Inventory

Inventory refers to all the products, materials, and stock that a store keeps for selling to customers. Managing inventory means making sure the right products are available in the right quantity at the right time.

• Key Activities in Inventory Management
  • Stock Receiving: Checking and recording incoming goods.
  • Stock Storage: Keeping products organized and safe in the stockroom.
  • Stock Rotation (FIFO): Selling older stock first to avoid expiry or damage.
  • Stock Counting: Regular physical counts to match system records.
  • Replenishment: Refilling shelves when stock becomes low.
  • Record Keeping: Updating the system to avoid shortages or excess stock.

Loss Prevention

Loss Prevention refers to all the methods used to reduce or stop losses in a store. Losses mainly occur due to theft, damage, errors, or fraud.

• Types of Losses
  • Internal Theft: Theft by employees
  • External Theft: Shoplifting by customers
  • Operational Errors: Billing mistakes, wrong pricing, wrong counting
  • Damaged Goods: Breakage, expired items
  • Vendor Fraud: Incorrect deliveries or overcharging by suppliers
• Loss Prevention Techniques
  • CCTV & Surveillance: Monitoring store activities
  • Security Tags & Alarms: Protecting high-value items
  • Proper Billing Procedures: Avoiding manual errors
  • Staff Training: Ensuring correct handling and customer service
  • Regular Audits: Checking stock differences
  • Access Control: Limiting entry to stockrooms