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This trend isn’t uniform across the board — stores selling everyday goods in high-traffic urban locations are generally at higher risk than specialty retailers and those situated in suburban shopping centers. This increased risk has forced retailers to reconsider their lossprevention strategies.
They need to keep track of what’s new, what’s unique to their location and what just went on sale. Follow evolving protocols as they relate to lossprevention. For example, a retailer’s flagship locations could have POS software running on fixed tills and also on mobile devices to assist with line-busting and in-aisle service.
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.
Autonomous retail technology is on the rise, with innovations like Amazon’s “Just Walk Out” technology already leapfrogging past yesterday’s self-checkout solutions. The following technology should be considered by all retailers looking to increase security in increasingly autonomous store locations: Network Cameras.
From small, single-site locations with a small number of cameras, scaling up to large, multi-site operations with thousands of devices, video and security cloud services are easy to use and cost-effective. Enhanced customer engagement is the goal for many retailers when they imagine the benefits of video data beyond lossprevention.
For example, Sorel had an anniversary coming up and they were across Nordstrom locations, but they don’t currently have their own brand in stores anymore. Overall, it means lower overhead and less risk, while gaining the opportunity to test and learn before committing to a permanent location.
Through Retail Media Strategies, retailers can display location-based and personalised purchase recommendations on digital signage, encouraging customers to engage with promoted products and generating additional revenue through supplier cashback schemes.
Value Added Friction: A New Way to Look at LossPrevention at Self-Checkout. The Retail Technology Stage is located in Hall 6 Stand I 61, the Connected Retail Stage in Hall 6 Stand I 03. Frank Heinrich, Pentland Firth Software GmbH – a company forming part of the EDEKA Minden-Hannover Stiftung & Co.
The article says Walmart’s lossprevention team began investigating the alleged thefts in March after noticing a “series of suspicious transactions” related to the app. The problem was once they reached the checkout, payment was bypassed, and they simply walked out with the unpaid merchandise.
In many cases Consumer Packaged Goods (CPG) manufacturers pay for their merchandising location in the aisle, think of Coke and Pepsi in the beverage aisle. Of course, we have the problems of lines or queues, whether at a service counter, the checkout, or increasingly, for curbside pickup or at a drive-thru.
But backrooms filled up, investment money dried up, inflation cut into consumable income, workers sought to organize and lossprevention became a top-of-mind concern. Starbucks workers organized at many locations in 2022. location voted in favor of starting a union. It was the third company-owned location to so vote.
Many retailers expect to deploy lossprevention analytics (49%) and demand planning and forecasting (54%) by 2026. While omnichannel shopping causes challenges for retailers, most shoppers prefer options. As omnichannel shopping continues to grow, the volume of returns increases along with it.
Instead of only shipping to customers’ homes, retailers let online customers shop from their local and online store’s inventory and pick up their orders from their closest brick-and-mortar location the same day. At checkout, the shopper would have multiple fulfillment options to select from – including BOPIS.
The instant a customer hits the checkout button the AI technology evaluates every viable fulfillment option and recommends the optimal choice. Digital technology in retail stores helps retailers turn their boring, old physical locations into competitive advantages. Retail AI can apply this process when customers return their purchases.
Consumers and employees returning to reopened stores will be looking for positive proof that these locations are safe, and that shopper journeys have been redesigned to be as “touchless” as possible. Some stores were literally in flames, and there were lossprevention issues at others.
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