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External theft might get the headlines, but internal theft has a massive impact on retail profits. Let's look at some real numbers per the 2023 NRF survey: "The average dollar loss reported for an internal theft was $2,180 per investigation, which falls in line with 2021 and 2020 levels" Some of the top theft methods: ? Merchandise theft ? Refund Fraud ? Cash/deposit theft ? Sweethearting Here are some of the ways retailers are working to solve this problem. -Exception-based reporting software -CCTV and video surveillance -Employee training and awareness -Anonymous tip hotlines -Point-of-sale transaction monitoring Looking for a partner to help you stop internal theft? Reach out to one of our experts https://panoptyc.com/

Storytime: In a recent Loss Prevention Research Council (LPRC) event, I saw a statistic that 27% of consumers will switch retailers when confronted with products locked behind glass. Last night, I experienced this firsthand and understood why retailers are losing customers - and potentially billions. At a major retailer with a reported $1B theft problem, the "solution" was painfully clear: -Toothpaste locked behind glass ?? -Minimal staff to assist customers -Long wait times to access basic products Result? I walked out and purchased it online instead. Non-invasive theft prevention isn't just a loss prevention strategy - it's a customer retention issue. Retailers need smarter solutions that: -Maintain security -Preserve shopping convenience -Reduce friction in the customer journey The cost of overcomplicated security? Lost sales, frustrated customers, and accelerated shift to online shopping. Who else is seeing this trend? ?? #RetailInnovation #CustomerExperience #LossPreventionStrategy|

Investing in the right security system isn’t just about preventing loss—it’s about giving customers peace of mind." Explore how Panoptyc’s non-invasive security solutions can protect your micro market and enhance customer experience. Read more:?https://lnkd.in/ek2W9T7M #MicroMarketSecurity #LossPrevention #RetailSecurity #Panoptyc

What specific challenges have you encountered when implementing carrier rate shopping in your eCommerce operations? #ecommerce #retail #lossprevention

Ready to maximize your Q4 sales? ?? Our tips will help you attract more customers and boost your bottom line. Check it now and start planning your holiday strategy! #success #business #retail

What is your biggest challenge during the holiday season? #retail #economy

Why is holiday theft still a problem in retail? Glad you asked. Here's our take: 1. The holiday season brings more foot traffic and higher inventory levels, creating more chances for theft to occur unnoticed. 2. Retailers often hire temporary workers who may not be as well-trained or invested in loss prevention strategies. 3. The hustle and bustle of the season can overwhelm staff, making it harder to spot and prevent theft. The solution? Implementing a comprehensive loss prevention strategy that goes beyond the visible costs. Let’s consider this: ? The average shoplifting incident costs retailers $559, but that's just the tip of the iceberg. ? Hidden costs include: - Time spent on inventory reconciliation - Increased insurance premiums - Lost sales due to out-of-stock items - Decreased employee morale ? These hidden costs can amount to 5-7 times the value of the stolen merchandise. Investing in prevention isn't just about stopping theft; it's about protecting your bottom line. Here's how you can do that: 1. Train all staff, including seasonal hires, on loss prevention techniques. 2. Implement advanced inventory tracking systems. 3. Use data analytics to identify theft patterns and high-risk areas. 4. Create a culture of security awareness among employees and customers. By focusing on prevention, retailers can not only reduce direct losses but also minimize those hidden costs that eat away at profits. Remember, a strong loss prevention strategy is an investment in your business's long-term success. Do you agree or disagree with that? We would love to hear your thoughts, so please share them in the comments! #retail #business #security

Is your retail business prepared for the holiday season's unique challenges? The festive period poses a unique challenge to retailers regarding shrinkage, thanks to a busier retail environment, a larger volume of high-price items on shelves, and increased consumer demands, all of which increase the likelihood of theft. This ‘perfect storm’ of factors, against the backdrop of the cost-of-living crisis, means retailers are already experiencing hefty rises in shoplifting. Experts predict this will only worsen as we edge closer to the big day. Of course, certain products tend to be more susceptible to theft due to their desirability and market value. But don’t worry—we have prepared something for you that can help you safeguard your profits during this festive season. #business #retail #holiday

Does the future of Loss Prevention come at a cost? Can YOU have it all? Let's face it, no one likes feeling watched. But as a retailer, we have to balance the need to protect our store from theft with the desire to create a welcoming environment for our customers. But how can we do both? Let's dive into some strategies that can help you strike this balance: 1. Know Your Customers Treat customers like individuals. Learn their preferences and habits. 2. Emphasize Visibility Avoid dark corners and hidden areas where theft can occur and make sure to place high-value items in areas with clear sightlines. 3. Leverage Technology Wisely Use cameras that can detect unusual behavior or suspicious activities. 4. Train Your Team Ensure employees are trained enough to be friendly and helpful. Moreover, they should be educated about how to identify potential theft and respond appropriately. 5. Consider Behavioral Economics Use subtle cues to influence customer behavior. Highlighting the potential loss associated with theft. 6. Embrace Technology, But Don't Overdo It Remember, technology is a tool, not a replacement for human interaction. So respect your customers' privacy and avoid making them feel uncomfortable. Combining these strategies allows you to create a secure environment that doesn't compromise the customer experience. Remember, a happy customer is less likely to steal. #business #startup #retail

Did you know that over 63% of shopping journeys now begin online! In today's post-pandemic world, retail customers have higher expectations than ever. From the moment they step into a store or click "add to cart" online, they expect to find what they're looking for, when they want it. How do retailers manage to keep up with this ever-increasing demand? The answer lies in a technology that's quietly revolutionizing the industry: RFID. A recent report by RSR Research highlights how RFID is revolutionizing the retail industry. By providing real-time visibility into inventory, RFID empowers retailers to optimize operations, enhance customer experiences, and drive supply chain efficiency. Key Takeaways from the 2023 Benchmark Report: - The Growing Importance of Omnichannel: Over 63% of shopping journeys now begin online. RFID ensures seamless omnichannel experiences by providing real-time inventory visibility. - The Power of RFID for Inventory Management:RFID offers unparalleled inventory tracking, from supply chain to sales. This means accurate forecasting, reduced stockouts, and better inventory management. - Enhanced Loss Prevention: RFID helps detect theft and shrinkage, safeguarding profits. So, what's the big deal about RFID? Well, imagine knowing exactly where every single item in your store is at any given moment. No more guessing if that trendy new jacket is in stock or if it's been hiding in a forgotten corner. With RFID, you can see it all, in real-time. But that's not all. RFID can also help you: - Prevent theft - Optimize inventory - Improve supply chain - Enhance customer experience In a nutshell, RFID is a game-changer for retailers looking to stay ahead of the curve. By leveraging RFID data, retailers like YOU and me, can improve their operations, enhance customer experiences, and achieve long-term success. So what are your thoughts on RFID? share your experiences in the comments below! #retail #business #RFID #customerexperience #lossprevention