Retailers continue efforts to avoid inventory losses – The Daily Gazette

TECHNOLOGY
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As a shopper, it can be difficult not to get frustrated in your business, even if you understand the roots of your frustration.

For example, ink for a locked printer at a large store, or face cream or cold medicine from a drugstore, or (insert your experience in the blank).

To purchase these items, you must press a phone button or find a store clerk who will open the case containing the item.

But there’s a backstory, reported last week by the National Retail Federation’s 2022 National Retail Security Survey.

“Attenuation,” or loss of inventory due to internal or external theft, lost documents, or other troubles, accounted for $94.5 billion in lost sales last year, up from $90.8 billion in 2020. According to research, it is equivalent to a 5-year rate of 1.5%.

External theft, including shoplifting by individuals and organized groups, accounted for the largest portion of the 37% decline, according to the study.

Employee/internal theft was second at 28.5%.

According to the National Retail Federation, the study is conducted annually, this year in collaboration with the Loss Prevention Research Council, and as a result, it was able to take a closer look at the impact of so-called “organized retail crime.”

This often means that groups rapidly attack stores and stores. Last fall saw chilling smash-and-grab incidents by masked looters at luxury retailers Nordstrom and Louis Vuitton. Loss prevention experts say it could also include low-profile thefts carried out by local fencing operations that send out one individual.

In a 2022 study, retailers reported an average 26.5% increase in organized retail crime incidents last year, with many alarming the violence and attacks that entailed.

The subject item is now known as CRAVED. Concealable, removable, affordable, precious, fun, disposable. This includes health and beauty products, accessories, food and beverages, apparel, footwear, home furnishings, home and office supplies, baby care and toys.

The study also pointed to the unexpected impact of COVID-19. Because of labor shortages and turnover, retailers are short on staff to “provide informal guardians, i.e. simply deter retail crime by their presence.”

Where does that leave us as shoppers? Press the call button or flag the clerk.

In the spring, Forbes, under the headline “You Can’t Imagine: Stores Are Locking Everything Up,” said the CEO of a security device maker said shoppers would be tempted to put their goods on locked displays. To save you the hassle, I quoted you saying that sales could drop.

On the bright side, though, this article is about a new technology that could soon allow you to unlock your own case if you’re willing to hand over your personal information or scan your face for access. I am referring to

Marlene Kennedy is a freelance columnist.Her opinions expressed in her columns are her own and not necessarily those of the newspaper.Contact her [email protected]

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