Loss Prevention

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…

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…

Organized retail crime (ORC) is a plague that's spreading. It's infecting retailers, customers, stores, and online marketplaces. It has no cure, and retailers are forced to treat the symptoms with higher prices, increased security, and reduced hours. ORC starts in stores, cargo bays and other physical locations. Professional thieves steal thousands of dollars’ worth of…

The second half of 2021 saw 35.5 billion online transactions processed with a global growth in volume of 44 percent year-over-year (YoY), according to a recent LexisNexis® Risk Solutions study. The study illustrated that accelerated digitalization, fueled by the pandemic, continues across a multitude of different demographics and geographies. This change in consumer mentality and…

Digital technologies have spurred the rise of resellers — individuals and organizations that look for opportunities and use bots to purchase goods instantly and at scale. Resellers may purchase discontinued or discounted merchandise, but often target the hottest items that consumers are waiting to purchase. And they’re dominating the fashion, technology, events and travel industries,…

Ransomware in retail is arguably the closest the public gets to seeing the devastation of cyberattacks. One day everything at the local grocery store is normal; the next, it can’t process card payments, restock shelves or perform even the simplest of automated tasks. One week, children are enjoying their favorite snacks; the next, the products…

Buy now, pay later (BNPL) companies are the new normal online, having quickly become a $100 billion industry in the past few years. This growth is attracting more users, companies and investors to the sector. Unfortunately, fraudsters will also inevitably follow suit, so the industry must remain vigilant. This article offers insights into how BNPL…