The loss prevention tagging company Checkpoint Systems has announced the return of its research into retail shrinkage. Launching in a new guise in Milan in June, ‘Retail Security in Europe: Going Beyond Shrinkage’ is produced by Crime&tech, a spin off company of Università Cattolica del Sacro Cuore. Mike French, Business Unit Director of Checkpoint Systems UK covers what we can expect to learn.
The retail industry is facing some of its toughest times. Rising market competition and waning brand loyalty coupled with squeezed margins, increased business rates and commodity prices has created an increasingly difficult marketplace.
And, with a clear shift in purchasing habits as consumers expect a seamless omni-channel buying experience, retail owners not only need to differentiate themselves from their competitors but remain profitable to succeed. To do this, they need to understand every aspect of the supply chain and the challenges of inventory loss – how it occurs and crucially, how it can be prevented – so that more stock is in the right place and at the right time to allow for increased sales opportunities.
As the research will demonstrate, shoplifting is not the only source of shrinkage that retailers need to be vigilant about. To gain a truly comprehensive view of the sector and state of retail security in Europe, a 360-degree view is required. That’s why the ‘Retail Security in Europe: Going Beyond Shrinkage’ report takes a ground-breaking approach, bringing academic researchers and retailers together to build a picture that is not solely based on the shrinkage data offered by the retail industry. The research is needed to look at the context of retail loss, consider the geographical and sector environments, the modus operandi of shoplifters, the evolution of retail crime trends and the ways in which retailers address such challenges in order to deter and detect potential threats.
As the retail industry has evolved, so has the means by which loss occurs. Security threats range from shoplifters and organised retail crime (ORC) gains to dishonest clerks, as well as accidental loss and product damages. By understanding the environment in which they operate and the biggest risk factors affecting them, retailers can take the appropriate action to reduce losses and focus on what matters most – merchandise availability and delivering a truly exceptional customer experience.
The report will not only outline the biggest risk factors, be that from shoplifters and ORC gangs, fraudulent refunds and returns or supplier theft, but provide a breakdown by country and sector to ensure that every retailer has the information needed to build a strategy, with shrinkage protection at its heart, to protect and propel their business into the next chapter.
More than ever, we believe that research such as this is critical to the future success of the industry. For more than 15 years, we have demonstrated our commitment to provide insightful findings into the state of retail security, and as we celebrate five decades of innovation in loss prevention solutions, we look forward to the launch of the report and hope that the clarity it provides to retailers will enable them to take action, address the sector and country specific challenges that will be revealed and be truly effective in combatting the challenges facing them.
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