Remote Guarding security solutions have an enormous impact in reducing “shrink” for clients across the country. By combining highly specialized people, processes, and technology, Remote Guarding is able to prevent many incidents of theft before they can occur.
Retail inventory “shrink” grew to $48.9 billion in 2016 from $45.2 billion the year before, according to the annual National Retail Security Survey by the National Retail Federation and the University of Florida. Even as budget constraints left retail security budgets flat or declining, these thefts amounted to 1.44 percent of sales, up from 1.38 percent.
Inventory shrink includes:
- Shoplifting/external (including ORC) = 36.5 percent
- Employee theft/internal = 30 percent
- Administrative and paperwork error = 21.3 percent
- Vendor fraud or error = 5.4 percent
- Unknown loss = 6.8 percent
More than 438,000 shoplifters and dishonest employees were apprehended in 2016 by just 23 large retailers who recovered more than $120 million from these thieves, according to the 29th Annual Retail Theft Survey by Jack L. Hayes International.
So how are retailers fighting back against this shrinkage? According to a new study by Zebra Technologies, 70% of retailers are looking to implement IoT solutions, such as Remote Guarding, to improve customer experiences. Seventy-three percent of retailers rate managing big data as important or business-critical to their operations. By 2021, at least 75 percent of retailers anticipate investing in predictive and software analytics for loss prevention and price optimization along with cameras and video analytics for operational purposes and improving the overall customer experience.
Why would a retailer use Remote Guarding solutions? Essentially, retailers see an improvement in their overall business after implementing such a solution. Virtual guarding and monitoring services can provide valuable footage of incidents in which theft may or may not have occurred. This footage can be extremely valuable when disputes arise about what actually happened. Additionally, virtual guard cameras can detect motion and identify people or vehicles in places they shouldn’t be.
By restricting access to company assets and installing Remote Guarding solutions, businesses can effectively eliminate the occurrence of internal theft and shoplifting at their retail locations. Customers also feel safer, as do employees that know help will arrive in case of an incident at their workplace.
Benefits of Remote Guarding for Retailers:
- Long-term reduction in theft, vandalism, and general crime
- Real-time monitoring by trained agents – integration with local law enforcement for rapid response
- Recorded video footage for dispute resolution and evidence
- Deterrent for internal/employee theft – cameras always on
- Large sums of money saved from preventing asset/inventory theft
- Increased peace of mind outside of business hours in particular
- Safer environment for customers, employees and local community
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