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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. Unfortunately, theft and shop lifting are issues that cause regular issues for all retailers, in some cases even on a daily basis, and leave them out of pocket.
Retail profitability can be critically impacted through stock loss with inferior or outdated protection systems. Retailers face continual challenges with increasingly sophisticated shoplifters causing in-store ‘shrinkage’. The result is costing retailers billions in stock loss each year.
Retailers are integrating AI with bricks-and-mortar shops and online platforms to give the shopping experience a remarkable transformation, enhancing both customer satisfaction and operational efficiency. Lossprevention: Employs advanced surveillance techniques to detect and prevent shoplifting.
These technologies are helping retailers achieve efficiencies in operational functions including staff deployment and management, customer service, shrinkage reduction and lifecycle pricing. They also need clarity around what they need to do. You can discover more about Zebra Technologies’ new generation of connected software solutions here.
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.
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.
Security and LossPrevention Ensuring the security of your retail store and merchandise is paramount. Outsourcing security and lossprevention services to professionals can significantly reduce the risk of theft, shoplifting, and inventory shrinkage.
Loyalty information ensures customers are recognised in store as well as online; and ensures that promotions are 100% aligned with shopping preferences. Lossprevention – in the US alone, retailers lose around $100 million a year to shrinkage, + which is a direct hit on the bottom line.
The software is used to gather evidence on repeat offenders, and is largely used to prevent theft and shrinkage. There’s the argument that the stores are using [facial recognition] for lossprevention, and to improve their ability to identify those that are engaging in criminal behaviour or theft.
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.” The study, conducted with the LossPrevention Research Council, found that the average shrink rate in 2021 was 1.4%, resulting in losses of $94.5
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”. But is this a prime example of too much, too soon?
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. As omnichannel shopping continues to grow, the volume of returns increases along with it.
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