RETAILERS can reduce theft and improve store efficiencies if they focus on technology solutions to enhance their security levels, a new study sponsored by ADT Security and Sensormatic Retail Solutions group reveals.
According to ADT Security, the ‘Loss Prevention 2010: Retailers Battling Shrink in Tough Times’ study found during challenging economic times, retailers face increased pressure to identify better business intelligence, improve inventory accuracy, and embrace more innovative uses of existing investments as a means to improve profitability and conserve working capital.
Co-author of the report, Paula Rosenblum, says retailers need to make security upgrades by introducing newer technology.
"Given the challenging conditions retailers will face in the near future, any technology enhancements must help to reduce labour costs while delivering better business intelligence," she says.
"Tools such as Video Surveillance, Returns and Void Management, Exception Analysis Reporting and Cash Management are crucial for retailers to be more profitable.”
ADT Security, Asia Pacific, Retail and Security Products vice president, Kelvin Lam, says the information revealed indicates methods of retail theft are shifting and retailers need to make the necessary changes to keep up with it.
"In a tough economy, resourceful retailers are looking beyond traditional tagging and stand-alone surveillance to include software based analytic tools, integration and better inventory management systems," Lam says.
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