While loss may occur in any industry, loss prevention is especially critical for retail stores. If shrinkage is too high, you may have to raise your prices, which can damage relationships with customers. You may find yourself unable to pay employees, purchase inventory, and cover your building lease. The risk is especially high for businesses that already have low profit margins, like grocery and liquor stores. The good news: With the goal of enabling Loss Prevention and empowering retail security leaders to face today’s challenges, the Axon technology suite is now available to retail organizations.
Loss in Retail is on the Rise
Let’s consider some recent stats that make clear the need for loss prevention and security technology in retail.
A Sharp Uptick in Shrinkage
Inventory shrink in 2020 cost the US retail industry $61.7 Billion
Increasing Violence in Retail
Violent fatalities in retail reached an all-time high in 2020, with 523 deaths, including 256 customers, 128 suspects, 123 employees, and 16 security officers dying in stores or store parking lots
The Steep Cost of Recovery
For every $1 recovered by companies, $33.15 was lost to retail theft - only 2.9% of total retail theft losses resulted in recovery
How Security Technology Can Help
Axon helps retail to increase safety and profitability by protecting the people and assets in your organization. Our technology suite can protect your assets; create a safer and more productive workplace for employees, and an enhanced shopping experience for your customers.
Axon body-worn cameras act as an anti-theft and de-escalation tool to reduce shrinkage and assault rates. TASER devices are effective tools to help prevent assaults, and a way for security teams to handle them effectively and safely when they do occur.
The Axon Incident management platform makes it easy to gather and manage ironclad video evidence to prosecute theft and organized retail crime more effectively.
Take the Next Step to Protect Your Business
We are working with leading organization including the Loss Prevention Foundation and the Loss Prevention Research Council to advance security and safety in this industry. Read more about how Axon solutions can help you in our Loss Prevention Magazine release and contact an Axon Enterprise Security Expert.