Retail loss prevention is a critical issue for retailers, with the National Retail Federation estimating that U.S. retailers lose approximately $61.7 billion per year due to theft and other forms of shrinkage. To combat this problem, retailers are turning to innovative technologies such as RFID (Radio Frequency Identification) to help prevent loss. RFID technology works […]
Contract Datascan, LP and ALTAVANT announced today that the companies have entered into a strategic partnership bringing comprehensive inventory counting solutions to retailers in the Middle East. The agreement brings together the world’s premier physical inventory self-scan provider and the Middle East’s strategic retail consulting firm specializing in high performance integrated human-IT systems. DATASCAN has […]
Les Néréides deployed OCTO+ while simultaneously implementing an ERP solution and a new website. Les Néréides considered that RFID technology had become sufficiently affordable for building into its omnichannel strategy from the outset. Frequentiel proved to be the right match because of its combined RFID and retail expertise, and because they were able to integrate […]
Most retailers conduct a full physical inventory count in their stores once, possibly twice, a year. This allows them to reconcile their inventory records to gain a true accounting of what they actually have in stock and provide their auditors with the numbers needed to produce the company’s financial reports. The problem with this counting […]
Context There is an old adage, from whom I know not, which says: ‘you cannot arrest your way out of a shrinkage problem’; in other words it is not a good idea to base a retail loss control strategy primarily upon catching and prosecuting all those who cause loss. The argument goes that it would […]
Background If you had to choose one word to describe retailing, it would be ‘change’. While it has long been a fundamental part of most societies, it is not something that can ever be described as static and unchanging. Yes, the fundamentals of retailing have always remained the same – various types of goods being […]
Background As we have seen with developments in Total Retail Loss, there is an ever growing array of events and activities that can generate retail losses. From thieves entering stores and taking products without paying for them through to companies themselves bringing faulty products into their businesses that end up generating unacceptably high levels of […]
Background While video technologies have long been utilised in retailing – some of the first installations of closed circuit television (CCTV) in a retail environment can be found in the 1970s – their role and indeed purpose has largely been limited by the nature of the technology deployed – analogue systems. This made them hard […]
Background One of the most significant challenges associated with managing retail ‘shrinkage’ is that for the most part, the root cause of why the loss has occurred remains largely unknown. Most of the data that comprises the shrinkage number in retail companies is derived from infrequent and periodic stock takes – counting or valuing the […]
