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:
- Organized 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.
Flooid works with the largest retailers in the world. If you want to learn more about the capabilities of Flooid, contact us.
Flooid travaille avec les plus grands détaillants du monde. Si vous souhaitez en savoir plus sur les capacités de Flooid, contactez-nous.
30th August 2024
The evolution of retail: Adapting to change with omnichannel solutions
Flooid Blog
22nd August 2024
Flooid fosters fuel and convenience store success
Flooid Blog
31st July 2024
Enjoy infinite innovation with Flooid
Flooid Blog
11th July 2024
Enhancing the customer and employee experience with Flooid
Flooid Blog
24th June 2024
Unlocking the power of POS systems: Revolutionise your retail store
Flooid Blog
5th June 2024
The role of cash in a changing retail landscape
Flooid Blog
24th May 2024
Flooid fast-tracks collaboration in new home
Flooid Blog
15th May 2024
Flooid opens new UK home
Flooid Blog