In the increasingly competitive retail space, there is a constant need to implement, expand and improve loss prevention programs to secure assets, decrease shrinkage and increase customer safety. With that, budget cuts in the manned loss prevention (LP) staff industry in all store ranges – from mom and pop shops, to big box retailers – have retailers exploring the latest in efficient and affordable LP management through video surveillance and the vast amount of add-on monitoring and analytic programs.
According to loss prevention and inventory shrinkage consulting firm Jack L. Hayes International, in 2012 nearly 1.15 million shoplifters and corrupt employees were apprehended, up more than seven percent from 2011. The threat is real, but the cost of managing these issues is easily streamlined by technology currently available to nearly every retail manager in the business.
By Trenton Thoms, Milestone Systems, Inc.