Meaning of the word shrinkage in English

What does shrinkage mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

shrinkage

US /ˈʃrɪŋ.kɪdʒ/
UK /ˈʃrɪŋ.kɪdʒ/
"shrinkage" picture

Noun

the process of becoming smaller in size or amount

Example:
The wool sweater suffered significant shrinkage after being washed in hot water.
The company is trying to reduce shrinkage due to theft and damage.