with your customers

4 Reward your customers

5 Secure your customers

6 Improve your customers

7 Here’s what else to consider

Inventory Management

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How can you communicate with customers to reduce shrinkage?

1

2

3

4

5

6

7

1 Understand your customers

2 Educate your customers

3 Interact with your customers

4 Reward your customers

5 Secure your customers

6 Improve your customers

7 Here’s what else to consider

Inventory Management

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