Evolving technology coupled with shifting consumer habits and the desire for a frictionless shopping experience has led to significant changes in nearly every industry — retail possibly more than others.
In this always-connected world, managing shrink is a critical problem retailers are focused on. Retail shrink refers to a loss of inventory, whether deliberate or accidental, and includes everything from shoplifting to employee theft, return fraud to administrative errors.
Shrink is not only a common problem in retail but also an expensive one. According to the 2020 National Retail Security Survey, retail shrink totaled $61.7 billion in 2019. In light of the current pandemic, the issue has become even worse. Retailers are continuously looking for ways to solve this problem, or at least control it. So, what can they do?
Improved visibility into losses is key. Better insights and analytics can help retailers go from reactive to proactive strategies. Retailers who prioritize and evolve their loss prevention (LP) solutions can help enhance the way they protect merchandise and manage inventory…Â Forbes