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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? However, thieves are becoming savvier and continue to bypass existing measures to get out the store without paying.
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. Retailers are increasingly turning to technology to augment traditional LP methods, since those methods really do not preventloss, but simply record it.
FOR YOUR CONVENIENCE… This 6 hour workshop is separated into two 3-hour sessions Click the link below for all the details: Retail LossPrevention & Profit Protection Workshop – ONLINE (Registration covers both sessions and includes recording and full presentation emailed following session whether you attend or not.)
These technologies are helping retailers achieve efficiencies in operational functions including staff deployment and management, customer service, shrinkage reduction and lifecycle pricing. The software uses AI to help a retailer plan the introduction of new stock into a store and manage the pricing levels across its shelf life.
This frees up your time to focus on strategic decision-making, financial planning, and growth initiatives. This liberates valuable time for retailers to concentrate on core business activities and strategic planning. Security and LossPrevention Ensuring the security of your retail store and merchandise is paramount.
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 billion due to organised retail crime over the past two years alone. It’s the best move they can make,” he noted.
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. The Zebra study indicates 36% of retailers believe better analytics on shrink could help drive profitability.
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