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 some of the world’s leading retailers. If you would like to learn more about Flooid’s capabilities, please contact us.