Building a greater understanding of retail loss
Checkpoint Systems, a global leader in source-to-shopper solutions, has announced the return of its highly anticipated research into retail shrinkage. Launching in a new guise on Thursday 20 June, the ‘Retail Security in Europe: Going Beyond Shrinkage’ produced by Crime&tech, a spin off company of Università Cattolica del Sacro Cuore, with support from Checkpoint Systems.
Mike French, Business Unit Director of Checkpoint Systems UK provides an insight into what we can expect to learn from the report – described as the first of its kind to truly ‘go beyond shrinkage’.
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 omnichannel 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.
The Retail Security in Europe: Going Beyond Shrinkage report has been produced by Crime&tech, a spin off company of the Università Cattolica del Sacro Cuore – Transcrime, with the support of Checkpoint Systems. It will be launched on Thursday 20 June at a press conference in Milan, Italy. For more information, visit http://www.retailsecurityineurope.com/ or contact firstname.lastname@example.org
Checkpoint Systems, a division of CCL Industries, addresses two critical issues for its customers: Improving Profitability and Improving Consumer experience. With consumer demands accelerating at an extraordinary rate driven by technology, Checkpoint recognizes the challenges faced by its customers in the rapidly evolving retail market. We deliver intelligent solutions – bringing clarity and efficiency into the retail environment anytime, anywhere. Through a unique offering of software, hardware, labels, tags and connected cloud based solutions, Checkpoint optimizes operational efficiencies through analysis of real time data captured throughout the Supply Chain and in store then translating this to clear concise actions and tasks.
We provide end-to-end solutions enabling retailers to achieve accurate real-time inventory, accelerate the replenishment cycle, prevent out-of-stocks and reduce theft, thus improving merchandise availability and the shopper’s experience. Checkpoint’s solutions are built upon 48 years of radio frequency technology expertise, innovative high-theft and loss-prevention solutions, market-leading RFID hardware, RFID software, and comprehensive labeling capabilities, to brand, secure and track merchandise from source to shelf. Checkpoint’s customers benefit from increased sales and profits by implementing merchandise availability solutions, to ensure the right merchandise is available at the right place and time when consumers are ready to buy. Checkpoint operates in every major geographic market and employs 4,500 people worldwide.