Loss prevention is a serious problem for retailers. Statistics from the National Association for Shoplifting Prevention reveal that shoplifters commonly steal items ranging from $2 to $200. But these and other forms of loss can easily be mitigated using video observation and analytics. These problems can include employee theft and embezzlement, unnecessary spoilage of products, vandalism, abuse, waste and misconduct. Losses can also be caused by poor training and a lack of communication. Here are some employee training techniques that can ensure the best performance by your team.
Insight. Webster’s Dictionary defines insight as “the ability to see and understand clearly the inner nature of things.” It almost sounds like magic. And, if you can truly gain insight into your customer’s behavior and make it actionable…it can be.
When electronics giant Apple announced its new mobile payment system, Apple Pay, more than 1 million consumers registered their iPhones for the new system in the first three days. But sometimes it’s those early adopters that get stung first.
The ability for customers to look up retail items directly on their phone while in-store or on their way has changed the way employees need to interact with customers. By necessity, this change in technology has altered the relationship that retail operations have with potential customers. Here are some of the more complex concepts to consider when thinking about how your retail store interacts with customers.
A customer loyalty program is one of the best ways to reward your customers while turning them into repeat customers. But, too many rewards programs are outdated and ineffective. Many loyalty programs use a “points for purchase” model, where shoppers earn points for every dollar spent, or for every purchase made. Even more programs rely on plastic cards that the customer scans, or on punch cards. As of 2011, there were more than 2 billion loyalty programs across the country, or an average of 18 memberships per household.
Mall kiosks, with their relatively low overhead, small inventory requirements, 360-degree exposure and high foot traffic, have been a boon to many retailers. Their low start-up cost and attractive lease options can be an effective way to counter the growth in online purchasing in today’s volatile economic environment.
Smartphones have become an integral part of our lives. Now, they may even replace our credit cards, debit cards, and cash.
Google Wallet and Apple Pay (and the technology they rely on to work) are two new high tech applications that customers can use to pay for goods and services at brick and mortar businesses. But, are your customers using them, and is investing in the new technology a smart business move?
Shoplifting is an all-too-common occurrence for many retailers. However, different types of businesses are more likely to be targeted than others, and the time of year also plays a role in shoplifting incidents. What time of year is your business most under threat of theft?
Providing excellent customer service should be a top priority for every business, no matter how large or small the company is. Businesses depend on satisfied customers to survive. In fact, research has proven that:
Video analytics is an excellent way to increase store profits, monitor and reward employee performance, and improve the customer experience in any retail operation. The insights that video surveillance can provide go well beyond counting bodies and even a cursory examination of how video-driven analytics can boost your retail operation’s performance demonstrates the value and benefits that these data-driven acuities can serve to your place of business. Here are a few ways that key video-driven observations about your retail operation can help improve your bottom line.