The Boon and Bane of Self-Checkout for Retailers
Retail Wire
DECEMBER 8, 2023
Retailers appreciate the allure of self-checkout. However, the elevated rate of inventory shrinkage is a pressing concern in the retail industry.
retail retail-shrinkage 
New merchandise offering boosts The Reject Shop’s top line
Inside Retail
FEBRUARY 21, 2024
Discount variety retailer The Reject Shop has reported sales of $458.3 Despite “challenging trading conditions”, the retailer generated over 1.2 Like many Australian retailers, The Reject Shop is facing some near-term margin pressure from higher shrinkage and rising costs. million for the first half of FY24, a 4.2
Shrinkage 
255
255 Join 38,000+
Insiders
Sign Up for our Newsletter
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Trending Sources
How Best Buy Is Winning the War Against Retail Theft
Retail Wire
SEPTEMBER 1, 2023
While major retailers like Target, Walmart, and Dick’s have raised concerns about rising retail theft, Best Buy has managed to maintain a stable rate of shrinkage, according to CEO Corie Barry.
Shrinkage 100
100 
99 Cents Only to Close All 371 Locations, Hold Liquidation Sale in Business Wind-Down
Retail TouchPoints
APRIL 5, 2024
Rising wages, inflation and higher losses due to shrinkage are among the culprits, said Thomas, particularly in the case of 99 Cents Only, which has a large base of stores in California, a state that has been leading the way in minimum wage increases.
Location 253
253 
How Retailers can Combat Inventory Shrinkage with Drone-Powered Warehouse Monitoring
Retail TouchPoints
JANUARY 10, 2024
There’s been a lot of talk recently about retailers reporting lower-than-expected earnings due to inventory shrinkage. According to the Corporate Finance Institute , “Inventory shrinkage occurs when the number of products in stock are fewer than those recorded on the inventory list. What does this mean exactly?
Shrinkage 299
299 
Shrink rates remain steady as a percentage of sales
Retail Wire
JANUARY 19, 2023
The average shrink rate as a percentage of retail sales was 1.4 percent in 2020, based on National Retail Federation figures. Retailers have pointed to a rise in organized retail crime as a prime driver of shrinkage in the U.S. percent in 2021, down from 1.6
Shrinkage 130
130 Shrinkage 130
130 
Shrink increases with more shoppers and thieves in stores
Retail Wire
MARCH 13, 2023
Retailers have reported a rise in shrinkage at the same time that more people are going to stores to shop. “We definitely had an uptick since last year,” Macy’s CEO Jeff Gennette said on the retailer’s earnings call. “It’s an industrywide trend.”
Shrinkage 130
130 
Focus: UPS and FedEx Customers Regain Upper Hand in Delivery Price Battle
Retail Wire
OCTOBER 3, 2023
retailers and other delivery customers are gaining the upper hand in negotiations with UPS and FedEx, securing discounts, a reversal from 2021 and the first half of 2022. Demand shrinkage has led both companies to fight for business, resulting in opportunities for customers to reduce shipping costs. After more than four years, U.S.
Shrinkage 113
113 
Kmart MD talks Target merger, shrinkage, and adapting to customer behaviour
Inside Retail
AUGUST 27, 2023
While value for money is undoubtedly a large focus for retailers moving forward, stamping out shrinkage is another. Bailey, however, noted that while Kmart Group also saw shrinkage increase year-over-year it is “still well within the normal range”. Target of theft ?
Shrinkage 130
130 
Detego Offers An RFID-Powered Factory-To-Store Shipment Validation Tool
Retail TouchPoints
JUNE 25, 2020
Detego , an RFID software solution provider for fashion and sports retailers, has launched tools that validate factory shipments at the item level, to help prevent shipping errors and provide complete traceability throughout the supply chain.
Shrinkage 264
264 
How retailers can combat shrink and create an enjoyable shopping experience
Inside Retail
JUNE 6, 2021
Retail profitability can be critically impacted through stock loss with inferior or outdated protection systems. Retailers face continual challenges with increasingly sophisticated shoplifters causing in-store ‘shrinkage’. The result is costing retailers billions in stock loss each year.
Loss Prevention 243
243 
How smart new technologies are improving sales and reducing costs for retailers
Inside Retail
JANUARY 30, 2024
Retailers worldwide may be facing challenging times right now, but the evolution of technology – including the deployment of AI – is opening the way to dramatic improvements in productivity at all stages of the retail business model.
Loss Prevention 147
147 
Shrink costs retailers over $94B in 2021: NRF
Retail Dive
SEPTEMBER 16, 2022
In response to shrinkage concerns, retailers expect to spend more on loss prevention and technology, a new NRF survey found.
Shrinkage 114
114 
John Lewis redundancies are paving way for ‘better quality jobs’, says director
Retail Gazette
FEBRUARY 28, 2024
Naomi Simcock said the retailer’s investment into driving efficiencies across certain areas of the business had allowed it to create more purposeful roles. Simcock said headsets being worn by staff in some Waitrose stores was helping to increase customer metrics, reduce shrinkage and help employees “feel safer”.
Shrinkage 99
99 
Co-op lost £70m to shoplifting in 2023 as it uses AI to stop self-checkout theft
Retail Gazette
APRIL 4, 2024
Retail crime cost The Co-op £70m last year, according to food managing director Matt Hood, as the mutual turns to AI to stamp out theft at self-checkouts. Last year, we experienced something like £70m worth of loss because of the ongoing retail crime epidemic. Click here to sign up to Retail Gazette‘s free daily email newsletter
Checkout 126
126 
Trigo: how retailers can use autonomous retail technology to reduce shoplifting
Retail Times
NOVEMBER 27, 2023
Retail Times publishes international & UK retail news covering products, data, tech, packaging, people, research, comment and more besides! Retail Times - Retail news, reports, analysis & comment
Shrinkage 52
52 
How to maximise your retail profits with cash recycling
Inside Retail
MARCH 4, 2022
Maximise profits, minimise shrinkage. Shrinkage is a problem that affects up to 95 per cent of all businesses, and it hurts everyone (business owners, employees, customers). The post How to maximise your retail profits with cash recycling appeared first on Inside Retail. Cash-In-Transit (CIT) services. Banking fees.
Shrinkage 162
162 
“It’s taking a toll”: How retail theft is changing, and what to do about it
Inside Retail
FEBRUARY 15, 2023
Crime has always been an issue in retail. However, the last few years have seen significant levels of crime hitting the retail industry in several key ways. We know we’re not alone across retail in seeing a trend that I think has gotten increasingly worse over the last 12 to 18 months,” Target CFO Michael Fiddelke said.
Shrinkage 245
245 
More than plexiglass: Experts weigh in on rising retail crime rate in US
Inside Retail
MAY 25, 2023
Retail crime in the US is becoming a real issue that is hurting the profitability of major businesses. Most recently, Brian Cornell, chair and CEO of Target Corporation stated that theft and organised retail crime is expected to reduce the company’s profitability by more than US$500 million compared with last year. Closing stores is.
Shrinkage 130
130 
How 5G Will Power a New Retail Experience
Retail TouchPoints
OCTOBER 25, 2021
The rollout of 5G has the potential to transform the retail industry by ushering in a new era of connectivity and experience. The advancements it supports should alleviate many of the challenges that retailers have endured during the pandemic. By creating deeper, personalized experiences, retailers will be able to increase sales.
Payment Services 316
316 
5G in Retail: Creating the WOW factor
Retail TouchPoints
FEBRUARY 21, 2023
In retail, the wow factor refers to the business’ ability to amaze customers and convert them into store or brand admirers. A recent study from Wharton’s Baker Retailing Center and The Verde Group found that retailers can increase shopper repurchase intent by nearly 60% by delivering a great experience.
Sporting Goods 257
257 
Retail’s Last-Mile Challenge
Retail TouchPoints
MAY 6, 2021
trillion global retail industry in a state of flux. Arcadia Group’s Topshop, Bon Marche, Debenhams and TM Lewin are just a sampling of the iconic names among 60 UK retailers that have failed so far through the pandemic — representing nearly 6,500 stores and 129,000 employees. That delivery segment cost retailers $30.2
Fulfillment 343
343 
Key Takeaways from the Wiser Industry Leaders Brand Panel: Challenges and Adaptations
Wiser
FEBRUARY 29, 2024
Navigating the current retail landscape presents a unique set of challenges that retailers and brand manufacturers must face. One crucial theme addressed during a recent Customer Panel hosted by Wiser Solutions concerned the deficit of labor resources within the retail sector.
Shrinkage 78
78 
Checkpoint reveals new RF label that slashes shrink on metallic items by up to 50%
365 Retail
MAY 3, 2022
Delivering a shrink reduction of up to 50% during trials with leading US and European retailers, the Checkpoint RF Metal Ô Label will give retailers even more options when it comes to protecting metallic items. Ivan Gosling, Global Product Manager at Checkpoint Systems , commented: “This label is a game-changer for retailers.
Shrinkage 52
52 
Different Things to Consider Outsourcing in Your Retail Business (and Why)
Retail Focus
AUGUST 8, 2023
Running a successful retail business involves juggling multiple tasks and responsibilities. In this article, we explore different aspects of retail business operations that you should consider outsourcing. Order Fulfillment When outsourcing, retailers can benefit from streamlined inventory management, order processing, and shipping.
Loss Prevention 130
130 
As warehouses get greener, demand for eco-friendly packaging is soaring
Inside Retail
NOVEMBER 15, 2022
Saar Davidi, innovation director, automation, at Ranpak says a combination of new technologies and sustainable materials is making it easier for marketplaces and retailers to satisfy consumer expectations – and suggests that those not taking advantage of them are potentially leaving cost savings on the table.
Drop-Shipping 246
246 
Effective Ways to Utilize Video Surveillance
Independent Retailer
JULY 8, 2021
The retail industry, like any other sector dealing with the COVID-19 pandemic, has seen its fair share of difficulties. As if dealing with the challenges of a pandemic was not difficult enough, retail stores are also dealing with increased security challenges. Remotely Manage Retail Locations. Reduce Retail Theft .
The Future of Ecommerce Demands a Better Understanding of Online Consumer Journeys
Retail TouchPoints
NOVEMBER 10, 2022
Global ecommerce rose from 15% of total retail sales in 2019 to 21% in 2021. While that may seem odd to say, given the extent that ecommerce now pervades most consumers’ everyday shopping, the current hot take from some industry analysts is that ecom growth has slowed and brick-and-mortar retail is on the rise.
Consumer 306
306 
Commonsense answer needed for retail crime
Mass Relators
DECEMBER 12, 2022
The newfound willingness of executives to publicly discuss retail crime and its impact on consumers is a welcome development. Walmart CEO Doug McMillon is the latest in a series of industry leaders — a group that includes Andre Persaud, Rite Aid’s chief retail officer, and Target CFO Michael Fiddelke — to address the problem.
Shrinkage 52
52 
Effective Ways to Utilize Video Surveillance
Independent Retailer
JULY 8, 2021
The retail industry, like any other sector dealing with the COVID-19 pandemic, has seen its fair share of difficulties. As if dealing with the challenges of a pandemic was not difficult enough, retail stores are also dealing with increased security challenges. Remotely Manage Retail Locations. Reduce Retail Theft .
ARA CEO Paul Zahra talks tackling retail’s mental health crisis
Inside Retail
SEPTEMBER 20, 2023
A recent survey from the Australian Retailers Association (ARA) reflected the concerning state of mental health within the retail industry , with a range of pressures – including, but not limited, to rising cost of living, customer aggression, climate change impacts and retail crime – exacerbating these outcomes.
Shrinkage 130
130 
Smaller Spaces, Bigger Tech and Optimized CX
Retail TouchPoints
JUNE 15, 2022
Still, many retailers are opening fewer and often smaller stores with increasing expectations for top-notch experiences. So how then do retailers balance the reduction of footprints with heightened CX? To curb shrinkage, self-pay via an app is used to let shoppers and guests purchase items themselves. AR and the Metaverse.
Payment Services 264
264 
Don’t Blame Shrinkage: Why Poor Digital Strategy Might Be Responsible for Retail Uncertainty
365 Retail
OCTOBER 12, 2023
Don’t Blame Shrinkage: Why Poor Digital Strategy Might Be Responsible for Retail Uncertainty While retail is a cyclical industry, it’s important to be honest about transformations, negative and positive, in the industry. How, then, do retailers create a more “activist” frontline? Certainly, these elements make an impact.
Shrinkage 115
115 
How to Deliver a Flawless In-Store Customer Experience
Independent Retailer
JULY 29, 2022
RFID is rapidly gaining implementation within the retail sector and is a key technology applied to aid business operations. RFID technology allows retailers to gain a greater view of their on-hand inventory with 93-99 percent inventory accuracy by scanning hundreds of items within seconds. by Dean Frew. by Dean Frew.
5 Real-World Ways 5G Will Transform Retail
Retail TouchPoints
MAY 31, 2022
So what can retailers do with 5G? 5G is really three things — speed , latency and massive connectivity ,” said Michael Colaneri, a 30-year AT&T veteran who now leads the telecom’s retail business vertical. a retail store] with their own custom networks. So What Does All This Mean for Retail? “I What is 5G, Really?
‘Not acceptable’: Drakes director exposes rising cost of retail theft
Inside Retail
MAY 19, 2021
We lose approximately $10 million a year on shrinkage – that covers a range of things but the majority of that is goods that are unaccountable,” Drake said. “It’s Retail theft is, of course, a much bigger problem that’s not confined to Drakes Supermarkets. “My It’s happening in all stores and it’s weekly.
Shrinkage 147
147 
How Quick Service Restaurants Can Find Growth Opportunities
Wiser
JUNE 23, 2020
One way to start collecting and analyzing customer feedback is through a retail auditing platform. Reduce Shrinkage. Shrinkage occurs when inventory goes missing, or shrinks, due to employee theft, customer theft, vendor fraud, or cashier error.
Why Every Café and Coffee Shop Needs a Linerless Sticky Label Printer
Star Miconics
APRIL 12, 2024
Modern Labeling Technology The teams at these shops must ensure they work accurately; mistakes and shrinkage can account for 4-10% of inventory loss. By using linerless sticky labels, your business can enhance order accuracy, significantly reducing shrinkage and boosting profitability.
Shopping 59
59 
While tech giants have their heads in the clouds, this is why other retailers don’t need to follow suit
A1 Retail
OCTOBER 12, 2021
As counterintuitive as it is, we all know losses are an accepted norm in retailing. Loss prevention teams call this inevitable outcome “external shrinkage”. Which is why it is so encouraging to see retailers utilising new technology to reduce the impact of shrinkage. These barriers do not mean retailers can’t innovate.
Shrinkage 40
40 
#TBT: Service Merchandise Was the OG Multi-Channel Shopping Experience
Retail TouchPoints
AUGUST 30, 2021
During the 1970s and 1980s, Service Merchandise was a leading catalog-showroom retailer. In addition to jewelry and catalog showroom display items, Service Merchandise also had several self-service items that were located on shelves and taken by the customer to checkout as in a traditional retail store. Ahead of its Time.
Payment Services 277
277 
Kroger’s Q4 earnings beat expectations
Mass Relators
MARCH 7, 2024
The retailer reported a $736 million profit on sales of $37.1 “We are increasing customer visits and growing loyal households through the strength of our retail business, which positions Kroger for more ways to drive sustainable future growth. billion for the three-month period. billion in 2023 including $2.7 million to $4.8
Shrinkage 52
52 
How Acmé de la Vie is riding the Korean wave around the world
Inside Retail
DECEMBER 16, 2021
Our goal is to continue leading the streetwear fashion industry and expand our market into Australia, Americas, and Europe,” the brothers told Inside Retail in an email interview. The fabric also goes through a ‘tender’ process to prevent the clothes from losing their shape, and is wetted and dried in a machine to minimise shrinkage.
Shrinkage 130
130 
What Is Phantom Inventory? Here’s How to Spot It
Wiser
APRIL 23, 2019
Shrinkage – Shrinkage occurs when a product is lost due to employee theft, shoplifting, or another unknown reason. . How Phantom Inventory Hurts Retailers . Phantom inventory is a problem for retailers because it generates zero dollars in sales. Here’s How to Spot It appeared first on Wiser Retail Strategies.
Shrinkage 100
100 
The essential metrics your retail POS software can track
I Vend
AUGUST 6, 2023
Reporting has always been important in retail – understanding sales tracking figures, inventory levels and the impact of marketing for example. But in today’s highly competitive, demanding retail world, the weekly or even end of day sales tracking reports that sufficed in the past just don’t cut it any more.
Let's personalize your content