(Originally published on July 15, 2024)
 

According to the National Retail Federation (NRF), retailers lost $112 billion due to shrink in 2022, up from nearly $94 billion in 2021. As such, electronic article surveillance (EAS) hard tags, locks, alarms and other physical or visual deterrents to theft have become an expected part of the in-person shopping experience these days.

Still, as intelligence-led loss prevention (ILLP) systems that rely on radio frequency identification (RFID)-supported inventory insights to help retailers get ahead of organized retail crime become more common, retailers are considering a change in approach. The increasing availability of these systems, coupled with a desire to reduce labor costs, simplify operations and remove friction from shopper experiences, have even motivated some retailers to explore the idea of removing hard tags from their LP programs altogether.

However, early experiments with the idea have shown that eliminating hard tags could be a costly decision for retailers — and have proven that each technology in the LP toolbox has a part to play in the effort and that a customized strategy is the key to success.

CLICK HERE TO READ THE FULL ARTICLE AT RETAIL TOUCHPOINTS