Top 5 Retail Loss Prevention Trends in 2020
For the last decade the retail industry has been in a constant state of change driven by technology, new competitors, and the digitally empowered consumer.
In 2020, supply chain service levels are measured in hours rather than days. Consumers can now return online orders to stores, meanwhile, retailers have the ability to source and hire new employees through an app on a mobile device. This technology driven transformation also extends to retail loss prevention.
Today’s modern retailer needs to blend loss prevention with cyber security to decrease fraudulent digital transactions, establish risk management procedures for short term 3rd party contractors, train employees on safety and security procedures, and stay up to date on new and changing legislation. To help retailers make sense of all these changes, we’ve compiled five retail loss prevention trends:
- Optimize Programs with Analytics – In retail, actionable insights based upon trustworthy data are gold. Most retailers are thinly staffed, and according to the NRF Security Survey, “the average LP team has 45.9 employees per $1 billion in sales.” Leveraging analytics can help loss loss prevention teams achieve scale in the background screening process by accurately providing a forecast for when a background screen will return limiting the number of calls fielded from candidates wondering when their background check will return.