In the last decade, new and familiar threats have emerged that will challenge retailers going forward. The National Retail Federation* collected responses from dozens of retailers, and here are the most surprising takeaways.
1. Actions Taken Against Shoplifters are Declining
Since 2016, shoplifting apprehensions are declining. From legal prosecutions to civil demands to return items, these events decreased across the board. Store managers and owners are always faced with the decision of whether they’ll choose to apprehend a suspected thief. Retail employees aren’t always prepared to handle an escalation in the case that a suspected shoplifter is not willing to comply. It seems that to some, the risks and cost of escalation outweigh the benefit of retrieving the stolen goods.
2. Retailers Are Allocating More for Loss Prevention
Despite the decline in shoplifting apprehensions, retailers across the board are allocating more of their resources to loss prevention efforts. While only 29% reported intentions to increase personnel, over half of those surveyed plan on increasing their commitments to technology-based security. As shrinkage occurs more frequently through point-of-service system errors and on the web, retailers are finding it important to increase their capabilities in these areas.
3. The Increase in Cyber Threats is Causing Concern
Nearly half of retailers surveyed have said that cyber threats were a growing concern. Four in 10 believe that cybersecurity skills are important to having a successful loss prevention department.
Contactless payment has made shopping increasingly convenient for shoppers but has also introduced a range of additional potential fraud techniques. For larger retailers who have embraced online shopping, ecommerce fraud has become a greater concern.
Keep Your Retail Security Up to Date
Protecting inventory has always been top of mind for retail managers. However, in 2020, there are more ways than ever to steal from a vendor. Retailers need to stay ahead of the curve by investing in modern solutions to this age-old problem. And while cyber threats only grow in scale and sophistication, the physical security and access control for stores mustn’t be neglected. RemoteLock has been a pioneer in helping companies evolve access control using modern technology and hardware. Our EdgeState software is a cloud-based solution to door access control, which can be used in tandem with other retail efforts to help prevent loss and theft. If you’d like to learn more, schedule a call with an access control expert.
*Source: National Retail Security Survey 2019
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