Every wireless dealer knows the score—the more you sell, the more revenue you generate, and the more likely you are to turn a profit. This is especially true this time of year when holiday sales represent up to 30% of yearly earnings (Source: NRF).
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.
It’s not uncommon for wireless retailers to focus on improving both customer experience and security. And, it makes sense: Satisfied customers are the lifeblood of any retail organization, and reducing losses ultimately contributes to increased profitability. As companies grow, though, it’s not always easy to maintain consistent practices that lead to customer satisfaction and decreased theft.
If you’re tasked with choosing a new video security system for your company, you’ve likely already done some research. You may have learned that today’s video systems aren’t what they used to be. They not only offer features such as Internet-based access to video, and integration with business systems such as point of sale (POS) systems, but they’ve also moved beyond basic video for security to actually helping you increase profits for your company through improved sales and reduced losses.
If your company is like many out there today, you’re likely looking to update your retail video surveillance system. But before you do, there are a few things you should know about your options.
The wireless retail industry faces a big challenge: Wireless dealers are increasingly targeted for theft and fraud because their inventory is so valuable. Security for wireless dealers has become critical for stopping theft and protecting profits.
Many multi-unit companies use outdated commercial video surveillance systems. It’s no wonder – the world of security and video has changed a lot over the years, and multiple generations of systems have evolved in the time it has taken for the outdated ones to die. And, even if your old-school system is difficult to use and limited in what it can do, it may be hard to convince the entire company that it’s worth upgrading to the now-current model. But, I’m here to tell you that video surveillance has come a long way, and it’s worth a fresh look.
Like most retailers, wireless dealers aim for more revenue and reduced loss. But, wireless retailers also must battle shrinking margins on phone sales and the constant threat of wireless chargebacks, robberies and employee theft. As a wireless retailer, how can you train employees to sell more wireless products while guarding your stores against risks? The answer: by moving beyond traditional video surveillance to modern video-based business intelligence (video-based BI).