Technology

Most facilities have addressed access control and the securing of main doors, but those should be measures of last resort. There are steps you can take to mitigate the threat before it arrives at your front door.

Over many years, cabinets have presented themselves as physical barriers to customers wishing to interact with high-value items. Locking merchandise away in a secure display case was seen as good for reducing shrink, but it could also run the risk of sales reduction.

It’s impossible to remove people from the risk equation, and security awareness campaigns have an important role to play in preventing cyber attacks on retailers.

Preliminary analysis of how LP teams are using data analytics suggests it is being used in at least three ways, based on the type of analysis being performed, the frequency with which it is done, and the type of employees using it.

With the growth of online shopping comes security issues in e-commerce that LP professionals need to understand.

The ability to assess patterns in data, measure loss prevention programs, and make decisions in real time is fundamental in solving complex issues related to customers, sales, and loss.

As technological advances have occurred in other domains such as computer science, the realm of capabilities in our LP/AP world has exploded. However, all too often, there is a willingness to believe that technology offers a panacea.

Today, analytics is one of the most vital tools to statistically identify the key factors which highly correlate with loss due to shrink. Collecting data from various sources gives retailers a more holistic perspective of their store activity.

Just five months after the official launch of their new conversion program, Cycle Gear was already seeing great comp results, and by the end of the year, the company had their best Black Friday ever.