Emerging Technologies Combat Retail Theft

29Jul13-1

Organized retail crime (ORC), shoplifting and employee theft are growing concerns among merchants, but emerging tools offer retailers some security in protecting their bottom lines from loss. Retail Systems Research (RSR) says retailers are at risk of being rendered irrelevant if they are unable to keep up with this new technology. According to the National Retail Security Survey, shrink cost ... [Read more]

2013: A Retail Odyssey

andrewwren2

In 2013, retailers will be faced with many challenges, and one that is sure to dominate discussions in the year ahead is technology. From mobile payments to theft deterrents to tools for driving customer loyalty, technology figures prominently in the retail environment in 2013 and beyond. This, combined with economic uncertainty, underlies the growing need for retailers to step up efforts to gain ... [Read more]

Prevent Return Fraud

andrewwren1

Return fraud is a problem that plagues retailers all year round, however, holiday crowds and overflowing shelves provide greater opportunities for dishonest shoppers to take advantage of retailers. Last year, retailers estimated that, of the $46 billion of merchandise returned during the holiday season, $3.5 billion involved return fraud, according to the NRF’s Return Fraud Survey. To fight this ... [Read more]

LP and Operations: Combat Shrink and Boost Profitability

andrew wren

Retail loss prevention (LP) professionals have their hands full fighting shrink and preventing theft. Whether through organized retail crime (ORC), shoplifting, vendor fraud or employee theft, fighting retail crime in its various forms continues to be a primary focus for LP teams everywhere. There is evidence that those LP efforts are paying off and helping retailers stop losses to their bottom ... [Read more]

Turning Up the Heat on Summertime Losses

Summertime Loss Prevention

Summer is in full swing. With outdoor furniture, yard supplies, and various seasonal tools and toys spilling from retailers’ indoor shelves to curbside display, summer presents both opportunities and challenges for retailers who seek to maximize the sale of seasonal merchandise while minimizing the risk of loss. New research highlights the relationship between effective operating practices and ... [Read more]

New Technologies, New Risks

secure technology

As new technologies evolve in the retail marketplace, retailers and consumers alike must adjust to new ideas and opportunities that have the potential to change the way they do business. Currently, many retailers are preparing for an advent of new payment options. Mobile payments are evolving rapidly and in the coming years are expected to be a commonly utilized alternative to cash, checks and ... [Read more]

Recognizing and Preventing Hidden Loss

Business Strategy

While loss prevention (LP) professionals are usually very focused on highly visible causes of loss such as shoplifting, organized retail crime and administrative error, they are advised to also consider ‘hidden losses’ that occur without being noticed or tracked. For instance, a shopper does not receive adequate customer service and leaves the store. Merchandise isn’t replenished on the ... [Read more]

Preventing Return Fraud This Holiday Season

Loss Prevention Fraud

Return fraud statistics have been up and down over the past few years, with the most common types of return fraud fluctuating and retailers’ changing return policies in an attempt to stalemate losses. This phenomenon is due in part to emerging technologies that open windows of opportunities for criminals to perpetrate new kinds of return fraud. It is also due in part to criminals altering their ... [Read more]

Prepare for a Successful New Year with Procedural Review Audits

Procedural Review Audits

Many retailers are operating at full speed during the 30 to 60 days leading up to and including the holiday season. By January, the rush has ended, aisles are emptier, temporary employees are gone, and retailers are left with any remaining unsold inventory and pressure to prepare for the next season. During the slower, post-holiday quarter it is essential for retailers to focus inward. In the ... [Read more]