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). Cash-In-Transit (CIT) services. Banking fees. The great news is, all of these costs can be cut, and cut significantly, with cash recycling.

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Shrinkage Payment Services Customer Experience Accounting 162

Retail Wire

OCTOBER 3, 2023

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. 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.

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Shrinkage Shipping 45

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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Shrinkage Shopping ATS 52

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.

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Shrinkage 52

Inside Retail

MAY 25, 2023

Factoring in the roughly US$700 million of inventory shrinkage that occurred in 2022, mainly attributed to retail crime, the company is on track to lose up to a total of US$1.2 billion due to organised retail crime over the past two years alone.

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Shrinkage Loss Prevention Location Consumer 130

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.

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Shrinkage Customer Experience Management ATS 52

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

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Shrinkage Supermarket Department Stores Management 245

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.

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Shrinkage Shipping Fashion Management 105

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.” McMillon told CNBC that Walmart is taking steps to enhance security at vulnerable stores and working with law enforcement agencies to combat shrinkage.

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Shrinkage Loss Prevention Shopping Consumer 52

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.

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Loss Prevention Shrinkage Location Management 98

Retail Focus

AUGUST 8, 2023

Outsourcing security and loss prevention services to professionals can significantly reduce the risk of theft, shoplifting, and inventory shrinkage. Security and Loss Prevention Ensuring the security of your retail store and merchandise is paramount.

Inventory Management 130

Inventory Management Loss Prevention Inventory Turnover Shrinkage 130

Inside Retail

NOVEMBER 15, 2022

An environmentally-friendly paper protection product can also drive a substantial reduction in returns because there is less damage to goods inside the package and less shrinkage, thanks to the boxes being glued rather than taped shut, making it easier to detect tampering.

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Drop-Shipping Shipping Dead-Stock Shrinkage 246

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.

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Loss Prevention Shrinkage Location Management 90

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.

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Payment Services Shrinkage Location Consumer 78

DMS Retail

AUGUST 17, 2021

Receive practical check list and other tools to use when implementing Loss Prevention programs in their organization.

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Loss Prevention Shrinkage Planning Management 59

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.

Inventory Management 77

Inventory Management Management Shrinkage Store Operations 77

Independent Retailer

JULY 29, 2022

According to the NRF National Retail Study 2018 , inventory shrinkage costs the U.S. RFID technology can provide a technological solution to retailers by supplying knowledge of where the item went missing, allowing them to mitigate the impact of shrinkage by adjusting inventory levels to replace missing or out of stock items.

Customer Experience 77

Customer Experience Shrinkage Checkout Inventory Management 77

Inside Retail

SEPTEMBER 20, 2023

With around $9 billion lost each year to retail crime and shrinkage, along with the detrimental effect it is having on frontline retail workers mental health, it’s a priority area to collectively work together towards improving. IR: What would more support for staff to improve mental health outcomes look like in a retail setting?

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Shrinkage Promotions Management Shopping 130

Retail TouchPoints

NOVEMBER 7, 2023

The same retail security survey from NRF found that most retailers experience a shrinkage rate of around 1.4%, which is most often attributed to shoplifting, employee theft and ORC. What’s more, these scenarios are also becoming more blatant in recent months as fraudsters have raided and ransacked department stores.

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Loss Prevention Shrinkage Returns Department Stores 107

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. But it wouldn’t make good business sense to continue to accept this as part of the cost of doing business. The industry limits.

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Shrinkage Loss Prevention Supermarket Checkout 40

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. The brand uses Korean cotton and a special knitting process that maximises the density of cotton and gives the fabric a distinctly luxurious feel. Most ADLV clothing is made in Korea. “We

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Fashion Shrinkage Consumer Shopping 130

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 Incidents of theft are on the rise with Drakes’ 50+ stores across Queensland and South Australia experiencing shoplifting on a weekly basis. “We

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Supermarket Shrinkage Beauty and Health Loss Prevention 147

Cisco Retail

MAY 25, 2022

Shrinkage means the retailer has less physical inventory than their system reflects. The term “shrink” refers to action that negatively impacts the inventory accuracy, and hence, the ability to fully realize potential revenue. The result is they cannot realize the expected revenue based on perceived inventory levels.

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Loss Prevention Shrinkage Returns Point of Sale 142

Retail TouchPoints

AUGUST 4, 2023

While airports are “public spaces” and micro markets have traditionally been in “closed environments,” the risk of shrinkage outweighs the cost of employee overhead, and since people have already been through security this provides a perception of oversight.

Payment Services 93

Payment Services Kiosk Marketing Inventory Management 93

Wiser

APRIL 23, 2019

Shrinkage – Shrinkage occurs when a product is lost due to employee theft, shoplifting, or another unknown reason. . Phantom inventory is particularly challenging because your inventory management system says the products are in-stock, but the shelves are empty. You can’t fix what you don’t know is even a problem.

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Shrinkage Inventory Management Location Fulfillment 71

Inside Retail

JUNE 28, 2022

The software is used to gather evidence on repeat offenders, and is largely used to prevent theft and shrinkage. According to Reddit users, Woolworths and rival Coles use a software called Auror Crime Intelligence that shares data with other retailers on its network as well as collaborating law enforcement agencies.

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Consumer Shrinkage Payment Services Loss Prevention 130

Retail TouchPoints

AUGUST 22, 2023

It took a couple of years to push through the INFORM legislation aimed at reducing ORC, and during that time thousands of stores closed because shrinkage became unacceptable. As the losses from ORC soared into the tens of billions across the U.S.,

Payment Services 95

Payment Services Shrinkage Consumer Accounting 95

Mass Relators

OCTOBER 25, 2023

However, about 80% of retail decision-makers and associates agree store shrinkage and theft is a major issue with self-checkouts. Moving Modern Retail Forward Consumers have high expectations for technology.

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Checkout Payment Services Shopping Returns 52

Retail TouchPoints

FEBRUARY 21, 2023

5G can reduce wasted time and prevent inventory shrinkage, providing retailers with cost savings. Delivery and stocking experiences: 5G can support massive IoT connectivity, which can be used to improve product tracking capabilities. A pallet of goods can be tracked from departure at the manufacturing site through transit to the store.

Sporting Goods 97

Sporting Goods Payment Services Shrinkage Point of Sale 97

VMS

DECEMBER 7, 2021

The benefits, note Bissell, are many: “No fitting rooms means dramatically reduced shrinkage. In the wake of the pandemic, and thanks to innovations like the iMirror, many retailers won’t be bringing back actual fitting rooms. Plus, with no fitting rooms and fewer—or no—checkout counters, a store’s total footprint can be much smaller.

Visual Merchandising 86

Visual Merchandising Shrinkage Checkout Customer Experience 86

Retail TouchPoints

NOVEMBER 23, 2022

AI-powered solutions with object and people detection can help retailers reduce shrinkage and improve safe shopping conditions. The Smart in Smart Video. Organizations worldwide are finding creative new ways to put these capabilities to work.

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Merchant Services Shrinkage Store Layout Customer Experience 112

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. Providing retailers with enhanced data on usage patterns can further streamline operations and reduce wasted inventory.

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Payment Services Shrinkage Shopping Supermarket 125

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. Spacee is using computer vision and AI to help retailers handle these basic, repetitive tasks.

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Shrinkage Checkout Shopping Inventory Management 115

Small Biz Trends

JULY 26, 2022

It causes monetary shrinkage to income and manufacturers, along with other businesses for an extended period of time. We know it’s no fun, but what is a recession , really? A recession is when the economy experiences a negative GDP, falling retail sales and increasing levels of unemployment.

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Payment Services Shrinkage Accounting Management 111

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. Others with the technical expertise and resourcing are creating custom AI solutions internally.

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Fulfillment Department Stores Shrinkage Returns 136

I Vend

AUGUST 6, 2023

Retail analytics of financial reporting and inventory management data can help to pinpoint shrinkage and drill down into its location and cause, giving retailers a better chance of reducing it. Operating cost analysis shows helps to identify areas for streamlining and automation and then assess the results.

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Point of Sale Inventory Management Shrinkage Returns 67

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.

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Consumer Shrinkage Advertising Shopping 122