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Loss Prevention Technologies Save Billions of Dollars

Posted By ESA Communications, Tuesday, June 26, 2012

According to the National Retail Security Survey, theft in the retail industry declined in 2011 by more than $2.5 billion annually compared to 2010. But retailers still lost $34.5 billion from shoplifting, employee theft, administrative error and vendor fraud.

Although the retail industry experienced a substantial decline in thefts, there is still room for improvement – and tremendous potential for sales opportunities for ESA members. Technologies installed and maintained by the electronic security industry were cited as a major reason for the theft reduction, so it’s up to us to get more retailers on board with security.

ESA members have an opportunity to approach retail vendors and make a strong case for security by offering services that can benefit them long-term. Security measures, such as video cameras, can help retailers keep an eye on their merchandise and potentially help increase their bottom line.

While the electronic security industry can proudly take credit for a large portion of theft reduction, we aren’t the only industry invested. Retailers should explore other ways to reduce theft, but having a monitored security system in place isn’t a bad place to start.

Tags:  Loss Prevention  Retail  Sales  Shoplifting 

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