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While perhaps not the nicest of subjects to talk about, lossprevention is one of the most important topics when it comes to retail environments. So, what else can retailers do to combat lossprevention? However, thieves are becoming savvier and continue to bypass existing measures to get out the store without paying.
Follow evolving protocols as they relate to lossprevention. Customer and product information at their fingertips What are some of the functionalities and data that your POS system needs to serve up? This is one situation you want to avoid at all costs. And process returns of stuff people don’t want! Keep the stores tidy.
As such, there are many factors to consider when implementing new lossprevention tactics. At the top of that list is the effect locks and cases can have on well-intentioned shoppers when not deployed as part of a holistic, data-led lossprevention strategy.
Most retailers attribute 50-60% of losses to associate actions. Increasingly, Organized Retail Crime (ORC) and Cybercrime rank at the top of the list of LossPrevention (LP) concerns, along with associate fraud and returns fraud. Addressing Areas of Shrink at the Point-of-Sale (POS).
How can we better integrate the latest anti-theft technologies and loss-prevention research into our store designs from the outset? Are “Brazen Smash-and-Grabbers” doing the most damage, or are the losses coming from quiet, five-finger discounts pulled off by “Sheepish Teens” and “Disgruntled Employees”?
Fast Track also can help improve accuracy for retailers, which can boost lossprevention, reduce errors at checkout and create a better self-checkout experience for customers. Additionally, the tool uses data generated at the store level, with no data collection performed through Fast Track itself.
Technology — specifically edge computing — provides the foundation for a better customer experience, real-time inventory management, enhanced security and lossprevention and in-store analytics. At the top of the list is computer vision — a field of artificial intelligence that enables computers to interpret digital images or video.
The panel of experts are: Nikki Baird, VP of Strategy for Aptos ; Jamie Cornelius, Executive Creative Director at ChangeUp ; Mardi Najafi, VP of Retail Strategy & Design at Figure3 ; and Melissa Gonzalez, Principal at MG2. Gonzalez: The community-driven aspect is a big part of it.
When designing your retail space, where and how you use security cameras is key to lossprevention. Strategically place your cameras: Having eyes across the entire store is essential, but it’s especially critical to have clear visibility of what’s going on at the most important spots of the retail property.
Global fashion retailer Kookai has cut inventory counts from a few days to 30 minutes as a result of implementing radio frequency identification (RFID), from Avery Dennison at its manufacturing facilities in Fiji and Sri Lanka. Kookai is looking to implement RFID at every stage of its production, supply chain and retail experience.
Chamber of Commerce indicates that 75% of all employees have stolen from their employer at least once. Questions could include what they would do if they saw a coworker stealing or what they would do if they noticed they had extra money in their till at the end of a shift. Throughout his retail career, lossprevention remained a focus.
At the heart of Gecks offering is the UltimateShopper Plus , a pioneering smart shopping trolley that enhances the shopping experience while giving retailers a competitive edge. This system helps prevent theft and reduces stock losses, all while maintaining full GDPR compliance.
Here we take a look at how retail technology can help to streamline the top 10 key retail processes, and how a unified retail POS pulls them all together into a single, highly optimized retail operations platform. Inventory management – ‘the right goods, in the right place, at the right time’ sums up the core of retail.
Behaviors like how they get there, how they navigate the site, what they look at and for how long, what they put in their basket or save for later, what they buy or where they abandon a cart, and whether targeted promotions or suggestions influence each of those decision points all inform a retailer’s perspective. .
Customers expect a seamless shopping experience, with many blending their brick-and-mortar visit with eCommerce benefits offered by retailers, such as click-and-collect and ordering in-store to have items delivered at home. This helps to reduce manual errors and calculate stock correctly to avoid ambiguity, whilst reducing team friction.
By Ofri Ben Porat, Chief Executive Officer at Edgify. As counterintuitive as it is, we all know losses are an accepted norm in retailing. Factored into the bottom line, as sales increase for stores, so will the losses of product inventory. Lossprevention teams call this inevitable outcome “external shrinkage”.
However, that doesn’t mean you shouldn’t be looking at the books yourself. Invest in a Point-of-Sale (POS) System. Talk to your insurance agent to find out what policies might be right for your business, along with what retail risk mitigation and lossprevention solutions might help with your rates. .
However, we’re seeing some retailers that had never before considered a janitorial program now looking at them. Cleanliness will be looked at in an entirely different lens going forward. Some stores were literally in flames, and there were lossprevention issues at others.
Inferring meaningful information from digital images and videos: retailers’ hopes to have a new, highly efficient tool against shoplifting, loss and organised crime in future are based on Computer Vision, a sub-segment of Artificial Intelligence (AI). The camera pointsat the scan area of the self-checkout terminal.
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