Watch for Price Anomalies
Are your staff trained to watch for discrepancies between the U.S. price on an item and the Canadian price invoiced? This is a good time to go over the basics with the people who do the checking in and price-stickering, even if they have been working for you a long time.
Yesterday we received four boxes of Colouring Cards from Christian Art Gifts. I actually ordered them thinking they were going to be the 4 X 6 type of cards you give or mail to someone which would be a great idea for a product.
The items are marked $4.99 US, but they billed at $11.99 CDN. A simple mistake, I’m hoping, with a quick resolution expected today.
But what if I hadn’t caught it? What if a staff member blindly affixed a $11.99 price point to those boxes? What if a customer challenged it a week later and then we assumed a mistake and make the change based on the packaging without referencing the original invoice?
In the retail industry, this is called shrinkage and it comes under the category of loss prevention. When we think of that, we think of product which is damaged or shoplifted, but we don’t think of the various types of paper or document shrinkage caused by merchandise which is short-shipped or overcharged.
In today’s economy, we have to tighten up our procedures to prevent all types of losses.
If you happened to order Colorful Blessings or Creative Expressions boxes, check your invoices.