The retail environment has grown more complex with the emergence of new sales channels and changing customer shopping behaviours. Additionally, the tight global economy has led to significantly reduced operating budgets, forcing retailers to ‘Do more with less!’ The entire retail value chain model is under tremendous strain, which makes loss prevention (LP) and shrinkage a top-level issue for retail executives. In an effort to compensate for the additional strain, companies have turned to loss prevention technologies. Cornerstone Security has been driving innovation in this field for over twenty years. Through our ‘Quick Solutions’ loss prevention arm, we have been enabling retail giants like Tesco for over 15 years cut loss prevention through technology. In the current economic climate, there are extra factors to consider apart from the usual big four factors (lack of resources, rise of organised theft, effects of internal theft and lack of visibility in store-level stock shrink), with more people tempted to commit regular theft crimes of opportunity through lack of disposable income and an unrealistic feeling of resentment for not being able to afford the latest gadgets. Loss prevention technology is becoming more and more important.
Identifying and investigating organised retail crime (ORC)
Organised retail crime is one of the biggest loss prevention issues facing retailers today. Research by the Aberdeen Group show that loss prevention teams spend anywhere between 30% and 50% of their time dealing with organised theft crime cases. Unfortunately, studies show that 80% of retailers surveyed feel that ORC will not decline in the next two years and 32% believe that ORC will increase. It is therefor imperative that retailers invest in high resolution IP Analytic systems. ANPR and facial recognition can put the loss prevention team on high alert before any crime has been committed. Remember that prevention is better than cure!
Cornerstone Security with ‘Quick Solutions’, one of the founders in the loss prevention video security technology, provides a comprehensive line of digital security and surveillance video solutions. Cornerstone provide wide-ranging value, with specific advanced features, including:
- IP Network Connectivity
- Image Recognition and Analytics
- Complex Event & Reaction Management
- Smart Video Modules such as Face Recognition and License Plate Recognition (ANPR)
- Distributed, Scalable Architecture
- Robust User Rights Management
These solutions power the most advanced security infrastructures deployed anywhere in the UK – the warning and aversion of threats, thefts and the provision for safety of people and economic well-being of businesses. 45% of businesses plan on adding some form of analytics to their defence within the next two years. Let us help you.
Internal theft incidents stemming from store-level associates are on the increase and remain a serious problem for retailers. Every day retailers contend with internal theft cases, including missing merchandise, cashier shortages and deposit discrepancies. In fact the top two retail loss prevention risk areas in store are point-of-sale (sweethearting) and the back room. We are not talking about whether a staff member dares to test the theory that staff snacks should be subsidised to zero cost if eaten in the lift with their back to the camera, but point-of-sale operators ‘not scanning’ hundreds of pounds worth of product, or high value items just ‘walking’ out the staff door. New advances in camera technology can make this crime ‘inopportune’ and for the cost of a camera… you can save thousands of pounds not to mention the reputation and career of a staff member.
After all… Every little helps!!