The BOSS Expense Tracker allows users to keep their business…
Atlanta, GA (Profitable.com) Every year, retailers shore up their loss prevention efforts to better prepare for increased crime, store traffic and longer business hours. Yet current events and projections suggest that this year, special event management, protest preparations and return fraud prevention should be high on loss prevention (LP) professionals’ list.
Today, Wren Solutions, a loss-prevention technology provider helping leading retailers reduce loss and increase profits, released the first of three advisories in the month of November, pinpointing three key trends unique to 2011 and how LP professionals can best prepare for them.
“Retailers are facing some unique challenges this year. With additional insight and preparation, loss prevention teams can formulate strategies to ensure safe events and promotions, protect the customer experience, and support profitability,” said Andrew Wren, CEO of Wren.
According to retail experts at Wren, three top risk-causing trends for which retailers must be prepared are as follows:
- More Special Events – According to the National Retail Federation, average holiday spend will be down slightly from last year. Additionally, nearly six in ten shoppers say they plan to take advantage of retailers’ sales and discounts to make additional non-gift purchases for themselves and their families this holiday season. Promotions, special events and sales, always common during the holidays, will be especially prevalent in 2011. LP managers should take special care to plan and prepare for these special events to maintain safety of customers and protection of assets.
- Occupy Wall Street Hits Main Street – In light of the widespread Occupy Wall Street movement, retailers should also prepare for unexpected groups of people protesting around the store. The majority of LP’s work lies in preparing for potentially disruptive demonstrations, handling logistics to ensure the safety of customers and protecting storefronts that may be at risk of being vandalized.
- Return Fraud Is Up Along with ORC – In tough economic times, crime is always more prevalent. Return fraud is always high after the holidays, but may be even higher than usual on the heels of the 2011 holiday season. The National Retail Federation’s 2011 Organized Retail Crime Survey found that 95 percent of retailers reported being a victim of organized retail crime in the past 12 months, up 6 percent from 2010. Return fraud presents a major window of opportunity for criminals to perpetrate fraud and retailers should have their processes tied down to minimize abuses.
Visit the Wren Blog for posts on these topics over the next three weeks as well as other tips, discussions and content designed to help retailers minimize risk and loss.
For nearly 30 years, Wren Solution has served leading retailers with technologies that help loss prevention professionals reduce loss, increase profits and rise as heroes in their companies. The company’s solutions, including enterprise-class video management software, access control systems, LP and operational assessments, surveillance cameras and hardware, and professional services, enable retail organizations to lower shrink and protect people, assets and facilities, while empowering them with operational insights for better performance. Established in 1983 and headquartered in Jefferson City, MO, Wren is a member of the Food Marketing Institute (FMI), the Loss Prevention Research Council (LPRC), the National Retail Federation (NRF) and the Retail Industry Leaders Association (RILA). Visit us at www.wrensolutions.com.
Copyright © 2011 Wren. All rights reserved.
Wren®, the Wren logo, Encapsulon®, the Encapsulon logos, and The Power to See Your Business are trademarks of Wren. The trademarks that are followed by ® are registered trademarks in the U.S. All other trademarks and/or registered trademarks mentioned herein are properties of their respective owners and are for reference purposes only. The use of such third party trademarks does not indicate any affiliation with or sponsorship of or by Wren.
Patents US 6,847,393 & 7,474,330