Shoplifting Has Become A $100 Billion Problem For Retailers

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Shoplifting Has Become A $100 Billion Problem For Retailers
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Recently, retailers have been battling unprecedented losses. Organized retail crime (ORC) is running rampant. A National Retail Security Survey (NRSS) shows that total shrink in 2021 reported by retailers is now almost a $100 billion problem.

According to the survey, 37% of retailer’s shrink is due to external theft, followed by employee or internal theft at 28.5%, and process or control failures at 25.7%.

Items that are easy to conceal but have high-ticket value are getting stolen more frequently. As a result, some retailers are locking these items up, creating a barrier to purchase for paying customers – which, at times when sales are already down, isn’t a good thing. Not to mention that it hinders convenience for customers and creates a less enjoyable shopping experience. Relying too heavily on technological security measures can create an undesirable shopping environment.

RFID can be utilized in many ways in retail, going beyond just keeping track of store inventory. It can also manage and track inventory in the supply chain, or identify and locate stolen products.

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