AA Blog
Loss Prevention Calculator: 5
Can loss prevention be free?: 3
Can Security Provide A Positive Return On Investment? The Loss Prevention Calculator Can Show You How!
As I was driving into work today I learned of a new convenience store that was opening next year in the Seattle area that would completely eliminate the need for cashiers. I found this to be very interesting since I work in the retail field. They plan to only use robots and technology to run the store, in order to eliminate the need for store employees, and make shopping more convenient. When I got to work I did a little more research on the subject and this is what I found. A major, primarily online retailer, is now advertising the creation of a new store that will allow customers to shop and pay without the need to checkout. The patent information indicates that they plan to use a combination of RFI technology and sensor fusion, among other technologies, to identify the products that you are picking up so they can automatically be added to your purchase list. This includes data from other inventory location devices such as scales, image analysis and pressure sensors, to name a few, that help to identify the item. They also plan to use customer shopping history and other data to help properly identify products. If the item is returned to the shelf it is designed so that the item is removed from your shopping list. When you are done shopping you simply leave the store, and the items are automatically charged to your account. I had several questions run through my head of course. For example, if there are no employees how do they deal with errors or adjustments, is that what the robots are for? Will this new technology help to minimize theft or increase the opportunity? Would someone be able to replace an item with a similar sized object to fool the system? What if they returned the item to a different inventory location? Can loss prevention be free? I understand this is still way out there for my imagination not to run wild, but I am curious how this will work. Although this is very exciting stuff, it does make me think about all of us small time store owners that don’t have the ability to have all of the latest and greatest technology that larger retailers have the access to. Until we get to that level, I would recommend you stick to what you can afford. The best way to make that determination is by checking out the loss prevention calculator.
The loss prevention calculator is a free tool that provides a real time look at what your security costs will be and what your return on investment (ROI) can be. As retailers we all need some level of security, determining what level of protection you need and at what cost, is key in determining our net profit margins. When it comes to security we can see a positive return on investment, in which loss prevention can ultimately pay for itself. The loss prevention calculator allows you to simply enter your annual sales numbers along with the cost of the security equipment you need, and it quickly estimates your shrinkage and shrinkage reductions, to determine how long it will take for your investment to provide a positive return. Although I think the new technology described by this new retail convenience store is innovative and may change the future of how we do business, I think we are a long ways off from it becoming an everyday reality.
Until we get to the point of I-Robot, I suggest you use the loss prevention calculator, to better understand the cost of security and what level of protection you need. Can loss prevention be free? In my experience it can be. When you look at the ROI you are getting by mitigating your risk and reducing shoplifting, it is clear that a viable loss prevention program can ultimately pay for itself. Don’t wait, the calculator is free, and can show you how quickly security can work to reduce shrinkage and increase profit.
Need information on the loss prevention calculator? Give us a call at 1.770.426.0547 now.
As I was driving into work today I learned of a new convenience store that was opening next year in the Seattle area that would completely eliminate the need for cashiers. I found this to be very interesting since I work in the retail field. They plan to only use robots and technology to run the store, in order to eliminate the need for store employees, and make shopping more convenient. When I got to work I did a little more research on the subject and this is what I found. A major, primarily online retailer, is now advertising the creation of a new store that will allow customers to shop and pay without the need to checkout. The patent information indicates that they plan to use a combination of RFI technology and sensor fusion, among other technologies, to identify the products that you are picking up so they can automatically be added to your purchase list. This includes data from other inventory location devices such as scales, image analysis and pressure sensors, to name a few, that help to identify the item. They also plan to use customer shopping history and other data to help properly identify products. If the item is returned to the shelf it is designed so that the item is removed from your shopping list. When you are done shopping you simply leave the store, and the items are automatically charged to your account. I had several questions run through my head of course. For example, if there are no employees how do they deal with errors or adjustments, is that what the robots are for? Will this new technology help to minimize theft or increase the opportunity? Would someone be able to replace an item with a similar sized object to fool the system? What if they returned the item to a different inventory location? Can loss prevention be free? I understand this is still way out there for my imagination not to run wild, but I am curious how this will work. Although this is very exciting stuff, it does make me think about all of us small time store owners that don’t have the ability to have all of the latest and greatest technology that larger retailers have the access to. Until we get to that level, I would recommend you stick to what you can afford. The best way to make that determination is by checking out the loss prevention calculator.
The loss prevention calculator is a free tool that provides a real time look at what your security costs will be and what your return on investment (ROI) can be. As retailers we all need some level of security, determining what level of protection you need and at what cost, is key in determining our net profit margins. When it comes to security we can see a positive return on investment, in which loss prevention can ultimately pay for itself. The loss prevention calculator allows you to simply enter your annual sales numbers along with the cost of the security equipment you need, and it quickly estimates your shrinkage and shrinkage reductions, to determine how long it will take for your investment to provide a positive return. Although I think the new technology described by this new retail convenience store is innovative and may change the future of how we do business, I think we are a long ways off from it becoming an everyday reality.
Until we get to the point of I-Robot, I suggest you use the loss prevention calculator, to better understand the cost of security and what level of protection you need. Can loss prevention be free? In my experience it can be. When you look at the ROI you are getting by mitigating your risk and reducing shoplifting, it is clear that a viable loss prevention program can ultimately pay for itself. Don’t wait, the calculator is free, and can show you how quickly security can work to reduce shrinkage and increase profit.
Need information on the loss prevention calculator? Give us a call at 1.770.426.0547 now.
