RetailCX’s Post

One third of us have witnessed theft in grocery stores throughout the UK... I bet you've also all probably seen a video or two of brazen shoplifting throughout the US. This is not an isolated problem. And it poses a very real challenge for retailers. It's all too easy to react with blunt security measures like increasing security or locking products behind glass cabinets. I am sure we all remember baby food being locked away during Covid. But the negative impact on the shopping experience can't be denied. So how do you create balance? Retailer's margins are already stretched thin so they will want to protect their revenue. But equally, customers want to feel comfortable in their shopping environment. The industry needs a more nuanced approach, one that leans into an overlooked, and abundant, resource. Data. I'll tell you, I was incredibly surprised at the decision retailers are able to take just by spending more time with one of their most prized assets. Of course, I am not saying it's the whole solution. But you'd be surprised at how much information there is to use. Retail Insight was recently featured in The Grocer talking about the research we conducted into theft and it is a fascinating read. I also appreciate that it's locked behind a paywall so if you want to learn more, we do share some great info in a blog my colleague Sarah Lansberry wrote about shrink which you can find in the comments of the post shared. Happy Thursday. ✌ #retailshrink #shrink #retailtheft #retailtechnology

Rethinking Self-Checkout: A Strategic Approach to Combating Retail Theft In light of recent shifts in the retail landscape, particularly the adjustments made to their self-checkout policies by chains like Schnuck, it's clear that theft prevention remains a paramount concern for retailers nationwide. As someone deeply involved in retail strategy and customer experience optimization, I've observed that the rise of frictionless shopping options, while enhancing customer convenience, also presents challenges in terms of security and loss prevention. The question isn't solely whether technology and staff presence are sufficient to deter theft. Instead, we should consider how the integration of frictionless shopping can be leveraged not just as a convenience feature but as a strategic tool in fostering loyalty and securing transactions. Retailers might explore offering enhanced, frictionless options as exclusive benefits to members of their loyalty programs, including those with paid memberships. This approach can create a tiered shopping experience that rewards loyal customers with convenience while mitigating theft risks. Imagine, for instance, a convenience store where membership not only offers discounts on fuel but also grants exclusive access to self-checkout options or the use of personal devices for making purchases. Such members, already vetted through their loyalty program participation, could enjoy a seamless shopping experience, including "grab and go" capabilities, without the traditional checkout process. This strategy requires a delicate balance between offering convenience and ensuring security. However, it positions frictionless shopping as a premium service, rewarding high-frequency shoppers or those who invest in paid memberships while also providing a deterrent against theft. What do you think about this approach? Could the distinction between standard and premium shopping experiences be the key to both enhancing customer loyalty and combating retail theft? I'm keen to hear your perspectives and insights on this evolving challenge. #RetailInnovation #CustomerExperience #LoyaltyPrograms #RetailTheftPrevention #FrictionlessShopping

It's interesting how retailers are slowly landing on the same three options for Self Checkout refinement to solve shrink. 1. Adding employee assisted checkout, 2. Adding barriers to leaving the store without confirmation of purchase (mechanical or human) or as a last resort, 3. Completely eliminating the option. From the consumer perspective its slowly becoming a negative experience... Curious what other options might exist..

With the majority of gen z and millennial shoppers preferring self-checkout, there is an obvious demand for the technology in the retail space. However, the benefits of the self-service kiosks are countered by some drawbacks. Stores are left vulnerable to shoplifting and fraud when implementing unattended POS systems. Click the article below to learn how retailers can mitigate their losses while maximizing customer loyalty, and ultimately, profits. #Retail #Kiosk #SelfService #SelfCheckout #PaymentSolutions

Hey POS Retail......How point of sale and display solutions can reduce retail theft in 2024...... #NCR #Repair #Service #Grocery #NCRHardware #PointOfSale #Scanner #NCRRetail #POS #Retail #NCRCounterpoint #NCRPOS #NCRSystem #NCRTerminal #NCRHardware #NCRVOYIX

🚀 Discover how Madigan's Court Spar is revolutionising retail technology with EDGEPoS and GLORY Cash Management! Dive into the latest Forecourt Trader feature to see how our innovative products are driving efficiency and customer satisfaction. Don't miss out—read the full article now! 📈🔍 #MadigansCourtSpar #EDGEPoS #EPOS #GloryCashManagement #RetailTechnology #ForecourtTrader #InnovationInRetail Darren Nickels Gillian Kelly MBA BA(hons)

The Office for National Statistics have recently reported a 25% surge in retail theft. In response to this alarming trend, we've been talking to Kiosk and Digital Signage about the critical role of POS suppliers in driving innovative loss-prevention solutions. To learn more about how we are mitigating theft-risks for the retail industry, email sales@harrisonretail.com, and one of our expert team will be in touch. #retailtheft #lossprevention #retaillossprevention #retailsecurity #retailinnovation

The Office for National Statistics have recently reported a 25% surge in retail theft. In response to this alarming trend, we've been talking to Kiosk and Digital Signage about the critical role of POS suppliers in driving innovative loss-prevention solutions. To learn more about how we are mitigating theft-risks for the retail industry, email sales@harrisonretail.com, and one of our expert team will be in touch. #retailtheft #lossprevention #retaillossprevention #retailsecurity #retailinnovation

🛒❗️Are you regularly losing and having to replace costly trolleys? ❗️🛒 Message me today to understand how Gatekeeper Systems can stop YOUR trolleys from leaving YOUR sites, which means YOUR customers will be able to purchase everything they set out to buy! Check out https://lnkd.in/g6_6dBDi for more information. (The data below relates to the US market. However, it highlights the real issues experienced globally by Retailers).

Retail theft keeps eroding the store experience. Shoppers and retailers' store teams alike are affected by high rates of retail theft. 🛍 OMNICHANNEL HABITS: Locking up merchandise pushes shoppers online and they may wind up choosing a rival’s e-commerce site instead. 🛡 STORE EXPERIENCE: The future of retail security is shifting as store teams increasingly view shoppers with fear instead of trust. 👮🏽♂️ EMPLOYEE EXPERIENCE: Store associates’ roles have evolved beyond serving to include policing, which can make customers feel scrutinized rather than welcome. In response, innovations like RFID tags on items can help retailers strengthen loss prevention without compromising the customer experience. How else can retailers protect people, property and profits amid rising rates of retail theft? See the recent RetailWire article and add your thoughts. #retail #ecommerce #theft #tech