The Growing Retail Theft Problem in the US
Despite some advances in technology, retail theft problems are still a serious dilemma for the industry today. Retail theft can cripple profit margins, endanger employees, and put shoppers at risk. Every retailer should take this crime into consideration when creating prevention plans for 2019. How?
A first step is to understand exactly how serious the growing retail theft problem is in the US. According to the National Retail Federation, only a little more than half of retailers actually understand the severity of the issue. They might wonder, “Does it really cripple the retail industry?” Yes, it does.
The second step is determining proper preventative measures. How can a retail company protect itself from theft while maintaining an excellent consumer experience?
The Retail Theft Problem
Organized retail crime (ORC) is, essentially, professional shoplifting, done by an organized group of people who often travel from store to store. Occasionally, ORC groups even move across cities.
Every year, ORC costs the retail industry about $30 billion. Furthermore, about 92% of the entire industry is impacted. Chances are, your specific industry has been impacted or will be impacted in the near future, as 70% of retailers report a yearly increase in ORC. The total value of items stolen during ORC cases? Over $200 million.
Robberies, burglaries, and shoplifting cases follow a similar path. Robberies and burglaries have increased by nearly 10% in the past three years. Shoplifting happens frequently among retail chains.
In other words, nearly every retail store, in any type of industry, has probably been adversely affected by theft. If your store hasn’t been affected yet, it probably will be in the future. However, retail theft is not unavoidable. Preventing theft simply requires a trustworthy retail security solution.
The Answer to the Problem: Sennco Solutions
Sennco Solutions provide retail security solutions to meet your specific needs. Sennco offers five solutions, each perfect for various merchandise requirements.
- Smart Solutions: The Sennco Smart Shelf monitors product inventory and provides real-time alerts when too much inventory is removed from the shelf at one time. The Smart Shelf can even be integrated with CCTV to capture the exact moment the theft happens. Product safety can be taken one step further with BricTECH software technology, which tracks stolen devices when removed from the store, enabling law enforcement to track down ORC rings.
- Power & Alarm Solutions: These solutions are excellent for merchandise that require excellent security and a power source.
- Alarm-Only Solutions: Similar to Power & Alarm solutions, Alarm-Only is perfect for merchandise that do not require a power source.
- Heavy Duty Lockdown Solutions: The Heavy Duty Lockdown series offers the highest security for live devices, including smartphones, tablets, wearable devices. The design is sleek, sturdy, and adjustable, allowing you to showcase the newest devices without fear of losing the merchandise.
- Cordwinders, Cables & Ends Solutions: Cordwinders and cables are perfect for customization, designed uniquely to fit nearly any application. If you aren’t able to find the right size, we will work with you to create a custom solution.
The retail theft problem is undeniably growing. At Sennco Solutions, we are dedicated to protecting your products, uniquely using our products to craft a security solution that is ideal for you. With the proper solution, you can remain protected from ORC fraud. Contact us today with any questions!