Additional blogs with that tag.
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Simplifying Loss Prevention for Employees Amplifies Success
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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Maximizing Investments by Upgrading Loss Prevention Systems
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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Trends in Loss Prevention for Retailers
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…
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Maximizing ROI: Justifying Loss Prevention Expenses in Business Environments
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,…
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Boosting Loss Prevention with Keyless Smart Locks
There is no greater responsibility for a business than ensuring the safety of employees and customers while at the same time safeguarding valuable products and inventory. Over the past few years, greater threats have risen that have forced businesses to take another look at their loss prevention and security measures. The impact of coordinated crime…
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RFID & LiDAR Technologies Enhance Retail Theft Prevention
The fight against theft remains a constant challenge for retailers. According to the National Retail Federation, the amount of inventory lost to theft increased from 1.4% in 2021 to 1.6% in 2022. In an industry already challenged by tight margins, that amount of lost inventory is substantial. However, advancements in technology have paved the way…
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AI in Action: How Consumer-Facing Industries Are Embracing the Best Applications of Machine Learning
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…
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We Want AI, but Where Do We Start? 3 Steps to Take You from Curious to Confident
If you recently made the decision to deploy artificial intelligence applications within your company, you likely recognize the urgency of jumping on the AI bandwagon, and are ready to see what the technology can do to improve your business operations. Committing to this time and financial investment is a big first step, but now you…
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Now or Never: The Urgency of AI-and the Consequences of Refusing to Adapt
While artificial intelligence (AI) has been dominating news headlines lately, it’s not a new concept. The idea that machines can think and execute tasks like humans dates back to the mid-19th century, from British polymath Alan Turing’s 1950s paper, “Computing Machinery and Intelligence” to the first program designed to mimic the problem-solving skills of a…
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Six Ways AI Is Changing the Way We Do Business in 2023 (and Beyond)
Artificial intelligence often captures news headlines and our attention for its flashy, wow-factor applications. But it’s not all self-driving cars and burger-flipping robots (seriously)—companies today can tap into machine learning technology to elevate the way they do business. “When people think of AI, they think about complicated computer systems running in the background, but the…
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