With retail loss being on the rise globally – Australian estimates are sitting at 4.5 billion annually, and growing – the problem is snowballing out of control.
The issue is much bigger than shoplifting, with internal issues like employee fraud, training gaps and operational inefficiencies estimated to cost retailers up to 7% of their annual revenue. It’s not that loss prevention managers have their heads in the sand, they know the problem exists – it has however, been very difficult to monitor, track and therefore quantify.
Lacking the right tools, loss prevention managers have instead had to rely on tip-offs and spend hours sifting through spreadsheets of point-of-sale (POS) data and sales reports to trace the source of revenue loss. And even then, this arduous task often doesn’t pinpoint the exact problem at hand. The lack of sufficient detail makes it extremely difficult to identify individuals, trends or a more complex interplay of issues.
Bistech have put together a really useful guide on “8 High-Risk Loss Prevention Scenarios Every Retailer Should Monitor” to help with this problem.
Identify sources of loss in your retail business
Register for a complimentary 1 hour consultation with one of our experts to identify key areas of loss you could be monitoring in your retail business. You will:
- Learn what the most common areas of internal fraud, operational inefficiencies and training deficiencies are
- Get an estimate on roughly how much your retail network could be losing per annum
- Understand and action what you can do to recuperate this lost revenue
The benefits to Retail Defender include:
- Hugely improved ability to detect and analyse suspicious activities
- Reduce investigation time from days or weeks to MINUTES
- IMMEDIATE reduction in fraud due to perceived detection capabilities
- Eliminate reliance on IT to provide data for investigation
- Cost recovery achievable within months of deployment
- Recuperation of lost revenue – some have reported 7% of revenue can be recuperated
- Integrates with existing tools and POS
- Reported ROI on the tool as 300% in under 12 months