A recent review of how retailers are using TRL showed that few if any have yet to embrace an approach which commits to using all of these categories in their loss prevention strategy. Even the 10% of companies that declared they had ‘fully embraced the concept’ were far from populating all of the categories with a value of loss.
What is much more evident is a tailored approach to using this typology – companies reflecting upon their current capabilities, priorities, resource availability, organisational culture and appetite for change, and then creating their own, often more limited version of the TRL typology. They are selecting and, in some cases, adding categories of loss that work best for them in the current circumstances in which they find themselves. It is an approach that is eminently sensible – using the TRL typology as an adaptable resource and not an ideological straitjacket – something which can be used to trigger a broadening of understanding, taking an organisation beyond the moribund strictures of only thinking about loss as a function of unknown stock loss/shrinkage.
Introducing New ECR Board Member, Stephen Teatum
2023 Video in Retail Innovation Summit - May 17th & 18th