Today’s retail world is focused on the omni-channel experience. Being flexible enough to allow shoppers to cross over seamlessly from one sales platform to the next isn’t easy. But retailers that don’t offer that convenience will lose out to the retailers that do.
Fortunately, most retailers have caught on to this fact and have worked hard to allow for a frictionless shopping experience for customers. Where the real problem comes in now is in shrink management.
When online purchases trigger the handling and movement of a large volume of physical products, for example, opportunities for theft or fraud abound. Garett Seivold, LPM senior writer, analyzes the many opportunities for theft and loss that come with an omni-channel environment in a sponsored article for the December 2018 issue of LPM Online. From the article:
The challenge for LP is to expand traditional exception reporting in concert with the expanded opportunities for theft that omni‑channel offers to would‑be fraudsters, as well as the additional chances for loss due to error. Essentially, this would involve taking the traditional logic of identifying deviant patterns and applying it to the whole fulfillment chain associated with e-commerce transactions.
The challenge for LP is to expand traditional exception reporting in concert with the expanded opportunities for theft that omni‑channel offers to would‑be fraudsters, as well as the additional chances for loss due to error. Essentially, this would involve taking the traditional logic of identifying deviant patterns and applying it to the whole fulfillment chain associated with e-commerce transactions.
In an omni-channel environment, says Seivold, “time really is money.” Learn more about the changing face of retail and the four pillars of omni-channel management in “The Impossible Made Easy,” sponsored by ALTO Assurance.
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