It was an exciting and jam-packed few days at NRF PROTECT 2017 in Washington D.C., where we met with show attendees, partners and customers to discuss the latest in retail loss prevention.
At the first event featuring new Johnson Controls branding since merging with Tyco, our booth was busy with demonstrations of the latest in EAS detection technology from the Sensormatic Synergy product line, new tag and label offerings for AM, RF and RFID, and cycle counting with a mobile RFID handheld reader. Additionally, our team showcased our merchandise protection program, Source Tagging as Service (STaaS), designed to help retailers maximize their source protection initiatives.
If you missed the show, you can still see the solutions we shared online through the new Virtual Retail Experience Center, or schedule a time to visit in person at our Boca Raton, Florida or Irvine, California location.
We also were able to get an inside look at the latest hot topics buzzed about at the event and new challenges facing retailers today. See below for a quick recap.
Conference tracks included presentations on partnerships with solution providers, organized retail crime associations, cybersecurity, data analytics, safety and crisis management, and shrink.
In addition, targeted breakout sessions focused on cybersecurity issues and vulnerabilities facing retailers. Conference discussions centered on the persistent threats from social engineering, phishing scams and ransomware. These discussion topics underscore the important role that loss prevention strategies play in combating these complex challenges for retailers.
NRF Shrink Report
In conjunction with the show, the National Retail Federation (NRF) has released the results of its annual National Retail Security survey, which shares an update on loss prevention and retail shrink statistics. Here are a few key stats from the report:
- Thefts from retailers and other inventory “shrink” grew to $48.9 billion in 2016 from $45.2 billion the year before, even as budget constraints left retail security budgets flat or declining.
- 8 percent of retailers surveyed reported increases in shrink, while only 16.7 percent said it remained flat.
- Shrink was divided into shoplifting and organized retail crime (36.5 percent), employee theft/internal (30 percent), administrative paperwork error (21.3 percent) and vendor fraud or error (5.4 percent).
Both the report findings and event discussion topics exemplify the need for a proactive and comprehensive loss prevention program. By integrating your loss prevention data with insights from other sensors and devices, you can gain valuable insight into shrink, shopper behavior and inventory accuracy, enabling comprehensive store performance with optimal merchandise protection to keep profits high and your customers coming back. Learn more about how we can help.
Posted on August 9th, 2017