New technology in retail loss prevention emerges regularly. In this profession, it’s important to stay abreast of any new technologies that may show potential and could help reduce theft and fraud.
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Industry conferences and events are a great place to scope out the latest solutions. For example, Tom Meehan, CFI, witnessed some new technology in retail at the National Retail Federation’s BIG Show in January. He comments on the connection between loss prevention and the Internet of Things (IoT) in a column for the May-June 2017 issue of LP Magazine:
RFID is commonly used for inventory tracking. RFID in an omni-channel environment is a no brainer as it allows you to know where your inventory is and helps get it into the customer’s hands. For every three to five percent improvement in inventory accuracy, you can expect a 1 percent sales improvement.
Ned McCauley, director of retail strategic accounts at Tyco Integrated Security, said, “Success in omni-channel retailing is not possible without precise data, and RFID is the single greatest enabler of this capability. From operators to loss prevention, retailers are starting to reap the benefits of item-level visibility in a way that was just not possible in the past.”
RFID has many applications from “RFID as EAS.” Instead of installing a tradition EAS system, retailers are using RFID tags as opposed to EAS tags. This allows them to be ready for the future. Some retailers are using RFID in an effort to track organized retail crime and dishonest employees. It doesn’t end there. Imagine customers using RFID to help pair a dress with a handbag. All of that is possible today.
Check out the full column, “When Ordinary Things Get Smart,” to see what a ski jacket has to do with the Internet of Things. You can also visit the Table of Contents for the May–June 2017 issue or register for a free subscription to the magazine.