The 2022 National Retail Security Survey from the National Retail Federation found increases in organized retail crime, which may contribute to retail shrink.
Implementing a number of technologies within the retail setting can help organizations improve the customer experience, but more importantly, reduce shrink, mitigate fraud and improve security.
The 16th annual (Organized Retail Crime) ORC study released by the National Retail Federation found 75% of loss prevention executives at a cross-section of large and mid-sized retail companies said ORC activity had increased in the past year, up from 68% last year.
Theft, fraud and losses from other retail “shrink” totaled $50.6 billion in 2018, up from $46.8 billion the year before as industry security executives said there is a growing overlap between loss prevention and cybersecurity efforts.
