“Perfect your interpersonal communication skills, distinguish yourself, and keep learning and growing daily. Raise your hand for those tough tasks and assignments. Remember, wherever you go, whatever you do, distinguish yourself. Be so good they can’t ignore you!” Read More
A loss prevention definition, at its most basic level, states that loss prevention is about preventing losses and shrink, and enhancing the profitability of retail companies. However, the loss prevention definition that many professionals would offer has grown increasingly complicated as various functions, philosophies, tasks, and responsibilities are debated by the LP community.
Rapid changes in retail, enabled by new technologies, mean that the way consumers shop, the products they buy, and even the way they pay for goods and services are all changing in ways that never would have been expected just a few years ago.
Technology is driving trends in areas such as mobile POS, emerging selling concepts, and business analytics. Intelligent CCTV systems with analytics technology will continue to have a bearing on how LP performs in the stores, but will take on additional value as part of other retail applications. Use of data and predictive indicators, cloud computing, and business intelligence will enhance processes as well as investigations.
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Many also believe that RFID technology will finally take on a bigger role in effectively managing inventories, from original purchase or manufacture until it ends up in a customer’s hands. This may also expand the role of LP into areas that until now were considered non-traditional, such as energy savings, SKU rationalization, accident reduction, and business continuity.
The emergence of omni-channel retailing as a growth driver will have a substantial impact on the role of loss prevention. As described by one industry leader, “As the retail industry continues to consolidate, increase in complexity, and expand omni-channel solutions, the role of LP will change significantly.” Omni-channel retailing will enable customers to purchase what they want, when they want it, and decide how they want to pay for it and have it delivered.
The move toward the infinite store is 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.
For example, the dual role of increased data and analytics will create a shift in thinking that will change many roles in retail, including LP, which will work more closely with IT departments going forward. Thus a loss prevention definition in the near future will also include an expanded, more proactive leadership role to ensure data is secured and properly managed, because data breaches cost companies in many ways beyond the immediate financial losses, to include litigation, brand protection issues, and additional sales impact.
Last week’s LPM Insider survey asked whether respondents thought they were earning a fair wage for the work they do. One reader commented, “Companies that are too tight with their money lose loyalty, and then their best people. Then they wonder why. The door swings both ways.” Read More
“If you don’t have the answer or the service that helps your partners, go find it for them and share it, so they know you’re there to help them be successful.” Read More
As of November 2018, Glassdoor.com reports the average base pay for a loss prevention manager to be $57,221 per year, excluding bonuses and/or other cash compensation. We want to know: do you think you’re being paid fairly for the work you do? Read More
The first of October was another first for me. I attended the Loss Prevention Research Council (LPRC) IMPACT conference for the first time, in muggy but beautiful Gainesville, FL. Read More
October 23, 2018 | David Speights, Ph.D., Daniel Downs, Ph.D., and Adi Raz, DBA | Loss Prevention
This post is designed to provide a theoretical context for understanding the psychological and social forces that drive people to become criminals, how criminogenic opportunities can be reduced, as well as where analytics fits into loss prevention. Read More
“Deprive a thief of a safe and ready market for his goods; and he is undone.” Read More
One of the highlights for senior loss prevention executives was a private luncheon with three University of Florida scientists who discussed research into omni-channel retailing, the effects of fear of crime on shopping behavior, and reducing corporate digital threats. Read More
“Being a vendor is not a dirty word. You need to believe in your bones that what you’re providing is critical to your customer’s success.” Read More
Don’t be left behind as the LP industry evolves! Get our FREE Special Report, Retail Loss Prevention Secrets from the Experts right now!