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 Related Topics 
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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.”
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Shrink rates remain steady as a percentage of sales
Retail Wire
JANUARY 19, 2023
Retailers have pointed to a rise in organized retail crime as a prime driver of shrinkage in the U.S. The average shrink rate as a percentage of retail sales was 1.4 percent in 2021, down from 1.6 percent in 2020, based on National Retail Federation figures.
How retailers can combat shrink and create an enjoyable shopping experience
Inside Retail
JUNE 6, 2021
Retailers face continual challenges with increasingly sophisticated shoplifters causing in-store ‘shrinkage’. The FoxTag detacher is designed with additional security features to help reduce stock shrinkage and increase store profitability.
Loss Prevention & Profit Protection Workshop Online
DMS Retail
AUGUST 17, 2021
Now is the time to double down on your commitment to strength in LP. We need to SAVE every single penny!! Coming up … Two 3-hour sessions from 9 a.m. – 12 noon Eastern One on Tuesday, Aug. 24th and one on Thursday, Aug. 26th.
Detego Offers An RFID-Powered Factory-To-Store Shipment Validation Tool
Retail TouchPoints
JUNE 25, 2020
Using the Detego platform to help track every ‘read event’ relating to an individual item can help retailers prevent shrinkage and improve delivery time transparency for DTC orders.
“It’s taking a toll”: How retail theft is changing, and what to do about it
Inside Retail
FEBRUARY 15, 2023
In the US, for example, department store Target recently blamed a US$593 million reduction in its gross profit on organised retail crime, with shrinkage causing its profit margin to fall by around US$400 million. “We Crime has always been an issue in retail.
Commonsense answer needed for retail crime
Mass Relators
DECEMBER 12, 2022
Fueled by a surge in organized retail crime, shrinkage costs the industry almost $100 billion a year, according to National Retail Federation’s “2022 Retail Security Survey.”
Inventory management for efficiency and experience
I Vend
FEBRUARY 6, 2023
Reduce spoilage and shrinkage – carrying excess stock of perishable or seasonal items risks those goods becoming unsaleable (except, perhaps at a large discount). Mis-recorded, mis-counted or misplaced inventory accounts for just over 25% ++ of shrinkage.
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). Maximise. It’s a powerful word in business.
Effective Ways to Utilize Video Surveillance
Independent Retailer
JULY 8, 2021
According to the 2020 National Retail Security Survey , retail theft, or shrinkage, is at an all-time high. In fact, in 2019, shrinkage accounted for an average rate of two percent of inventory, calculated at retail, costing the industry a record $62 billion. by Patrick Chown.
Checkpoint reveals new RF label that slashes shrink on metallic items by up to 50%
365 Retail
MAY 3, 2022
During a series of trials at retailers around the world, the Metal Label delivered incredible results – reducing shrinkage across all product types, including canned tuna, baby formula, deodorants, face creams and foil-lined coffee products.
Effective Ways to Utilize Video Surveillance
Independent Retailer
JULY 8, 2021
According to the 2020 National Retail Security Survey , retail theft, or shrinkage, is at an all-time high. In fact, in 2019, shrinkage accounted for an average rate of two percent of inventory, calculated at retail, costing the industry a record $62 billion. by Patrick Chown.
How to Deliver a Flawless In-Store Customer Experience
Independent Retailer
JULY 29, 2022
According to the NRF National Retail Study 2018 , inventory shrinkage costs the U.S. RFID is rapidly gaining implementation within the retail sector and is a key technology applied to aid business operations.
5G in Retail: Creating the WOW factor
Retail TouchPoints
FEBRUARY 21, 2023
5G can reduce wasted time and prevent inventory shrinkage, providing retailers with cost savings. The Cambridge Dictionary defines the wow factor as a quality that makes someone feel great excitement or admiration.
How Quick Service Restaurants Can Find Growth Opportunities
Wiser
JUNE 23, 2020
Reduce Shrinkage. Shrinkage occurs when inventory goes missing, or shrinks, due to employee theft, customer theft, vendor fraud, or cashier error. Whether it’s inadvertent or intentional, shrinkage can be a major obstacle to growth if left unchecked.
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
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. There needs to be a more achievable way to improve the retail experience, reduce shrinkage and expand the sector’s technological capacity for more advanced adoptions later down the line. By Ofri Ben Porat, Chief Executive Officer at Edgify.
How Retailers Meet Tough Challenges Using NVIDIA AI
Nvidia
JANUARY 13, 2022
NVIDIA partners Everseen and Graymatics provide asset protection applications at the point of sale to reduce shrinkage and provide customers a faster self-checkout experience.
The Future of Ecommerce Demands a Better Understanding of Online Consumer Journeys
Retail TouchPoints
NOVEMBER 10, 2022
That lens could include category sales share, unit volume/share, percent of ad sales versus total sales, percentage of ecom sales versus total sales, Total Advertising Cost of Sale ( TACoS) and competitor growth/shrinkage, which are all viable KPIs with varying levels of available measurement.
How Acmé de la Vie is riding the Korean wave around the world
Inside Retail
DECEMBER 16, 2021
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. In the fashion industry, Korea has a reputation for being at the forefront of trends.
‘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
Video is Not Just for Security Cams Anymore
Retail TouchPoints
NOVEMBER 23, 2022
AI-powered solutions with object and people detection can help retailers reduce shrinkage and improve safe shopping conditions. Mention the words retail and video in the same sentence to any merchant and right away they think security cams, grainy low-res images and theft prevention.
Avoiding Stockouts: 5 Preventable Causes of Out-of-Stocks and What to Do About Them
Retail Times
MARCH 30, 2021
For more information on how to reduce shrinkage, see our previous post on beefing up security and preventing loss in your store. Stockouts almost always make it to the “worst nightmare” lists of retailers, and for good reason.
How 5G Will Power a New Retail Experience
Retail TouchPoints
OCTOBER 25, 2021
The increased bandwidth from 5G provides 360-degree visibility across the entire supply chain, removing much of the friction from existing processes and reducing losses such as inventory shrinkage.
Retail’s use of facial recognition raises red flags for consumers
Inside Retail
JUNE 28, 2022
The software is used to gather evidence on repeat offenders, and is largely used to prevent theft and shrinkage. In the world of modern retail, it’s clear that customer data is king.
Retail’s Last-Mile Challenge
Retail TouchPoints
MAY 6, 2021
Competitive companies rely on focus and understanding their core competencies, solving tasks such as shrinkage and stock-out, and then taking those savings to tackle larger AI projects.
Loss Prevention & Fraud Detection in Retail
Cisco Retail
MAY 25, 2022
Shrinkage means the retailer has less physical inventory than their system reflects. In an industry known for its tight margins, any loss in retail is significant. Retailers often need to sell many multiples of an item to breakeven on a single loss.
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. . Are there ghosts haunting your shelves? No, not real-life ghosts: phantom inventory. Walk through the aisles and see empty shelves and out-of-stock products. Check the system and see that everything looks good. It looks like there is enough inventory in the back room and on the shelves to meet demand. But your eyes don’t lie. Something is off. .
Smaller Spaces, Bigger Tech and Optimized CX
Retail TouchPoints
JUNE 15, 2022
To curb shrinkage, self-pay via an app is used to let shoppers and guests purchase items themselves.
Stoyan Kenderov on Preparing Your Business for Recession
Small Biz Trends
JULY 26, 2022
It causes monetary shrinkage to income and manufacturers, along with other businesses for an extended period of time. ? It’s nice when everything comes together for a video like it did with this one.
#TBT: Service Merchandise Was the OG Multi-Channel Shopping Experience
Retail TouchPoints
AUGUST 30, 2021
The catalog showroom approach was based on the idea that it reduced the risk of merchandise theft (known in the industry as shrinkage), while also enabling customers to shop without the inconvenience of carrying purchases throughout the store while you were still browsing.
3 Customer Experience Predictions for 2022
Frank Mayer
JANUARY 14, 2022
Not only is autonomous checkout a huge convenience to customers who want a frictionless shopping trip, but this technology also cuts down on shrinkage because of its very nature to recognize items being selected from shelves,” Lesniak adds.
5 Real-World Ways 5G Will Transform Retail
Retail TouchPoints
MAY 31, 2022
Additionally, we’re able to look at what are the highly trafficked areas and what are the focus spots [in the store] to reduce shrinkage and optimize employee staffing ,” she added. 5G is the talk of the town these days — up there with Web3 and the metaverse.
Interactive Mirror Allows Retail Customers to Virtually “Try On” Clothing
VMS
DECEMBER 7, 2021
The benefits, note Bissell, are many: “No fitting rooms means dramatically reduced shrinkage. (PRESS RELEASE) CALGARY, AB – Retail clothing stores of the future will likely have fewer clothes, checkout stations, fitting rooms, employees—and square footage.
Everything You Need to Know About Keystone Pricing
Wiser
JANUARY 12, 2021
If you’re selling a big-ticket item with low turnover and high shipping and shrinkage costs , you might end up actually eroding your margin with keystone pricing. There’s an old saying that goes, “the perfect is the enemy of the good.”.
Insider Threat: Economic hardship requires fresh thinking to manage and mitigate internal risk
365 Retail
JUNE 28, 2022
In terms of the volume of incidents, internal theft accounts for over 22% of UK retail shrinkage according to the Centre for Retail Research. As the cost-of-living crisis deepens, many will already be feeling the pinch, and with a possible recession ahead, there may be worse to come.
Jason & Scot Show Episode 282 – Cyberweek Recap with Salesforce’s Rob Garf
Retail Geek
NOVEMBER 30, 2021
we saw a shrinkage of 6% of product catalogs so retailers are being conservative. A weekly podcast with the latest e-commerce news and events. Episode 282 is a breakdown of November Holiday and CyberWeek sales with Rob Garf, VP and GM, Retail at SalesforceVP and GM, Retail at Salesforce.
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