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NRF Retracts Claim that Organized Retail Crime Accounted for ‘Nearly Half’ of Retail Shrink

Retail TouchPoints

The National Retail Federation (NRF) has updated a report that had attributed “nearly half” of 2021’s $94.5 billion in retail shrink to organized retail crime, saying the data point was part of two-year-old testimony to a U.S. Senate committee by Ben Dugan, former President of the Organized Retail Crime Resource Center.

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Citing Theft and Safety Issues, Target Closes 9 Stores in 4 States

Retail TouchPoints

Theft, both internal and external, accounts for 65% of shrink, although it can reach as high as 70% in certain verticals. reduced specific storesoperating hours; 29.7% reduced or altered in-store product selection; and 28.1% closed specific store locations. billion in losses, up from $93.9 billion in 2021.

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How Edge Computing Enables the Retail Store of the Future

Retail TouchPoints

That’s worrying in an increasingly competitive environment where customer engagement and user experience are becoming more important than ever. Customer Experience It’s been five years since Amazon Go opened to the public, creating the template for the retail store of the future by allowing shoppers to skip the checkout line entirely.

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Amazon Plans Chainwide Rollout of Palm-Based Payments at Whole Foods

Retail TouchPoints

When members of the restaurant’s loyalty program hover their palm over the reader, associates can pull up their MyPanera account information, greet the guest by name and provide a customized experience, including palm-based payment.

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Amazon Launches Anti-Counterfeiting Exchange to Enlist Other Retailers in Fighting Fakes

Retail TouchPoints

However, Amazon did say that through the pilot of ACX, it already has detected hundreds of matching accounts, where the same counterfeiter tried to create selling accounts on Amazon and at least one other store operator. “We

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URBN to Deploy Common Payments Infrastructure Across Brands

Retail TouchPoints

The retailer will deploy the Stripe Terminal at more than 600 stores, and Stripe will simplify online checkout by allowing shoppers to seamlessly pay for items with funds from their bank accounts using Link and Stripe Financial Connections.

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Exclusive: How Daniel’s Jewelers is Using Vision AI to Better Serve its Customers

Retail TouchPoints

I learned to collect accounts from this grumpy old dude, who is now the grumpy old dude running our collections. Unexpected Uses: Accountability and Loss Prevention The RetailNext intel also has been useful to Daniel’s Jewelers’ regional managers, who typically oversee eight to 15 stores, sometimes hundreds of miles apart.