According to the National Association for Shoplifting Prevention, approximately 27 million people throughout the country can be classified as shoplifters. That’s 1 out of 11 people, and over 10 million people have been caught in the act over the last five years. While there isn’t a standard profile of a typical offender (men and women are equally as likely to commit the crime, for example) there are many common items that shoplifters focus on. Knowing which products to keep a careful eye on is an important step to prevent unnecessary profit losses.
There’s an old saying, “A workman is only as good as his tools.” In today’s increasingly challenging retail environment—one in which 4 out of 5 employees steal from their employers—loss prevention managers without a deep toolbox will find themselves woefully behind the curve. At Envysion, our offerings include the five most important tools every LP manager needs to ensure that profit trumps theft and fraud.
To finish this series on video intelligence, video surveillance is most commonly seen as a tool for identifying negatives, like shoplifting and employee theft, but it can also be an excellent way to show staff that you understand the things they’re excelling at.
Anyone who follows current events knows that this has been a stellar year for hackers—over the last 12 months, several big name retailers including Home Depot, Michaels and Target have all experienced breaches of sensitive consumer data. According to Forbes.com1, Target estimates that the data breach to their company represents a net loss of $148 million dollars to shareholders. And of course, it’s nearly impossible to calculate the longer-term financial impact due to loss of consumer confidence.
Today’s consumers have more choices and are more informed than ever before. They use mobile devices to compare prices while in-store and use coupons or flash sale websites to find the best deal. As a brick and mortar retailer in this hyper-competitive marketplace, you face increased pressure to improve sales and reduce costs to grow profits – and that means you must focus on generating more revenue from existing customers while continuing to add new customers.