Posted By Optimum Security
Inventory shrinkage accounts for about 1.5% of lost revenue in the retail industry, with some sectors such as accessories and fashion retailers suffering a higher shrinkage rate of 2.4%. This amounts to an estimated $100 billion in an annual loss for retailers across the world from employee theft, shoplifting, supplier fraud, and paperwork errors. A well-implemented loss prevention strategy can help to reduce the risk of merchandise losses and fraud. However, this is not easy considering the growing complexity of the retail environment as new sales channels emerge and consumer shopping behaviours change.