EDITOR’S NOTE: Kevin Valentine, CFI, LPC, retired at the end of 2017 as senior vice president of internal audit, loss prevention, and enterprise risk management for Signet Jewelers. He spent more than thirty-five years with the company in various management roles. During his career, Valentine was active in the loss Read More
Tag: omni channel retailing
Omni-channel retailing is the newest trend in retail selling which allows customers to buy and return merchandise in a huge variety of ways. A customer can place an online order at an in-store kiosk to be shipped to her house. He can place an order from his mobile device to be picked up at a local store. If she doesn’t like the color of the new curtains she ordered through the online customer rewards program, she can return them to the nearest brick-and-mortar store to save on shipping.
Because of fewer in-store transactions and changing retail technology trends such as the increased use of chip cards, loss prevention professionals expect to have to deal more with online credit card fraud of various kinds. Additionally, the move toward the infinite store is also creating new areas that need to be secured, such as networks and customer data.
LP professionals are increasingly being asked to bring their specific skills into areas where they never participated before, causing a shift in responsibilities. “Retailers are going to continue to find creative ways to conduct business and sell to customers. Loss prevention will need to stay very close to these creative methods and retailing channels to ensure LP practices are appropriately woven into the strategies that our merchants and operators develop,” claims one retail leader.
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The dual role of increased data and analytics will create a shift in thinking that will change many roles in retail, including LP. While IT has been the primary business owner in most retail companies, many LP professionals believe that loss prevention in an omni-channel retailing world must take on an expanded, more proactive leadership role to ensure data is secured and properly managed.
“Breach avoidance and protection of consumer and company proprietary information will continue to be a focal point for retailers for many years to come,” says one retailer. Retail data breaches are costing companies in many ways beyond the immediate financial losses, to include litigation, brand protection issues, and additional sales impact.
According to another industry leader, “Having the LP organization partnered with the IT security organization will be the most effective way to improve security of both the actual data and the physical devices that collect and manage the data.” This includes coordinating investigative approaches and law enforcement relationships in the event of a breach.”
What Is Supply-Chain Management?
What is supply-chain management? Organizations must master it in order to compete in the global retail market.
By The Loss Prevention Foundation
Retail doesn’t start and stop at the front door of our stores. Ultimately, our value depends on our ability to broaden our influence while protecting every aspect Read More
Vendors Dismayed at Amazon’s Changes to Return Policy
By Bill Turner, LPC
Most people believe that shopping online is easy and convenient. But most also agree that the one of the biggest issues in online shopping is the inability to touch and feel the product. As a result, items “not as expected” Read More
The retail supply chain network is a critical component of the retail machine. While many view the heart of retail as the interactions and events that happen within the store, this support system has always fueled the way. Through a complex web of processes and activity, a well-managed supply chain Read More
Omni-channel retailing is growing and evolving in every aspect of retail as consumers continue to look for fast, efficient, and convenient ways to buy their goods and services—and that trend is taking hold in the grocery industry as well. The channel is poised for growth. Although only 12 percent of Read More
We hear the phrase everywhere. Yet few ask explicitly: what is omni-channel retailing, really? Omni-channel is defined by TechTarget as “a multi-channel approach to sales that seeks to provide the customer with a seamless shopping experience whether the customer is shopping online from a desktop or mobile device, by telephone Read More
Supply chain loss prevention has evolved significantly across the retail industry in recent years, a message that echoed loud and clear across the halls at the 2017 International Supply Chain Protection Organization (ISCPO) conference in Dallas, Texas last week. The advancements in retail technology and the ongoing growth of omni-channel Read More
By Adrian Beck
There is little consensus on what constitutes “loss” within the retail world nor how it should be measured. The terms “shrinkage” and “shortage” have been loosely applied to encapsulate some of the areas that generate loss, but they are not terms enjoying a clear and agreed-upon definition across the sector. Read More
Following are a few article summaries that can provide you with a small taste of the original content available to you every day through our daily digital offerings, which are offered free through LossPreventionMedia.com. In addition to our daily newsletter, a comprehensive library of original content is available to our Read More
By Bill McBeath
Over recent years, we’ve witnessed a resurgence of interest and substantial growth in the use of radio frequency identification (RFID) technology in retail—a veritable RFID Renaissance—with well over a billion tags used this year, not just in apparel, but for other categories and uses as well. It is being used Read More