Retailers Tackle the Rising Problem of Retail Theft

💸Organized retail theft, also known as shrinkage, is causing retailers to lose billions of dollars annually.

🔒Retailers are implementing technologies like point of sale activation and RFID tags to prevent stolen products from being used.

🛒Home improvement retailers like Home Depot and Lowe's are among the businesses affected by organized retail theft.

💼Organized crime syndicates are behind a significant portion of retail theft, recruiting vulnerable individuals to carry out theft operations.

⚖️Retailers are taking drastic measures to combat theft, including locking up inventory and recording transactions on the blockchain.

How much money do retailers lose to retail theft?

—It is estimated that retailers nationwide will lose over a hundred billion dollars this year to retail theft.

Which retailers are most affected by organized retail theft?

—Home improvement retailers like Home Depot and Lowe's, as well as big box stores like Walmart and Target, are among the businesses greatly impacted by organized retail theft.

What measures are retailers taking to combat theft?

—Retailers are implementing technologies like point of sale activation and RFID tags. They are also considering locking up inventory and recording transactions on the blockchain.

Who is behind organized retail theft?

—Organized crime syndicates play a significant role in retail theft. They recruit individuals who are vulnerable and offer them incentives to carry out theft operations.

How will these measures affect consumers?

—While these measures may initially seem complicated and expensive, they are expected to lead to lower prices for consumers as they help reduce shrinkage and prevent stolen products from being used.

00:00Retailers are facing a growing problem of retail theft, also known as shrinkage.

01:14Organized crime syndicates are responsible for a significant portion of retail theft.

04:24Retailers are implementing technologies like point of sale activation and RFID tags to prevent stolen products from being used.

05:09Retailers are taking drastic steps to combat theft, such as locking up inventory and recording transactions on the blockchain.