Loss Prevention

Over the past few years, the importance of bringing loss prevention into the digital age has become increasingly crucial. The British Retail Consortium’s (BRC) 2023 Crime Survey found that the total financial cost of retail crime to UK businesses in 2022 was £1.04 billion, with an average of 867 incidents reported every day. Despite ongoing…

Shoplifting continues to be a growing concern for businesses all across the globe. According to the Office for National Statistics (ONS), shoplifting incidents increased by a staggering 21 percent in the 12 months leading up to March 2022. Today, we’ll explore some of the key reasons why shoplifting frequency is on the rise, as well as exploring…

The Inform Consumers Act, a new law that aims to curb organized retail theft and the sale of counterfeit and harmful products on online platforms, takes effect on Tuesday as more retailers blame theft as a reason for lower profits, reports CNBC. Congress passed the Integrity, Notification, and Fairness in Online Retail Marketplaces for Consumers Act — or the INFORM…

More than half (53 percent) of consumers believe retail crimes such as shoplifting and looting stores have increased in their community since the onset of the pandemic, according to a recent survey released by the National Retail Federation (NRF). The survey, in which the NRF asked consumers a series of questions relating to crime, retail…

Retail theft and organized retail crime (ORC) have been cited as serious problems and the leading cause of inventory shrink by leading retail CEOs during first quarter earnings calls and media interviews over the past week. Indeed, retailers are being hit with a large number of thefts and in some cases are closing stores and pulling out…

We’ve seen this one before: As prices rise and wallets shrink, consumers are changing their habits. However, not every industry is losing out. Shoppers are still spending, but they increasingly need discounts and convenience.  For dollar stores and convenience stores, this is their moment to shine. Here’s what they're up against and how they can keep…

The retail sector has seen dramatic changes in recent years with the rise of online shopping and an isolating pandemic driving an exodus of customers from long-established shared spaces such as malls and movie theaters. Despite less-than-ideal circumstances, many of these trends have challenged traditional brick-and-mortar retailers to rethink how they do business, and some…

In this webinar attendees will hear real-world insights from retail executives on how their businesses are approaching 2023.

Amid evolving consumer preferences and a myriad of business challenges across food retail, organizations have turned to digital transformation as a source of support for their physical supply chain and stores. Among the most prevalent innovative adoptions is the applied use of Internet of Things (IoT) technology. However, as economic volatility has increased and consumer…

Many brands launch gift card programs for all the right reasons: incremental sales, new customer acquisition, brand recognition, build customer loyalty, and more. Plus, consumers thrive on promotions, with 80 percent saying they plan to purchase more gift cards in 2022. However, gift card programs do come with risks. Unfortunately, gift cards are an appealing target…