The 2011 Global Retail Theft Barometer¹ (GRTB) reveals shrinkage cost UK retailers £4,890m, up from £4,417m in 2010, even though spending on security has risen by 4.3 per cent in the UK to £1,019m this year.
Atul Rajput, retail business development manager at Axis Communications, said: “Despite an increase in adoption of security technologies, theft is still on the increase. An effective loss prevention strategy should of course evaluate new technology, but should not simply adopt the ‘latest and greatest’ products. Retailers need to harness solutions which can deliver tangible benefits and reduce costs.”
This is particularly relevant given the challenging economic climate and the fact that the GRTB survey also revealed that 25 per cent of European retailers intend to invest in new video surveillance systems over the next 12 months.
Atul said: “IP surveillance is central to this as it produces clear and versatile footage while reducing both implementation and maintenance costs compared to older analogue systems. In fact, earlier this year we commissioned a report that was conducted by the Centre of Retail Research which suggested that 71 per cent of overall retailers and 87 per cent of larger retailers are set to adopt network video into future loss prevention strategy, as retailers become increasingly aware of the benefits associated with this technology.”
Shoplifting still continues to pose the biggest risk to retailers costing them £2,146m. However, employee fraud and sweethearting, where staff give unauthorised discounts or aid theft at the till, are on the increase and closing the gap at a hefty £1,765m.
Atul said: “The majority of this fraud takes place at the till which is very hard to police. However, IP technology can monitor what is put through the till and compare this to data from point-of-sale (POS) terminals as both sit on the network. In addition, new software analytics have been developed that work with IP cameras which are able to detect non scans at the till. This means that these next generation CCTV systems are not only able to provide hard and fast evidence if staff are being fraudulent, but can also identify loss associated with process or technology related issues.”
According to Atul, Axis Communications’
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Notes to editors
¹ The Global Retail Theft Barometer is research and published by Professor Joshua Bamfield, Centre for Retail Research, Nottingham, and is funded independently by Checkpoint Systems.
Axis Communications is the global market leader in the network video market. The network camera market is set to have a CAGR of 27 per cent per year over the next five years. The world market for video surveillance products is forecast to be worth more than $14,474 million by 2014 according to industry analyst house IMS Research (http://www.imsresearch.com) in its latest market report entitled ‘The World Market for CCTV and Video Surveillance Equipment 2009 Edition’ published in August 2009.
Axis is an IT company offering network video solutions for professional installations. The company is the global market leader in network video, driving the ongoing shift from analogue to digital video surveillance. Axis products and solutions focus on security surveillance and remote monitoring and are based on innovative, open technology platforms.
Axis is a Swedish-based company, operating worldwide with offices in more than 20 countries and cooperating with partners in more than 70 countries. Founded in 1984, Axis is listed on NASDAQ OMX Stockholm under the ticker AXIS. For more information about Axis, please visit our website at www.axis.com.
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