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 introducing more digitalised platforms giving customers greater independence in the shopper experience. Goods can be easily hidden in their bag or a pushchair neither paid for nor returned, or customers can simply empty a shelf and walk out of the store with the products. According to the Home Office, in March 2019 there were 374,395 reported shoplifting cases, but the actual number of shoplifting cases is likely to be 15-21 times higher.
Retailers must manage their use of policies to help deal with the overall loss of products. Our Loss Prevention Solution helps stores prevent loss without compromising the customer experience. With the use of edge-based machine vision, we are able to deliver object identification based on barcodes and loss data on a granular product level.