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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%
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? Retail Focus casts an eye over the market to find out more.
JD Sports , a global retailer with more than 3,000 stores worldwide, has adopted a suite of solutions designed to boost its growth in Canada, a market the retailer entered in 2021. includes cloud technology solutions with rich mobile functionality for omnichannel, POS, merchandising, ERP, warehouse management, analytics and lossprevention.
The survey also found that less than 13% of retail organizations are investing in technology to tackle these challenges, instead remaining focused on short-term fixes like increasing prices and running marketing campaigns. The World Retail Congress report is very telling about the current mindset of retail executives.
Although the creative aspect is especially important, designers and visual merchandising teams need to work closely with their colleagues in marketing, IT and business strategy to ensure all decisions align with the bigger picture. Every market is not the same, so showing up purposefully at significant times of the year is a good investment.
When designing your retail space, where and how you use security cameras is key to lossprevention. Ensure security cameras point directly toward all entrances and exits, as this can help you see where any theft is occurring or when unauthorized employees are entering prohibited areas or rooms.
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.
From 18 to 20 February, Geck will showcase solutions designed to help retailers stay ahead in an evolving market. This system helps prevent theft and reduces stock losses, all while maintaining full GDPR compliance.
From marketing automation to network automation, workflow automation to equipment automation, using technology to automate tasks or functions allows retailers to focus on delivering the best customer experiences. Automation means different things to different people. Artificial Intelligence and Machine Learning.
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, these limitations are not a bad thing.
“Thanks to such AI-assisted real-time analyses retailers can take data and facts-based decisions and avoid potential inventory discrepancies at self-checkouts,” says Nino Hörttrich, Head of Global Marketing Retail at Diebold Nixdorf. These possibilities are also the daily business for Re-Vision (a Business Unit of Extenda Retail).
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