Protect your profits despite the pandemic

Downward pressure on sales doesn’t have to equate to a fall in profits. In a depressed economic environment, retailers should concentrate on what they can control: reducing costs.

One area of opportunity is loss prevention. Here are some statistics about the cost of theft and inventory mishaps:

• Organised retail crime costs US retailers more than $700,000 per billion in sales, and approximately $30B each year1
• Shoplifting, staff theft and supplier and warehouse issues and crime accounted for £4.2billion in losses for UK retailers in 2019. Error accounted for another £1.2billion2.
• The total cost of crime and crime prevention was the equivalent of 20% of profits of the entire UK retail industry in 20183

Can your business afford to accept large losses like these?

Flooid, Intel and the Open Retail Initiative recently collaborated on a loss prevention tool for self-service checkouts.

Using EdgeX middleware, data was captured and shared from different systems including cameras, weighing scales and RFID tags. A proof of concept was delivered in weeks, giving retailers physical proof there was a route to millions in savings through effective loss prevention technique.

Download our whitepaper to find out more about how Flooid, Intel and the ORI are helping retailers cut costs.