Top Retailers Use of Loss Prevention Tools On the Rise
BOCA RATON, Fla.
A new study sponsored by ADT’s Sensormatic Retail Solutions reveals top retail performers have a significant step up on underperforming competitors by using business intelligence tools like returns and void management technologies. Leading retailers utilize these technologies 46 percent more than underperformers do.
Titled Loss Prevention and Beyond: Survival of the Fittest, the study also finds that top retailers use electronic article surveillance (EAS) three times more than underachieving retailers.
“Greater usage of business intelligence tools has improved the efficiency of our other loss prevention technologies and delivered a strong return on investment,” says David George, vice president of asset protection for grocery story chain Harris Teeter. “Business intelligence solutions such as Sensormatic Analytics tied to our CCTV systems have enabled our operators and loss prevention teams to quickly identify and address both operational and loss prevention issues in each of our stores and across the entire chain. The end result is two-fold: improved shrink reduction and better performing store operations.”
While almost half of the top performers use EAS to control shrink, only 17 percent of underperformers use EAS despite all respondents ranking shoplifting as their second largest source of shrink. Seventy-one percent of all respondents said they frequently use exception analysis reporting, a key business intelligence tool, as a critical technology in their loss prevention arsenal; and 53 percent cite better business intelligence as needed to make effective use of the vast amounts of loss prevention data that exists, especially from video surveillance systems.
“In sponsoring the RSR study, we want to help educate retailers about how other retailers are using advanced, integrated technologies to best support their loss prevention efforts as they continue to thrive and weather the economic storm,” says Gary Chan, vice president of retail security for ADT Security, Asia Pacific.
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