Published on February 27, 2014
Retailer Dilemma-------------------------------------------------------------------------With Retail competition all time high, traditional retailers are facing new challenges to upkeep their store performances and sale, whereas customers are being lewd by numerous alternating shopping formats such as ecommerce and home shopping networks. Other serious problems with retailers are shoplifting and employee theft. Traditionally, retailers have applied to the technology offered by cameras have been less than effective in identifying suspects. The upsurge in retail crime has significant repercussions, both in financial and personal terms, for retailers. Peripheral and cash losses from crime and theft incidents add more worries. Today, theft and loss pose a multi-dimensional threat to retailers such as: • Irretrievable losses • Irrevocable financial losses • Increasing risk for crime • Inadequate protection tools Major factors contributing to loss are 1. Shoplifting – Accounts to 40% of total retail losses, evolution in techniques of shoplifting retailers are paying heavy prices which are affecting profitability. They
steadily cast organized groups to evade retail stores guards and monitoring cameras, eventually taking leverage of merchandise display and store esthetics. 2. Employee theft and abuse - Employee theft and fraud, perhaps the most insidious of retail threats, accounts for several billions more in store cash, inventory, and supply losses every year. For many retailers, internal theft can be devastating. Employees often have insider knowledge of, and access to, both products and procedures. They know where cash is stashed, and they are often able to acquire passwords, alarm codes, and combinations. They may even have copies of store keys. Store associates are intimately aware of security procedures and systems, and therefore believe they are able to accurately weigh their risk of being caught if they steal. More significantly, employees are able to accurately assess the attentiveness of coworkers. Control procedures, reporting hotlines, and article control and detection technologies signal employees their productivity is appreciated, and reinforce that dishonesty will be quickly detected and punished. Like all commercial threats, employee deviance should also be addressed with integrated policies and technologies. 3. Commercial Burglary and robbery - Research indicates retail stores are nearly four times more likely to be a target of burglary than other commercial institutions such as wholesale, service, or manufacturing establishments. The reason for this is simple— the merchandise is visible, providing the burglar with a clear goal and knowledge of exactly what’s available. Burglary and robbery present a particularly dangerous form of retail theft, as they can result not only in major financial losses, but also workplace violence and even fatalities. Although retail crime is a significant concern for retailers, many do not invest in security and as a consequence are at greater risk of incurring substantial losses.
Therefore the importance of good retail security knowledge cannot be underestimated in modern retailing. In order to minimize losses it is important that the business has adequate Retail Security measures in place. The Retail Security module aims to increase staff awareness in relation to Retail Security and these staff members are the first line of defense in the fight against retail crime. The Right Tools One of the most important loss prevention topics is “How much should one should spend on loss prevention and security?” The question is not so straightforward and depends on a lot of factors; the size of the shop premises, if it’s in a high-risk area, the type of retail store. A unified networked solution addressing situational awareness, and protects assets and employees. IP Video Surveillance- Centralized Video Monitoring, Long Term Savings in infrastructure and operational costs, Video analytics EAS Gates- Advanced AM technology, Detection through metal foils. Access Control – Biometrics & face recognize Intrusion Detection - Wireless with Remote Monitoring & Alarming For Details Profusion India Consulting +919988885480 +1725035480 www.profusionindia.com
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