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The global pandemic has reshaped our nation by fast-forwarding digital transformation. To survive the waves of uncertainty businesses are left to re-engineer digital strategies to support sustainability and change. The biggest change for many has been adopting remote working as a norm, and technology is what made this possible.
The UK is reported to have the highest level of shrinkage in Europe. The main cause of shrinkage in the UK is theft which accounts for over £5.5billion per year with over 1,000 daily incidents happening at the checkout! The top stolen items include the likes of delicious cheese, alcohol and sweets. A common way that sneaky shoppers are taking full advantage of less-than-intuitive self-checkout systems is by replacing expensive products with in-expensive products of similar weight!
Put yourself in the shoes of a customer; you go to a reliable store for a product that you really want, but it isn’t there! Immediate reaction? Go elsewhere. Stock shortages in supermarkets usually leave shoppers feeling frustrated and wondering as to why the goods aren’t available, resulting in the loss of business, which often goes to competitors.
Retail shrinkage is the destruction of profit margins through the loss of stock. Theft accounts for over £5.5 billion per year. This is hard for national chains to endure, but even harder for small convenience stores to cope with.
The category presented in the table focuses on shoplifting and organised retail crime, with external theft accounting for 34.6% of total retail shrinkage. With retailers
IoT has already proven itself extremely beneficial in the retail sector across multiple applications from delivering efficiency in energy consumption to monitoring stock levels in real-time.
According to the ‘Retail Security in Europe, Going beyond Shrinkage’ report, UK retailers lose almost £11bn annually in shrinkage –
At the beginning of lockdown in the UK, many supermarkets were facing panic buying mayhem, with stores experiencing Christmas-level shopping without any of the stock
In order to understand the factors which impact retail shrinkage, we must first analyse data at a store level, to
Retail loss costs UK businesses a staggering £11 billion per year, more than any country in Europe. Even more than
Retail loss can amount to a significant sum of money if left unchecked, as estimates put shrinkage at around 2%
Retail shrinkage is described as anything that attributes an unwanted loss of inventory, including breakage, wastage, theft, admin error and