Retail Bulletin has reported today that shoplifting and retail fraud will cost UK retailers £1 billion over Christmas.
The Shoplifting for Christmas 2012 report by the Centre for Retail Research broke down the costs into losses of £522 million from shoplifting, £431 million through employee theft, and £47 million due to vendor and distribution losses.
However with the right solutions it is possible to bring this number down. Clear Returns’ CEO Vicky Brock commented,
“Losses from fraudulent behaviour are something that the Clear Returns solution can definitely tackle. By analysing historical data we can pinpoint the customer’s who are consistent fraudsters, allowing the retailer to give the customer a call to check if there is a problem, and subtly let them know we’re onto them!”
This problem is not just limited to the UK. The study also looked into costs overseas and found that shoplifting and fraud would cost €5.8 billion in Europe and $8.9 billion in the USA over Christmas.
Clear Returns have discovered that fraud is also apparent online. Our system is able to spot those shoppers who consistently re-buy the same items, and we can highlight wear-and-return issues. Therefore as the online channel grows for retailers, so will these issues. By tackling this now we aim to save retailers millions in lost profits.