Organized retail crime (ORC) is a serious issue in the retail industry. With the average loss of $703,320 per $1 billion in sales in 2019, this makes it the fourth year in a row that ORC has topped $700K. The National Retail Federation (NRF) conducted a survey to help retailers measure the impact of ORC and the different ways retails can fight this ongoing problem.
25% of respondents for the NRF survey saw a significant increase in ORC activity in 2019, while 43% saw a slight increase. Compared to the 5% and less for those who saw any kind of decrease, the industry has yet to see a intense reduction of crimes.
About 25% of respondents reported that their companies have made or plan on making the necessary changes like adjusting their policies to address ORC; while more than half are allocating additional technology resources to address the risk. (Source: NRF’s 2019 Organized Retail Crime Report)
Silicon Road is looking to aid this challenge by bringing investments and innovation to retail technology through a combination of startups, research and advisory services. By empowering research and technology advancements for the future of retail technology, Silicon Road is able to bring together retail tech startups and investors to help solve the issue of ORC.