This Isn’t Your Grandpa’s Retail Market: Modern Crimes Call for Modern Technologies
The retail market looks different today than it did two years ago. Retailers are being asked to do more with less and face new fraud schemes amid a time of transformation. The COVID-19 pandemic dealt a devastating blow to retailers around the world. They were forced to shut down based on regional requirements but also had to address looting, theft, and hiring challenges. Thankfully, 2021 brought signs of growing health in the sector. Because of vaccination distribution, the easing of COVID-19 restrictions, and increased consumer demand, the National Retail Federation (NRF) expected retail sales growth to be up 8.2 percent last year. That was good news to hear after the difficulties faced during the pandemic.
But the news isn’t all rosy. The same survey, the National Retail Federation’s 2021 Retail Security Survey, found that the average retail robbery netted more than $7,500 — a statistic not seen this high since 2015. Why the increase?
Welcome to the ABCs of ORC. When it comes to risk, organized retail crime (ORC) continues to be a significant problem. NRF reports that three-quarters of retail companies have been victims of ORC and say they see more cases and higher losses. These groups descend upon retail stores, and each attack can cost an average of $700,000 per $1 billion in sales. Yes, you read that right. The simple fact is that ORC is an ever-growing threat to retailers and shopping centers.
OK, back to the good news. Retailers are invested in getting ahead of the game. In response to increasing threats to retail businesses, half of the NRF survey respondents said they were adding technology resources and capital to mitigate these risks and associated losses. But the days of relying on a standard video system, on-site patrol services, or traditional alarm monitoring are long gone. Modern threats require modern solutions.
There are many options to handle the investigation and prevention of ORC “smash-and-grab” incidents, but what is the solution to preventing after-hours burglary and theft? Three words: Proactive video monitoring.
With proactive video monitoring, retailers are empowered to prevent break-ins before they happen. PVM is a real-time intervention solution, meaning it works proactively to stop loss before it can happen. By identifying potential intruders, PVM intervention specialists engage in live, personalized audio talk-downs to de-escalate incidents and deter criminal activity. And after they get involved, 98% incidents are prevented.
Furthermore, PVM provides 24/7/365 protection and reduces false alarms. It augments the efforts of on-site security personnel because it enables them to focus on more critical tasks. AI-powered PVM is a next-generation solution designed to streamline the flow of live incidents across thousands of sites, increasing response times and stopping ORC criminals in their tracks.
Modern-day retail threats like ORC require modern-day solutions. See how Netwatch PVM can take your retail security to higher levels.