Negative shopping experiences are costing Australian retailers $71 billion in lost revenue each year, with out of stock events and long lines the factors most likely to see consumers seek gratification elsewhere. These are the recent findings of a report by global payments provider Adyen, who surveyed consumers and retailers early this year, identifying eight…
Big brands should be looking beyond traditional metrics like return on investment and measuring the return on experience, according to the latest Global Consumer Insights Survey from Price Waterhouse Coopers (PwC). In their 10th annual survey of over 21,000 consumers globally, they note the age of a digitally savvy consumer means a superior customer service…
Artificial Intelligence and increased surveillance are among the new technologies being employed by Australia’s major retailers in a bid to combat self-checkout theft. The move comes amidst reports seven per cent of consumers admit to committing self-service checkout theft in a trend that costs the retail sector billions. Here’s an insight into self-checkout theft in…
An Australian-based shoplifting study has found the crime is surging, with major retailers losing over $3.3 billion last year alone. The research further indicates self-service checkouts and increasingly brazen criminals are driving the rising trend, with the Sydney Morning Herald (SMH) noting retailers have reached “crisis point”. So, what’s changing on the shoplifting front? A…
Not all shoplifters fit the profile of crime gangs, thrill-seeking teens or seasoned thieves. Some can be your best customers who steal as a one-off for a reason they believe is justifiable. So, what prompts a loyal patron to steal and how do retailers stem the loss? Here’s an insight into why good customers steal…
It’s hard to imagine the humble fitting might be a hero in the modern retail story, but in many ways that’s proving the case. Like all areas of the retail sector, the fitting room is benefitting from an influx of modern technology which is working to play to the strengths of bricks and mortar, improve…
Tech giant Apple is among the latest retailers to revamp its stores in a bid to enhance the customer experience, unveiling a new-look outlet at Bondi Junction in Sydney. The re-imagined retail store features a focus on “education and inspiration”, while also boasting environmentally friendly credentials. It follows a trend that sees many big retailers…
A recent US study has found more and more retailers are turning to electronic article surveillance in a bid to combat shoplifting, with the adoption of merchandise alarms and security tags increasing in the past year. The findings were noted in the US National Retail Federation’s annual security survey and support a further report that…
7-Eleven has become the latest Australian retailer looking to make the retail experience checkout free, with the trial of a new app that allows customers to go “cardless and cashless”. Announced last week, the trial follows in the footsteps of grocery retailer Woolworths and of course Amazon Go in the US. The 7-Eleven trial is…
Each year retail loss costs Australian retailers dearly, with the most recent figures from the Australian Retailers Association (ARA) indicating it sets the industry back $7.5 billion annually. This figure shows little signs of abating either, with shoplifting, employee theft, vendor fraud and administrative error among the major causes of retail shrink. Here’s an insight…
