Retail security is only growing more complex as in-store shopping and ecommerce models start to blend. Consumers are increasingly turning to buy online, pick up in-store options, curbside pickups and other ways of shopping that reduce how much time they spend in brick-and-mortar locations. Meanwhile, retailers still have to keep a close eye on what happens in the store at all times, especially when businesses are strapped for resources. Security is getting harder to maintain, leading to enormous retail loss.
The global retail industry suffers from $100B in shrink — financial loss due to missing revenue, wasted inventory, stolen goods or improper accounting — every year. Shrink is a huge problem for retailers today and can occur at many stages along the retail supply chain, from the distribution center to the checkout lane. The average shrink rate for retailers was 1.6% in 2020, and nearly 16% of retailers now have shrink rates above 3%, according to the 2021 National Retail Security Survey.