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Yet despite the growing frequency of ORC, retailers would be remiss to focus their lossprevention efforts solely on these brazen, smash-and-grab scenarios. In fact, according to the 2023 National Retail Security Survey conducted by NRF, Appriss Retail and the LossPrevention Research Council, 68.8% Similarly, 57.8%
They need to keep track of what’s new, what’s unique to their location and what just went on sale. Associates have to be omnichannel fulfillment specialists. the fulfillment scenarios really are endless. Follow evolving protocols as they relate to lossprevention. And don’t forget that they need to sell stuff!
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).
Amelia Adey, lossprevention and compliance manager at Kookai Australia explains: “We wanted to remove any customer dissatisfaction due to out-of-stock items or missed sales due to inventory not being accurately represented in our stock file.
Trend 6: LossPrevention Enters the Design Conversation Earnings results from Dick’s Sporting Goods, Lowe’s and Target brought theft, and specifically organized retail crime (ORC), into the media spotlight. Everyday items are behind locked plexiglass, but technology will become a key driver of lossprevention efforts.
Some stores were literally in flames, and there were lossprevention issues at others. The key is that retailers need to use technology to get in front of their challenges, in areas such as lossprevention and monitoring foot traffic. Some stores were left with nothing but the walls.
AI-Powered Theft Prevention & Seamless Checkout The UltimateShopper Plus features cutting-edge AI-driven lossprevention technology, combining integrated weighing cells with AI-powered cameras to detect suspicious activity in real time.
It also allows retailers to rely on automation to address permissions for the network or online order fulfillment and notification. Using technology to monitor equipment or compare inventory changes with point of sale (POS) data are examples of the kinds of activities technology could better address.
This approach also supports stock accuracy and lossprevention, as mobile point-of-sale technology automates inventory management. Happier, more fulfilled store teams don’t simply provide better customer service and enhance the ‘theatre of retail.
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