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In the past year, lossprevention teams have had to adapt to new priority concern areas while 44% of retailers allocated more budget to lossprevention. As the consumer shift towards multichannel shopping has continued, more instances of loss have resulted from such avenues as BOPIS or curbside pickup.
Retailers cited rising costs, declining consumer spending and supply chain volatility as their top concerns. Technology — specifically edge computing — provides the foundation for a better customer experience, real-time inventory management, enhanced security and lossprevention and in-store analytics.
Perhaps more importantly, will consumers welcome the technology? Security and LossPrevention. In retail, facial recognition can be leveraged by lossprevention teams to monitor shoppers for possible criminal behavior. Better Consumer Data. Consumer Sentiment on Facial Recognition.
Even before the pandemic completely upended the world economy, how consumers shopped had been changing — and mobile devices were at the forefront of that change. Prior to the pandemic, retailers and financial institutions had been reimagining experiences for consumers to enable quick, seamless transactions.
Another is the new and emerging types of digital experiences such as cloud gaming, augmented reality/virtual reality (AR/VR), telesurgery using robotic assistance, autonomous vehicles, intelligent kiosks, and Internet of Things (IoT)-based smart cities/communities/homes.
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. And how can that not have an effect on consumers’ minds? Retail prices have inflated and consumer demand has softened. Happy New Year. INFLATION ON.
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