The State of Loss Prevention in Retail: Controlling Losses and Maximizing Profits | RetailNext
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The State of Loss Prevention in Retail: Controlling Losses and Maximizing Profits


derning
Shiny Day

New research report from The Aberdeen Group calls on retailers to employ analytics to holistically discover and address lost profit […]

New research report from The Aberdeen Group calls on retailers to employ analytics to holistically discover and address lost profit opportunities.Analyst Deena Amato-McCoy writes,

Retailers need to link existing loss prevention tools and strategies to intelligent solutions such as: analytics platforms, Electronic Article Surveillance (EAS) solutions and Radio Frequency Identification (RFID) technology, to gain real-time – or near real-time – access to information and transition these losses back into profit.

Sustained use of these processes by retailers will ultimately enhance profit, customer satisfaction, and employee and customer safety.

The long and detailed report prominently highlights the real-world case study of Brookstone and its use of the RetailNext platform to aid LP efforts, as detailed by Wayne McBrian, Director of Loss Prevention. The report reads in part,

“We have insight into employee behavior that is linked to traffic patterns and conversion rates,” he explained. “For example, we use analytics to identify suspicious returns and even use video to make sure a customer is present during the transaction.”

The analytics tool has helped the company reduce shrink between 2/10% and 3/10%. “For Brookstone, analytics is all about better using the information available to us,” McBrian reported.

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