How EAS Tags and RFID Tags Enable Retail Store Profitability 

No matter what sector you’re in, your business’s profitability depends on a host of factors, from your relationship with your suppliers to current trends among consumers. When it comes to retail, supporting your profitability involves more than just selling as many products as you can. 

One of the biggest threats to a retail store’s profitability is retail shrink, like theft and inventory loss, which can add up quickly. Unlike damaged or overstocked merchandise, the cost of which can at least be partially recovered, retail shrink must be written off as a loss. However, shrink is also largely preventable, which can help you grow your profits without needing to sell more. 

Here are 5 ways that EAS tags, RFID tags, and other RFID solutions can enable your retail store’s profitability. 

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What You Need to Know About the Evolution of Cash Usage in a Post-Pandemic Future 

For decades, experts have speculated that the next new payment method, from credit cards to cryptocurrency, would replace cash completely. But even during a global pandemic that saw in-person payments plummet in just a few weeks, cash has remained a reliable, accessible means of payment that consumers trust. 

Since the World Health Organization (WHO) declared the COVID-19 outbreak a global pandemic on March 11, 2020, we have seen some significant changes in how consumers use, save and value cash. As reported by the Federal Reserve in its 2021 Findings from the Diary of Consumer Payment Choice, cash use made up 19 percent of all payments, down seven points from before the COVID-19 pandemic. However, they also found that the average value of cash held in a consumer’s pocket, purse or wallet increased to $74, up $20 from 2019. 

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What are the Best Retail Security Tags for Brands to Invest in for the Holiday Season?

The holidays are almost upon us, and retail stores are scrambling to improve security at a time when loss prevention is critical. According to the ‘Jack L. Hayes International Annual Retail Theft Survey’, more than 1.2 million shoplifters and dishonest employees were arrested during a single holiday season. The survey polled 25 of the largest retail big box companies in the US, with 23,250 stores participating. More than $225 million worth of goods were recovered from the theft that manifested these crimes. Data like this motivates retail managers to invest in the best retail security tags from a top security company to help protect profits during the time when people are spending the most, and competition is fierce to define the leading brands in your space. 

This article is intended to help retail managers learn what types of security measures should be taken during the holidays to help prevent shoplifting, with a focus on tags and anti-theft technology.

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How Banks Promote Trust, and How Banking Supplies Fit into the Equation 

One of the fundamental pillars of a successful bank is its reputation. Simply put, customers do not want to keep their money with a financial institution they do not trust. In order for banks to retain their existing customers and bring on new clients, they need to build and maintain a trustworthy reputation using their employees, security and banking supplies. 

Traditionally, this type of trust is developed through real-life interactions between bank employees and customers, but the rapid shift to online banking means that banks now need to build these relationships digitally as well. Although newer banks and financial institutions might adapt to the digital space more quickly, they do not have the advantage of an established brand to encourage customers to trust them. 

Today, we’ll go over how banks and financial institutions can build trust with their customers using proven techniques and reliable banking supplies. 

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Targets, Trends, and Threats in ORC

In a recent webinar CONTROLTEK hosted in conjunction with the Loss Prevention Foundation, I was joined by Ben Dugan, CFI, director of ORC and corporate investigations at CVS Health, and president of the National Coalition of Law Enforcement & Retail (CLEAR).

With organized retail crime (ORC) at the forefront of everyone’s minds, this timely discussion centered around targets, trends, and threats impacting retailers today. “Organized retail crime is the number one contributor to ongoing security threats in the retail industry today,” said Dugan. While the COVID-19 pandemic certainly plays into this, Dugan stated that “retailers are considering ORC their number one challenge—this is what keeps them up at night. There is an increase due to COVID, but also an increase in the associated violence that goes along with ORC.” Dugan also noted that some retailers have seen incidences involving external theft along with violence double since COVID-19, due to emboldened thieves.

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Upgrade Your Banking Supplies With the Best Counterfeit Detector Pen 

Businesses in every industry are constantly at risk of receiving counterfeit money in exchange for goods and services. To guard against this, many banks and other financial institutions rely on banking supplies like counterfeit detector pens to identify counterfeit bills as early as possible. 

According to data compiled by the United States Department of Treasury, roughly $70 million in counterfeit bills are in circulation within the country, which is about one note in counterfeits for every 10,000 in authentic currency. As you know, the government will not exchange counterfeit bills for real ones, so any losses associated with counterfeit bills must be written off as theft. 

A counterfeit money detector pen is a bank’s first line of defense against counterfeit bills. But how does a counterfeit money detector pen work to protect your business’s assets and reputation? 

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A Short Banking Supplies List of Tips for Branch Managers Seeking Counterfeit Money Detectors

When it comes to prioritizing new banking supplies for your branch, counterfeit money detectors from a reputable banking security company are critical. As a bank manager or member of the leadership team, the last thing you want to do is create a bad reputation at your branch–something that can bleed into the brand’s identity. And since it is a federal crime to possess fake bills, failing to detect counterfeit notes can put your customers at risk when they are handed cash from a teller, or make an ATM withdrawal.  When fake money is uncovered at banks it is removed from their internal circulation and the Secret Service is notified (yup, they don’t just protect the president) to come collect the fake bills. This article will offer valuable tips on how to purchase counterfeit money detectors as a part of your new banking supplies by covering the types of counterfeit money detectors every bank should invest in and explain each device’s intended use.

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Fake Vaccination Cards Spread as Delta Variant Ramps Up

As the Delta variant of the coronavirus continues to sweep the nation, thousands of counterfeit COVID-19 vaccine cards have started to flood the United States.

U.S. Customs and Border Protection agents report they have now seized more than 121 shipments containing more than 3,000 counterfeit COVID-19 vaccine cards. The agency said agents have intercepted the shipments at the port of Memphis, Tennessee – all of them from China and bound for different cities across the nation.

Disguised as paper greeting cards in packs of 20, 51 or 100, the counterfeit cards look like real vaccination certificates, including spaces where the recipient can write their name, birth date and vaccine information. While they look legitimate, complete with the Centers for Disease Control and Prevention logo, the cards are often littered with typos, unfinished words, and even misspelled Spanish words, in some cases.

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6 Loss Prevention Strategies for Grocery Stores 

A successful loss prevention strategy is critical to a grocery store’s profitability. Data from 2020 shows that for grocers, retail shrink makes up 2 to 3 percent of an average grocer’s revenue, a significant share when profit margins are often very narrow. 

Although margins are already slim, grocery retailers can often find sustainable, long-term profitability by improving their loss prevention efforts. In this guide to loss prevention in grocery, we will go over the unique LP landscape of a grocery store and our top strategies to reduce shrink in grocery stores. 

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Top 7 Most Stolen Items From Grocery Stores and How to Protect Them

Grocery stores have some of the narrowest profit margins in the retail industry, generally ranging from 1 to 3 percent. While this business model works well for grocers, which make their money on volume rather than individual products, retail shrink can be especially detrimental to a grocery store’s bottom line. With retail shrink hovering around 1.62 percent in 2019, that means that grocery stores could lose as much as half of their profit margins to shrink, much of which is preventable. 

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