Retail Minded

MARCH 20, 2025

Theft and Organized Retail Crime Retail theft continues to be a significant issue with significant shrinkage in inventory. The loss, due to the shrinkage, reached $142 billion in 2023, a 25% increase from the previous year. In 2023, the inventory deficit was projected to be around 2% of net sales, notes The Wall Street Journal.

Merchant Services 94

Merchant Services Payment Services Management Shrinkage 94

Retail TouchPoints

APRIL 5, 2024

Rising wages, inflation and higher losses due to shrinkage are among the culprits, said Thomas, particularly in the case of 99 Cents Only, which has a large base of stores in California, a state that has been leading the way in minimum wage increases.

Location 263

Location Shrinkage Finance Management 263

Retail TouchPoints

OCTOBER 25, 2021

Immersive shopping experiences: 5G supports a range of augmented reality (AR) and virtual reality (VR) solutions that will deliver immersive experiences, changing how consumers interact with products. No longer will consumers need to visit a home goods store when they are revamping their living room.

Payment Services 317

Payment Services Shrinkage Consumer Accessories 317

Retail TouchPoints

FEBRUARY 21, 2023

Omnichannel solutions that leverage intelligent displays, QR codes and consumer profiles can provide extreme personalization. 5G can reduce wasted time and prevent inventory shrinkage, providing retailers with cost savings. This information can give consumers up-to-date status on inventory, purchases or delays.

Sporting Goods 264

Sporting Goods Payment Services Shrinkage Point of Sale 264

Retail TouchPoints

AUGUST 22, 2023

The INFORM (Integrity, Notification, and Fairness in Online Retail Marketplaces) Consumers Act, which went into effect in late June 2023, marks a significant step forward in curbing online fraud by third-party sellers and organized theft from retail stores. Here is the gist of the INFORM Act. But compliance can be complicated.

Payment Services 246

Payment Services Accounting Shrinkage Consumer 246

Retail TouchPoints

MAY 31, 2022

Source: Coresight Research “Building Blocks of the Metaverse: 5G” Both at a consumer and an enterprise level, 5G is still in its infancy, but it’s expected to grow quickly and become the dominant mobile access technology by 2027 reaching 90% penetration in North America within that time, according to Ericsson.

Merchant Services 354

Merchant Services Checkout Shrinkage ATS 354

Inside Retail

JUNE 28, 2022

The software is used to gather evidence on repeat offenders, and is largely used to prevent theft and shrinkage. There has been an increased use of data in a way that is not as transparent to consumers [as they would like],” Kafouris told Inside Retail. Most customer’s “uncomfortable” with surveillance .

Consumer 130

Consumer Payment Services Shrinkage Loss Prevention 130

Retail TouchPoints

AUGUST 4, 2023

Consumers are also becoming more exposed to self-checkout options, and they are in turn becoming more normalized and natural. The growing exposure of travelers to self-service options has led to consumers preferring them as they are much more convenient than previous models.

Payment Services 246

Payment Services Kiosk Marketing Inventory Management 246

Retail TouchPoints

NOVEMBER 23, 2022

It was then that consumers developed a ravenous appetite for online shopping and speedy home delivery, while losing their taste for city centers and malls. AI-powered solutions with object and people detection can help retailers reduce shrinkage and improve safe shopping conditions. The Smart in Smart Video.

Merchant Services 290

Merchant Services Shrinkage Store Layout Customer Experience 290

Retail TouchPoints

JULY 18, 2024

Understaffing contributes to theft and shrinkage in general, but it also creates an increasingly impersonal feeling for offline shopping ,” said Nick Kramer, Leader of Applied Solutions at SSA & Co. Ideally, these apps also should contribute to a better in-store shopper experience. in an interview with Retail TouchPoints.

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Customer Experience Kiosk Shrinkage Shipping 278

365 Retail

SEPTEMBER 1, 2024

IoT in the context of retail refers to a broad spectrum of uses from smart shelves and linked payment systems to tailored consumer interactions and predictive analytics. The outcome is a flawless and very customised shopping experience that satisfies the expectations of tech-savvy consumers of today.

Payment Services 122

Payment Services Shrinkage Checkout Consumer 122

Independent Retailer

JULY 8, 2021

According to the 2020 National Retail Security Survey , retail theft, or shrinkage, is at an all-time high. In fact, in 2019, shrinkage accounted for an average rate of two percent of inventory, calculated at retail, costing the industry a record $62 billion. Patrick Chown is the owner and president of Safe and Sound Security.

Loss Prevention 98

Loss Prevention Shrinkage Management Location 98

Independent Retailer

JULY 8, 2021

According to the 2020 National Retail Security Survey , retail theft, or shrinkage, is at an all-time high. In fact, in 2019, shrinkage accounted for an average rate of two percent of inventory, calculated at retail, costing the industry a record $62 billion. Patrick Chown is the owner and president of Safe and Sound Security.

Loss Prevention 98

Loss Prevention Shrinkage Management Location 98

Inside Retail

DECEMBER 16, 2021

Based on their experience in the industry, they knew consumers were attracted to cute designs, and by pairing them with the emerging oversized fit trend, ADLV became an instant hit. Trends change very fast and consumers nowadays transfer from one brand to another very easily. Riding the hallyu wave.

Shrinkage 130

Shrinkage Fashion Marketing Consumer 130

Inside Retail

MAY 25, 2023

Factoring in the roughly US$700 million of inventory shrinkage that occurred in 2022, mainly attributed to retail crime, the company is on track to lose up to a total of US$1.2 The everyday consumer experience will drastically change with less stock readily available to be viewed on the showroom floor,” he concluded.

Shrinkage 130

Shrinkage Loss Prevention Location Planning 130

Wiser

JUNE 23, 2020

Mobile payments and rewards, the drive to provide healthier options, and consumers’ demand for fast service without compromising on quality have affected every type of restaurant. In this article, we’ll look at what quick service restaurants can do to grow their businesses while staying true to what consumers have always loved about them.

Payment Services 78

Payment Services Shrinkage Location Marketing 78

Independent Retailer

JULY 29, 2022

Interactive fitting rooms increase consumer engagement by providing outfit and accessory suggestions, size availability, and color options. According to the NRF National Retail Study 2018 , inventory shrinkage costs the U.S. by Dean Frew. retail industry $47 billion in 2017.

Customer Experience 98

Customer Experience Shrinkage Checkout Inventory Management 98

Retail Focus

AUGUST 8, 2023

Payroll Processing Handling payroll intricacies can be time-consuming and complex for retailers. Outsourcing security and loss prevention services to professionals can significantly reduce the risk of theft, shoplifting, and inventory shrinkage.

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Loss Prevention Inventory Management Inventory Turnover Shipping 130

I Vend

FEBRUARY 6, 2023

‘Out of stock’ – a phrase that no retailer wants to utter, and no consumer wants to hear. Not being able to buy what they want frustrates consumers, who are demanding that retailers are ‘never out of stock *. Mis-recorded, mis-counted or misplaced inventory accounts for just over 25% ++ of shrinkage.

Inventory Management 98

Inventory Management Management Shrinkage Returns 98

Nvidia

JANUARY 13, 2022

and “What happens to my margins if Susie Consumer purchases three of the same dresses online and returns two?”. The $26 trillion global retail industry is undergoing accelerated change, brought on by the pandemic and rapidly changing consumer habits. ,” “What incentives can I offer to loyal workers?”

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Shrinkage Checkout Inventory Management Point of Sale 115

Wiser

JULY 22, 2024

The beverage industry, in particular, has seen a shift from prioritizing dollar growth to unit sales, reflecting changes in consumer purchasing behavior post-COVID. By leveraging first-party data, brands can serve varied consumer needs without universal discounts, maintaining their premium image while appealing to different economic segments.

Shrinkage 78

Shrinkage Inventory Management Management Consumer 78

RETAIL MANAGEMENT SOFTWARE

JULY 29, 2024

The retail landscape is evolving rapidly, driven by technological advancements and shifting consumer behaviors. AI can save up to 30 weekly labor hours per store, improving associate satisfaction and retention while reducing shrinkage. Providing Actionable Insights Data alone is not enough; it must be actionable.

Inventory Management 111

Inventory Management Shrinkage Promotions Store Operations 111

Wiser

FEBRUARY 29, 2024

Panelists highlighted the frustration with labor scarcity in an environment where consumer demands and expectations are constantly evolving. With so many tasks and not enough hands, businesses are turning to third-party services to fill the gap, often leading to additional costs and higher prices for consumers.

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Shrinkage Inventory Management Loss Prevention Consumer 78

Mass Relators

DECEMBER 12, 2022

The newfound willingness of executives to publicly discuss retail crime and its impact on consumers is a welcome development. Fueled by a surge in organized retail crime, shrinkage costs the industry almost $100 billion a year, according to National Retail Federation’s “2022 Retail Security Survey.” billion, compared to $90.8

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Shrinkage Loss Prevention Consumer Shopping 52

Frank Mayer

JANUARY 14, 2022

As the new year dawns, 2022 CX strategies across industries will continue to center on convenience and consumer satisfaction by nurturing omnichannel plans and implementing the latest technology. In 2022, this race will reach full throttle as consumer awareness increases and the financial upsides become irresistible to retailers.”.

Customer Experience 79

Customer Experience Kiosk Checkout Shrinkage 79

A1 Retail

OCTOBER 12, 2021

Loss prevention teams call this inevitable outcome “external shrinkage”. Which is why it is so encouraging to see retailers utilising new technology to reduce the impact of shrinkage. While consumers like efficiency and ease of use, if it requires a change to how they normally operate, problems can arise. The industry limits.

Shrinkage 40

Shrinkage Loss Prevention Checkout Supermarket 40

Wiser

JANUARY 12, 2021

Retailers that strive for perfection in their pricing strategies would often be better served by trying for good first, then perfecting their approaches based on how consumers react to the prices of their goods. The idea behind it is using price as a signal to consumers emphasizing the rarity, exclusivity, or high quality of the product.

Wholesale 78

Wholesale Shrinkage Markdowns Returns 78

Mass Relators

OCTOBER 25, 2023

While consumers are demanding the ability to easily return items more frequently, retailers find themselves in a tailspin trying to manage the increased expenses associated with inventory visibility, reverse logistics and a high-level of returns. The increase of returns has impacted retailers globally, growing to $1.8T

Checkout 52

Checkout Payment Services Returns Shrinkage 52

Retail Assist

OCTOBER 16, 2024

This process involves moving products back through the supply chain from the end consumer to the retailer or manufacturer. This efficient approach minimises shrinkage and operational costs, supporting scalable growth. This includes tracking, restocking, refurbishing, and in some cases, disposal of returned products.

Inventory Management 52

Inventory Management Management Shrinkage Returns 52

Retail Times

MARCH 30, 2021

Keeping track of products using a pen and paper isn’t just time-consuming, it can also lead to mistakes. For more information on how to reduce shrinkage, see our previous post on beefing up security and preventing loss in your store. Pay attention to consumer trends. Further Reading. Learn More.

Merchant Services 98

Merchant Services Inventory Management Management Shrinkage 98

RETAIL MANAGEMENT SOFTWARE

JUNE 3, 2024

Common Challenges for Apparel Retailers From shifting consumer preferences to logistical hurdles, apparel retailers must navigate a complex landscape to stay competitive and profitable. Consumer preferences can shift overnight, making it difficult for retailers to predict which styles will resonate with their target audience.

Apparel 52

Apparel Fashion Inventory Management Management 52

Inside Retail

AUGUST 27, 2023

With customers continuing to seek more value as cost-of-living pressures bite, Wesfarmers’ Kmart Group is set to benefit from shifting consumer demand, and an increasingly strong value proposition. While value for money is undoubtedly a large focus for retailers moving forward, stamping out shrinkage is another. Target of theft ?

Shrinkage 130

Shrinkage Dead-Stock Department Stores Apparel 130

Retail Geek

NOVEMBER 30, 2021

The Salesforce shopping index combines data and holiday insights on the activity of more than a billion global shoppers across more than 54 countries powered by Commerce Cloud, billions of consumer engagements and millions of public social media conversations through Marketing Cloud, and customer service data powered by Service Cloud.

Shipping 52

Shipping Consumer Shopping Promotions 52

Retail TouchPoints

JUNE 15, 2022

Controlling traffic volume and giving the perception of control and exclusivity to the consumer is one way to make the most out of each square inch. To curb shrinkage, self-pay via an app is used to let shoppers and guests purchase items themselves. Meanwhile, 34% of millennial and Gen Z consumers are interested in livestream shopping.

Payment Services 264

Payment Services Checkout Shrinkage Fast Fashion 264

Retail TouchPoints

MAY 6, 2021

The problem became even more acute amid the pandemic, with consumers increasingly coming to expect free delivery and returns. Competitive companies rely on focus and understanding their core competencies, solving tasks such as shrinkage and stock-out, and then taking those savings to tackle larger AI projects.

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Fulfillment Shrinkage Department Stores Returns 344

Inside Retail

NOVEMBER 15, 2022

As consumers expect more environmentally sustainable solutions for the packaging of products and deliveries, shippers may be missing equally compelling reasons to make the switch: significant cost savings and an increase in operational flexibility. They need to move towards sustainable packaging as their consumers increasingly demand that.

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Drop-Shipping Shipping Dead-Stock Shrinkage 246

Retail TouchPoints

AUGUST 30, 2021

The catalog showroom approach was based on the idea that it reduced the risk of merchandise theft (known in the industry as shrinkage), while also enabling customers to shop without the inconvenience of carrying purchases throughout the store while you were still browsing.

Payment Services 279

Payment Services Shopping Jewelry Shrinkage 279