In this article, we will go over some key 2023 retail shrinkage statistics and discuss the most cost-effective solutions to retail theft regardless of the types of products you sell.
Retail shrinkage is a relatively new term in the world of retail sales that refers to the rate of theft in retail stores. There are many similar euphemistic terms to describe the same thing, but as a retail business owner, you probably think of it correctly as a vexing and persistent drain on your bottom line.
Retail shrinkage is a consistent and troubling problem across all types of retail outlets, all over the world. The good news is that there is plenty of useful information on this subject as well as tried and proven tools and techniques to mitigate the problem of retail theft.
Key Retail Shrinkage Statistics from the National Retail Federation (NRF)
The NRF has compiled this useful guide to their survey concerning retail theft in the United States in 2023. They have listed organized retail crime as occupying the 78th percentile in terms of budgetary priorities for retail stores this year. Naturally, this statistic does not incorporate unorganized retail theft, which pales in comparison to the magnitude of the damage of which more skilled and organized thieves are capable. This means retail theft is an ever-greater problem than the NRF can report. The report finds that inventory shrink increased by 13.2% between 2022 and 2023, making it a more significant threat to your retail profits than ever before.
The ways retailers responded to the growing climate of crime in their stores, according to the survey, are as follows:
- 45.3% cut back on store hours
- 29.7% cut back on available inventory
- 28.1% reported closing one or more store branches
Needless to say, you do not want to have to respond in any of these ways to any threat to your business. Fortunately, there are viable, effective, and affordable anti-theft solutions available to retailers just like you.
How RTF Global Can Help
RTF Global offers the finest proven, time-tested, and effective retail security devices available on the market. These devices secure high-ticket items that are easy to slip into a pocket or bag. They are strong, very difficult to break, and will last for years. Perhaps most importantly, our retail security solutions do all of this while allowing customers to handle and view products.
Here at RTF Global, our mission is to provide affordable and effective answers to retail theft. We deliver solutions that will continue to protect your inventory, help you serve your customers, and protect your bottom line in multiple ways. Get in touch with our team today to learn more.