Retail theft cost stores $121.6 billion in 2023, reports CapitalOne Shopping. Estimated projections from the same source indicate that shoplifting has the potential to create losses of more than $150 billion by 2026. Retail theft doesn’t just cost the business. It can lead to higher prices for consumers, which has lasting effects on our economy.
Retail Theft Statistics
The problem is more than kids shoplifting a candy bar or teens thrill-seeking. Retail theft is widespread, often organized, and has led to some small businesses having to make the difficult decision to shut down due to losses (also termed shrinkage).
By the numbers:
- More than 85% of small businesses experience retail theft annually. (CapitalOne Shopping)
- Nearly 30% of all retail theft is internal or employee theft. (CapitalOne Shopping)
- 56% of small businesses expect the holiday season will bring an increase in retail theft. (Forbes)
- 75% of small business retailers report a monthly loss due to theft that ranges between $500 and $2,500. (Forbes)
- More than 60% of small business retailers have increased their prices because of retail theft. (Forbes)
Repeat offenders are a continuing problem for retailers. In addition, it’s been reported by the National Retail Foundation (NRF) that organized retail crime has become a high priority for businesses of all sizes. The NRF has reported that retailers, in a survey response, stated that organized retail crime offenders have grown more violent and aggressive as compared to previous years.
Organized Retail Theft
Police1 states, “organized retail theft (ORC) has seen a significant spike . . . impacting communities nationwide. Unlike petty shoplifting, these crimes are orchestrated by criminal rings that steal large quantities of goods from businesses with the intent to resell them.”
The increase in retail theft has sparked legislative action. In June 2023, the INFORM Consumers Act was signed into law in order to establish transparency within online marketplaces by requiring them to verify the identity of third-party sellers. This is in direct response to the high volume of theft brick-and-mortar stores see when they are hit by organized retail theft.
Reducing Retail Theft with Argus BWC
In one case study (Police1), centered on the city of Greenwich, Connecticut, the local police department formed an anti-theft crime unit in response to the high volume of organized retail theft. This unit arrested nearly 50 suspects involved in retail theft during the first half of 2024. Various tech was utilized to aid in these arrests, including surveillance cameras and facial recognition software.
The right technology for law enforcement makes a difference, which is why Argus BWC can become an essential piece of equipment when it comes to combating retail theft.
Kustom Signals’ Argus Body Worn Camera offers multiple must-have features for agencies considering BWCs. These include but are not limited to:
- 12 hours of recording time plus a live-swappable battery
- 4G LTE capability
- Internal 64 GB of storage
- IP67 rating plus U.S. Military Standard 810G compliant
- Superior low-light recording, ideal for interior or exterior situations
- Four microphones with noise cancelation, ideal for crowded retail stores
- Easy integration with Argus Data Vault and Argus ICV
- Innovative AI tech for enhanced officer safety
Argus BWC recognizes common phrases and also has the capability of having additional phrases submitted to increase functionality. It automatically activates to capture footage that can not only help aid in keeping officers safer but also as evidence when dealing with prosecuting retail theft situations.
With Argus Data Vault, video footage can then be easily shared with prosecutors, police officers, and any other divisions within the business that experienced the theft.
Grant Assistance Is Available
Because Kustom Signals wants to make our products easily accessible to your agency, we have partnered with PoliceGrantsHelp.com. Through the system, your agency may be able to secure a no-cost customized grant to fund a project for Body Worn Cameras. For additional information regarding grant assistance, please see the details here.
For more information on Argus Body Worn Camera and other Kustom Signals products, including Argus Data Vault, please contact us today.