According to the Global Retail Theft Barometer, an annual retail industry study, employee theft accounts for more than 40% of lost revenue, much greater than the losses associated with customer theft. Add this to the high employee turnover rates in many segments of the retail industry, and your ability to retain talented, committed and honest employees can mean the difference between a marginally successful business and a thriving enterprise.
Envysion’s managed video solution gives wireless retailers unprecedented visibility into store operations, suspicious transactions, and customer experience. Plus, Envysion is the only managed video solution that integrates with iQmetrix RQ POS. See the full picture of what's really happening in your stores with data + video integration from Envysion and iQmetrix.
As a wireless retailer, you likely know that theft and fraud can cost you tens of thousands of dollars each month — at each store. With already-tight margins, you need to protect your revenues, and that means stopping theft and fraud — both employee and external — in their tracks. But, you likely don’t have the time or money to visit every store or watch hours and hours of surveillance video.
Running a wireless retail operation is a huge challenge, and one that requires a fool-proof loss prevention strategy. The high cost and relative mobility of retail wireless electronics makes them a very attractive target for thieves, shoplifters, robbery and even unscrupulous employees. Here's why your team needs a loss prevention team.
As of November 2015, the latest Global Retail Theft Barometer Study found that U.S. retail shrinkage as a total percentage of sales is up. Shrink, which includes shoplifting, employee fraud, supplier fraud, and administrative errors increased from 1.28% of sales in 2013-2014, to 1.97% of sales during 2014-2015.
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.
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.
If you own or manage one or more wireless retail locations, you know the importance of having visibility into your store operations. To achieve that, you probably employ some sort of mystery shopping service or technique which reports back an isolated perspective of an individual customer’s experience. However, there could be problems with this approach, both include information you’re receiving and in your ability to effectively measure, react and correct the results.
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.