The season of giving is upon us, and with that comes an increase in sales–as well as an increase in shrinkage across the retail industry.

Shrinkage is the loss of inventory often attributed to theft. That’s especially so in the holiday season, as indicated by loss prevention specialist Ernie Deyle’s [holiday season forecast]. As Deyle explains, the holiday season is a time when “people tend to rationalize immoral behavior like shoplifting. It’s much easier to do so when a child’s Christmas present is at stake rather than an extra bathing suit for the summer.”

A 2016 retail security survey^[1] done by the National Retail Federation showed that retailers’ shrinkage averaged 1.38% of sales in 2015. That may not sound like a lot until you realize that 1.38% totals $45.2 billion. Worse yet, that is an increase of $1.2 billion from 2014.

Sales and shrinkage soar by as much as $7.3 billion during the fourth quarter, which makes controlling losses critical to profitability. Deyle’s report^[2] goes on to advise retailers to use technology to stabilize inventory loss and ensure shelf availability

With how fast technology is advancing, it’s no surprise that loss prevention technology is evolving at such an exponential rate. Even small convenience stores are capable of running facial recognition technology. According to Tyco Integrated Security’s director of business development, Lee Pernice^[3], “RFID is something else that is not new to retail, but it has come a long way in both cost and use cases.”

Senseon is one of the ways RFID technology has evolved over the years. Senseon systems lock and unlock up to 15 doors or cabinet drawers simultaneously with the tap of an RFID card or fob. This inconspicuous, easy-to-install secure access system can be the solution to a wide array of retail shrinkage troubles.

Senseon systems can be programmed to support up to 100 users, including five administrators. Employees thus have ready access to merchandise on the sales floor, rather than having to wait for a manager with a key to retrieve customer’s items. In addition, a lost or missing key is no problem: an administrator can program or delete card/fob access instantly.

With Senseon Plus, retailers have access to an innovative audit trail software, which enables managers to monitor cabinet-level, employee, and overall activity within a retail location. The actionable operations data provided by this software can help retailers  stay one step ahead of thefts and shrinkage and fortify their loss prevention strategies for the holidays.

Loss prevention has the potential to move forward as a cost-saver and a time-saver for retailers across the world. With Senseon, retailers can be sure that all their inventory will be secure this busy shopping season. To learn more, visit our website or schedule a consultation using the link below.