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Retail Shrinkage – Losses Caused by Crime

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Retail Crime

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. 

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Matthew Atkin
Matthew Atkin

Further Reading

Convenience Stores; The Inconvenient Truth of Retail Shrinkage
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Convenience Stores; The Inconvenient Truth of Retail

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.

Retail Crime
All

Retail Shrinkage – Losses Caused by Crime

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

The-benfits-of-edge-computing-for-real-time-loss-prevention
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At the Edge of The Retail Industry

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.

Case Study: Scaling with a Top Four UK Retailer

The Hark Platform revolutionised efficiency for a top 4 UK retailer. £0.5 million saved in 3 months. 600 stores nationwide. 368 million daily readings. 24,000 assets monitored.

Find out more about the Hark Platform...

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