According to the National Association for Shoplifting Prevention, inventory shrinkage – a combination of employee theft, shoplifting, vendor fraud and administrative error – costs United States retailers over $31 billion every year. This has emerged from the latest National Retail Security Survey report on retail theft, which analysed theft incidents from 118 of the largest U.S. retail chains.
Source of Inventory Shrinkage | % of Loss* | $ Lost |
Employee Theft | 48.5% | $15.1 billion |
Shoplifting | 31.7% | $9.7 billion |
Administrative Error | 15.3% | $4.8 billion |
Vendor Fraud | 5.4% | $1.7 billion |
Total Inventory Shrinkage | $31.3 billion |
You can easily eradicate this problem by adopting Tag-N-Trace solutions.