Generally defined as “the coordinated theft of merchandise by two or more individuals for the purpose of reselling for financial gain,” organized retail crime (ORC) has consistently grown as a problem over the past decade and is projected to become even more of an issue in future years.
ORC costs retail businesses an average of $244,509 per case, the highest the case value has been in over eight years. The same federation report cited that theft has continued to grow year by year since 2020, with a 3.7 percent increase from 2022 to 2023. In October 2023, Target announced it was closing nine stores across four states due to organized retail crime. Walmart has closed over 24 stores in 14 different states throughout 2023 due to theft and underperformance.
The impact this crime is having on retailers everywhere means ORC isn’t something that can simply be ignored. Modern, tactical security solutions are needed to help retail businesses, both large and small, collaborate with law enforcement to stop organized retail crime, while still providing a safe and enjoyable shopping experience for customers. It’s not an easy problem to solve, but cloud video security systems may be the answer.
Understanding Organized Retail Crime
While ORC is presenting a notable problem for many retailers throughout the US, measuring the extent of the problem has provided some discussion-worthy challenges. Download this whitepaper to learn more about the impact ORC is having on today’s economic landscape, as well as how cloud video security can assist retailers’ loss prevention efforts and streamline investigations.
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