Loss Prevention

According to the National Retail Federation (NRF), retail crime led to over $112 billion in losses in 2022, up from $93.9 billion in 2021. The NRF also reported that the average shrink rate for retailers increased from 1.4 percent to 1.6 percent over that span, with organized retail crime (ORC) cited as one of the…

As the thermometer drops and the holiday season draws closer, that signals the beginning of a slew of opportunities for retailers in the coming months. However, despite the promise of the holiday shopping rush to help retailers’ bottom lines and set businesses on course for a successful new year, it's imperative for them to consider…

Counterfeiting is a pressing concern for businesses globally, transcending all sectors and demographics. It affects the brick-and-mortar, catalog, and e-commerce sectors and undermines customer retention, service, management, merchandising, mobile, and omnichannel integration. It encompasses everything from fake consumer goods to fraudulent copies of digital products. This rising tide of counterfeiting is fueled by an intricate…

Since great store design starts with customer experience, I’ll start there. I went into a popular electronics store for an Apple Watch. There were only two to see. Both were tethered to a “wrist loop” so you could “try them on” by slipping your wrist through the plastic loop that held the watch. So, I…

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…