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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? However, thieves are becoming savvier and continue to bypass existing measures to get out the store without paying.
Follow evolving protocols as they relate to lossprevention. And process returns of stuff people don’t want! They likely need to host events, too, since store events are all the rage. Keep the stores tidy. Personalize the experience. Make sure shoppers sign up for loyalty programs and private label credit cards.
As such, there are many factors to consider when implementing new lossprevention tactics. At the top of that list is the effect locks and cases can have on well-intentioned shoppers when not deployed as part of a holistic, data-led lossprevention strategy.
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).
How can we better integrate the latest anti-theft technologies and loss-prevention research into our store designs from the outset? Are “Brazen Smash-and-Grabbers” doing the most damage, or are the losses coming from quiet, five-finger discounts pulled off by “Sheepish Teens” and “Disgruntled Employees”?
includes cloud technology solutions with rich mobile functionality for omnichannel, POS, merchandising, ERP, warehouse management, analytics and lossprevention. The Retail Management Suite from Jesta I.S.
Fast Track also can help improve accuracy for retailers, which can boost lossprevention, reduce errors at checkout and create a better self-checkout experience for customers. Fast Track aims to eliminate the need for consumers to enter product codes via touchscreens by automatically recognizing produce, bakery and specialty items.
Technology — specifically edge computing — provides the foundation for a better customer experience, real-time inventory management, enhanced security and lossprevention and in-store analytics.
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.
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.
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.
Throughout his retail career, lossprevention remained a focus. Aaron Stamm is a Retail Consultant at Acuity , which he joined in 2017, bringing with him more than 35 years of experience in a broad range of retail. With Acuity Stamm provides retailers with actionable insights and real value to benefit their businesses.
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.
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. Technology brings capabilities to retailers that help address tasks in more reliable, consistent ways. Artificial Intelligence and Machine Learning.
Effective inventory management leads to lower overall inventory costs, fewer lost sales due to stock-outs, and greater customer satisfaction – and ultimately more profit. Point of sale store operations – customers want fast and friction-free checkout, and retailers need to know what has been sold.
The people counters at the entrance are notoriously inaccurate and the only other reliable point of contact is frequently at the Point of Sale (POS). This may be true, but most cameras in retail are for lossprevention (LP) only and are only capable of recording video. The same is not true of physical stores.
This approach also supports stock accuracy and lossprevention, as mobile point-of-sale technology automates inventory management. Employees can also easily access inventory data on a mobile device, quickly checking the availability of an out-of-stock item and arranging shipment to the customer. .
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”. These barriers do not mean retailers can’t innovate.
Invest in a Point-of-Sale (POS) System. Savvy retail owners know that one of the best investments they can make in their business is acquiring a point-of-sale (POS) system , which can manage transactions, accept credit card payments, track inventory and provide reports.
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.
LossPrevention platforms with a host of applications In order to make such additional security tools available for their retail customers the providers of self-checkout solutions act as drivers of computer-vision technology. These possibilities are also the daily business for Re-Vision (a Business Unit of Extenda Retail).
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