Tag: retail industry

Editor's Note: As we continue to work through the diverse challenges associated with the COVID-19 pandemic, it’s essential that all of us diligently explore...

Understanding how to calculate shrinkage in retail is important. However, understanding why it is important to control these results and how we can impact company profitability by both improving sales and controlling retail shrinkage is the key to success.

From an LP perspective, a strong understanding of how retail inventory is managed is crucial to resolving shrink-related issues. One basic but important component is knowing the inventory control techniques and accounting methods used by your company. The two most common are the “retail” method and the “cost” method of accounting.

Whether you are an AI skeptic or an enthusiast, these real-life scenarios illustrate the impact of AI and IoT and demonstrate ways for the retail industry to reimagine their loss prevention strategies with advanced technologies.

According to the 2018 Cost of Data Breach study, the retail industry ranked fifth in frequency of data breaches. Since the dawn of the digital age, we've fought cyber pirates with tools like firewalls, encryption, strong passwords, antivirus software and white-hat hackers.

The NRSS indicates that shoplifting accounted for 35.7 percent of the reported shrink in 2017, which is down from 39.3 percent in 2016.

For over 40 years, CONTROLTEK has been helping customers solve their business problems in new, efficient and secure ways.

As loss prevention professionals in retail businesses that serve this demographic en masse (i.e. QSR, c-store, big box, etc.) know all too well, cash is still a prominent form of payment.

The APLC provides a platform for industry leaders to come together to address challenges and issues in asset protection.

Experian has noted that credit card fraud is the most common form of personal financial fraud. Statistics say that 47 percent of adults in the United States have reported being victimized by a fraudulent purchase on their credit or debit card, and that percentage is predicted to rise.