It's no secret that theft is hitting Aussie retailers hard, a report in the Australian Newspaper found that stolen assets cost us 9.5 billion in lost revenue last year alone. You can say that's a sizable industry, and an important one too.
With in-store retail under such pressure from online shopping, we see brands scurrying to drive prices down, advertise heavily and cut-costs.
But what if we closed the back door?
By this I mean minimising the assets that go missing, are misplaced or don't get accounted for. The technology is there to stop this, it's easy to use and a great investment when we look at the return, well, losses saved - this is progression.
Theft is always going to happen, but there's no doubt we can reduce this figure of 9.5 billion in lost revenue - imagine even 2 billion injected back into our economy, it would be an excellent start for retail.
It's about involving the new technologies that secure stock and improve the customer experience. Importantly, it's about seeing loss prevention as a clear way to ensure the financial health of a retail store.
If you're an LP professional reading this, tell me what you do to ensure loss prevention progression?
Lorri Dangerfield - Instore Security
"Lorri has over 25 years of management experience and is now helping businesses get the best results on their Loss Prevention. Her expertise and insight in this area have been widely beneficial to our clients."