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From a risk and compliance perspective, defense, finance, tech, and healthcare are generally thought of as the riskiest industries but the retail sector is more vulnerable than it might appear. Mitigating those risks is important but food safety might be the most important of all.
At the same time, a rigid strategy like no receipt, no returns can sour loyal customers as well as drive fraudsters toward new criminal tactics, forcing lossprevention teams to continually change strategies. New Data Highlights the Significant Challenge of Retail Returns Retail returns will always come at a cost for retailers.
And process returns of stuff people don’t want! Follow evolving protocols as they relate to lossprevention. Customer and product information at their fingertips What are some of the functionalities and data that your POS system needs to serve up? This is one situation you want to avoid at all costs.
Artificial intelligence has revolutionized the way businesses and individuals operate by using data to power tools that can analyze, respond, predict and create in a manner similar to the human brain. These types of uses should be carefully implemented to ensure compliance with relevant privacy laws. Bias concerns.
As ecommerce losses from online payment fraud surge toward $48 billion annually, it’s crucial for organizations to leverage advanced technologies to stay ahead of these bad actors. A sudden spree of small electronics purchases from different vendors at a new location could indicate account compromise.
At the heart of Gecks offering is the UltimateShopper Plus , a pioneering smart shopping trolley that enhances the shopping experience while giving retailers a competitive edge. This system helps prevent theft and reduces stock losses, all while maintaining full GDPR compliance.
As the tactics behind these crimes become increasingly sophisticated, and customer expectations for in-store experiences are higher than ever, retailers are finding it more difficult to protect their assets while maintaining great service. Chamber of Commerce indicates that 75% of all employees have stolen from their employer at least once.
Daniel’s Jewelers has been at the center of it all, although from the perspective of Sherwood’s grandson David, who now runs the company, the things that matter most have changed very little over the decades. His father and uncle, who were running the company at that time, were ready to retire, so David was brought in to help find a buyer.
That way you can transition to the cloud at your own pace if desired. Automated security policies and scheduled compliance reviews lighten your security team’s workload while reducing the potential for security breaches caused by credential abuse. Thomas is a member of the LossPrevention Magazine Advisory Board.
Even before the pandemic completely upended the world economy, how consumers shopped had been changing — and mobile devices were at the forefront of that change. Mobile devices have become powerful payment instruments, on the way to replacing traditional cards for in-store purchases in many markets around the globe.
According to the 2022 Organized Retail Crime Survey from the National Retail Federation, in partnership with Appriss Retail and the LossPrevention Research Council, for every $1 billion in revenue that a U.S. Organized retail crime is a growing problem. retailer makes, more than $700,000 is lost due to ORC.
Technology — specifically edge computing — provides the foundation for a better customer experience, real-time inventory management, enhanced security and lossprevention and in-store analytics. Innovations have slowed since then, but edge computing will usher in a new wave of personalization and self-service for modern shoppers.
Depending on if your location is accessible from the street, operating inside of a mall, a supermarket or even an airport, your security design should reflect this location. When designing your retail space, where and how you use security cameras is key to lossprevention.
The Retail Technology Show 2025 lands at the ExCeL next week, promising two days of unmissable insights, innovation, and inspiration for every corner of the retail ecosystem. Expect sharp analysis, practical strategies, and a candid look at how retailers can navigate a world where tech is both a lifesaver and a landmine.
Back in 2022, the message was clear — retail crime was on the rise : “There’s no two ways about it,” said Gautham Vadakkepatt, Director of the Center for Retail Transformation at the George Mason University School of Business in an interview with Retail TouchPoints. Additionally, definitions remain vague.
The more a business knows about what its customer needs, does, and expects of them, the better its services can be tailored to give them what they want. This, compounded by the fact that most are disappointed in the service they get for sharing said data, is creating tension between retailers and customers.
But backrooms filled up, investment money dried up, inflation cut into consumable income, workers sought to organize and lossprevention became a top-of-mind concern. Mid-year, Walmart announced that its profits were sinking – an attempt at transparency aimed at calming investors and soothing shoppers. Happy New Year.
percent during 2020, but online returns are in line with recent years at an average of 20.8 percent) and home improvement and housewares (tied at 11.5 The most common types of payment used during the original purchase that led to a return were credit cards (22.78 The 2021 total rate of returns (16.6 percent) is up from 10.6
You don’t want to get a bad reputation among fellow business owners as someone who is always late on payments. However, that doesn’t mean you shouldn’t be looking at the books yourself. Shop Around to Lower Credit Card Service Fees. That’s because credit card companies all charge a small processing fee.
Having increased senior retail visitor numbers by 45% year-on-year in 2023 with almost 10,000 industry decision-makers attending RTS last year, the Retail Technology Show will be back bigger, better and bolder at London’s Olympia on 24-25 April 2024 in what promises to be a spellbinding event.
Having increased senior retail visitor numbers by 45 percent year-on-year in 2023 with almost 10,000 industry decision-makers attending RTS last year, the Retail Technology Show will be back bigger, better and bolder at London’s Olympia on 24 th – 25 th April 2024 in what promises to be a spellbinding event.
Guest Blog by Sarah Hughes , Co-founder & Director at Datitude. Awareness, appeal and adoption remain low overall and squeezed tech and marketing budgets are likely to be directed towards excelling at the fundamentals – having the right product at the right price, in the right channel at the right time for the right customer. .
A retail fulfillment process that is known as BOPIS — Buy Online, Pickup In-Store. Adopting BOPIS can be challenging so we’ll explain how you can successfully merge your online and physical store operations. Customers stay in their vehicles at designated parking spots, and employees bring their purchases out to the car.
Inferring meaningful information from digital images and videos: retailers’ hopes to have a new, highly efficient tool against shoplifting, loss and organised crime in future are based on Computer Vision, a sub-segment of Artificial Intelligence (AI). The camera points at the scan area of the self-checkout terminal.
By Tricia McKinnon and Ben Rudolph When speaking about when Apple first launched the Apple store Ron Johnson, Apple’s former SVP of retail said : “when we launched retail [at Apple], I got this group together, people from a variety of walks of life.” “As Nordstrom is betting on services to provide a great customer experience.
At least 1 top 20 retailer launches a digital in-store ad network YES AI is even hotter at end of 2024 than now. YES Bifurcation drives at least two more retail bankruptcies, including 1 national specialty retailer, and one general merchandise/dept store. Temu US gets to at least 75% of target US E-Com. No Jason Score: 3.0
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