Loss prevention, encompassing theft, fraud, and other losses, is a critical concern for retailers. Sophisticated technologies and comprehensive strategies are essential, but their effectiveness largely depends on how easily employees can implement and support these tools. Making loss prevention processes simple for employees isn’t just beneficial—it’s crucial for success in retail. A 2022 study conducted…
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For retailers and other businesses managing large-scale loss prevention, staying ahead of potential threats is critical. Upgrading to the latest systems, though, can feel overwhelming and expensive. While many believe a full overhaul is necessary, that’s not always the case. By enhancing existing systems with new technologies, businesses can achieve top-level performance at a fraction…
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Many retailers are struggling with thefts occurring at Self-Checkout (SCO) terminals. Consumers who cheat the system by not scanning all items, scanning a less expensive item, or working with a companion to distract staff and steal have resulted in many stores reconsidering SCO terminals. Discussions with current Bailiwick clients revealed a stark reality: Self-Checkout remains…
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Jimmy Hinshaw, Bailiwick’s director of sales, was on his way to a trade show in California earlier this year when he received a text from a client: “What time does your flight land?” The client was eager to introduce Hinshaw to another vendor, a body camera and evidence management company, to discuss an urgent project…
For retailers, theft remains a significant challenge, costing businesses billions of dollars annually. Retailers are seeking effective solutions to combat this issue, and one technology gaining traction is the use of body cameras. Initially popularized in law enforcement, body cameras are now being adapted for retail use, offering a new layer of security and accountability.…
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Loss prevention remains a critical concern for retailers and other businesses concerned about protecting their assets. With the advent of new technologies and changing consumer behaviors,retailers are constantly seeking innovative strategies to protect their bottom line. As we progress, several key trends are shaping the future of loss prevention. “The biggest trend I’m seeing from…
Today more than ever, protecting assets and mitigating losses are big concerns for many companies. From convenience stores and logistic companies to retailers, the cost of loss prevention initiatives can sometimes seem burdensome. However, the National Retail Federation (NRF) reported that the average shrinkage rate for U.S. retailers in 2020 was 1.62% of sales. So,…
Read Blog about Maximizing ROI: Justifying Loss Prevention Expenses in Business Environments
As a business leader, you’re constantly looking out for the best interests of your organization and employees—and in 2023, that likely means figuring out how artificial intelligence fits into your company to improve processes, create efficiencies, save money, and give you a leg up on the competition. While your intentions with AI may be good,…
Read Blog about The Top Five AI Mistakes Business Leaders Make
After months of working with an AI partner to develop machine learning tools you know will benefit your customers, it can feel disheartening when you’re not seeing the adoption and engagement numbers you’d hoped for. Whether it’s virtual chatbots trained to answer customers’ questions 24/7 or self-checkout lanes meant to reduce their time spent waiting…
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Over the past couple of years, the retail industry has experienced a rollercoaster of trends. Propelled by the pandemic, ecommerce reached a peak in April 2020, with 19 percent of retail sales occurring online, according to the National Retail Federation. Since then, that number has dropped to 15 percent—still higher than pre-pandemic levels—as consumers return…