Wednesday, September 18, 2019
If you’re a retailer in Australia you understand the difficulties and challenges retailers are facing with a plateaued economy, wages having only increased slightly over the past decade and the infiltration of online shopping taking a sizable chunk of the market. There is one area however that many businesses loathe as it’s something that strikes at the heart of their business and costs Australian retailers over $2.5 billion dollars a year ( source ). What’s worse is that shrinkage seems to be on the rise with a 16% increase over the past two years (according to respondents from The Australia and New Zealand Retail Crime Survey 2019). When combined, both customer theft (shoplifting or shop stealing) and dishonest employees (internal theft) account for just under 80% of overall theft.