The economy’s downturn brought with it a double whammy for retailers: a drop in sales and a rise in theft. Who knows when the former will correct itself, but retailers have already begun efforts to combat the latter.
Cash shrinkage has been particularly troublesome for retailers during the recession, largely because shoppers are turning to cash for their retail purchases. There are several reasons behind this trend: consumers are tightening their budgets, using cash to limit their spending and their credit card debt; North America has experienced a population increase among cash-centric cultures, such as those from Latin America; and there has been a rise in "unbanked" consumers — those who spend cash because they don't have a bank account — particularly at convenience stores.
"We're seeing an increase in cash transactions at all types of retailers in all of the major retail economies of the world," NCR industry marketing director John Saccomanno told me.
With that as a backdrop, I recently spoke to several top loss prevention experts about the rise of cash shrinkage and how technology can help combat it. They included Saccomanno, Tellermate president Rick Bellerjeau, Epicor Software executives Diane Neaven (director of product management) and Darlene Bogusz (product analyst – audit and operations management), and Loomis VP of business and product development John Rhoads. The story will run tomorrow on our website; feel free to comment here or to e-mail me as well.