Article | April 30, 2015

Are Smartphones Selling Short Your Profits?

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By Doug Montgomery, March Networks

Is your retail loss prevention strategy as up to date as your inventory, services and marketing? If not, it could be affecting your bottom line. Many companies overlook how newer technologies may impact their loss prevention strategies. Today’s smartphones are a good example. They have emerged as a preferred, and successful, tool of the dishonest. Having a well-defined smartphone policy can help protect your profits.

With 30-plus years in retail, I suppose you could say I’ve seen it all. I’ve worked with the owners of various retail businesses – including full-service and quick service restaurants (QSR), convenience stores, specialty retailers and banks – to help improve their operations, profitability, public image and customer retention through the use of video surveillance.

I believe loss prevention goes hand-in-hand with operational awareness, and video surveillance is an essential tool for achieving that. I know from experience that it’s well worth the time invested to make sure your loss prevention policies remain current, especially as technology like smartphones become popular and their use continues to evolve.

Successful retailers continually tweak their product lines, customer service and advertising strategies to keep up with trends and remain competitive. They are also quick to adopt technological innovations that help them reach customers more effectively or improve operations. But many companies overlook the impact that simple technologies, such as smartphones, may be having on security.

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March Networks