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Tom Meehan, CFI recently completed his first book-length publication titled "Evolution of Retail Asset Protection: Protecting Your Profit in a Digital Age."
Theft, fraud, and losses from other retail “shrink” totaled $50.6 billion in 2018, up from $46.8 billion the year before.
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.
The crime of shoplifting is as old as shopping itself. The first documented cases of shoplifting took place in 16th-century London and involved groups of men called “lifters” (early organized retail crime?).
Employee theft is a major problem for many employers in the United States, coming in at number two on the list of leading causes of inventory shrinkage (behind shoplifting/ORC), according to the 2018 National Retail Security Survey.
While the new “anti-establishment” world is rejecting globalization, will retail CCTV technology integration provide the panacea to retail risks?
RFID technology allows companies to know where in their process any particular asset is, so they can monitor the speed of production, the time of delivery, or any other factor that will help them to see how long their processes actually take—and control assets by knowing where they are at any point in time.
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.
More than lecture, video, or online instruction and pen-and-pencil testing, situational exercises or scenario training provides supervisors with a picture of how ready an officer is to handle an event.
In one experiment, Barry Manilow music was broadcast through loudspeakers located in a local parking lot every night between 9 pm and midnight on Friday, Saturday, and Sunday.