LP Solutions

With the rise of ORC, Sensormatic Solutions conducted a Q&A with Dr. Read Hayes, research scientist at the University of Florida, and director of the Loss Prevention Research Council.

The 2020 National Retail Security Survey revealed shrink was at an all-time high, accounting for 1.62 percent of a retailer’s bottom line, costing the industry $61.7 billion.

While shrink has always been an issue, the recent holiday season saw an unprecedented spike in theft, according to experts.

RFID has been a vital retail technology for almost 20 years, but what started with a simple beep at the exit is now a critical piece of enterprise-wide loss prevention and inventory intelligence strategies.

The digitization of retail is well underway, and RFID has played a key role in optimizing inventory, enabling omnichannel processes, and improving the customer experience.

Intelligence-led loss prevention, which has long been recognized as an asset protection ideal, is quickly becoming a mandatory minimum.

Retail LP departments are finding RFID technology invaluable for identifying causes of stock loss and paving the path to smarter protection.

With so much revenue at stake this holiday season and beyond, retailers should consider every tool at their disposal to improve their loss prevention efforts.

In a world where digital and physical retail are inextricably linked, how can retailers protect their inventories and people, but also offer exceptional customer experiences?

The concept of shrink isn’t new, but the problem is growing — and so are the obstacles to preventing it.