Retail theft shrinkage

Retail is one of the vertical markets where shrinkage is getting worse. Dishonest employees and shoplifters continue to steal in record numbers.

Retail Shrinkage Numbers

23 major retailers apprehended over 1.1 million shoplifters and dishonest employees, recovering over $189 million,in 2012, according to the 25th Annual Retail Theft Survey conducted by Jack L. Hayes International.

The need for effective video surveillance is no longer an option, it is a necessity. Shrinkage is reducing retail profit and driving prices higher for consumers.

No security system? Start with IP.

For retailers without video surveillance, skipping analog security cameras and moving to a IP camera solution is the preferred choice. With IP security camera prices coming down, and the fact that one IP CCTV camera can usually provide coverage equal to two or three analog cameras, the cost difference is no longer a large factor.

What if I already have an old analog CCTV solution?

For those retailers with existing analog security camera systems who are looking to improve the video quality and take advantage of video analytics, replacing the coax cabling may not be the answer. A more cost effective option is to use media converters and existing cable, with IP cameras.

Other cost saving measures include keeping some existing analog CCTV cameras, but use IP cameras in sensitive areas such as cash registers, etc. Most of today’s Hybrid DRVs can handle both analog and IP cameras while offering video analytics and POS integration.

Benefits of going IP – Take control of your security.

Over the years, intelligent video surveillance has become very affordable. Video analytics now integrates with cash register transaction data and allows retailer managers and CEOs to perform monitoring tasks remotely that were impossible before:

  • Quickly search and find questionable or suspect transactions
  • Monitor whether the store opens on time or not
  • Monitor employee dress code
  • Confirm customer service guidelines are followed
  • Review other operational standards.

Has your company seen an increase in retail shrinkage and theft? Do you have an old or non-existent security camera system that you would like to replace with an IP-based system, but you aren’t sure what the best solution would be? Leave a comment below or contact us today – we can help.

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