In a world where retailers are losing $77 million in revenue per day due to eCommerce fraud globally, you better have the right fraud prevention strategy in place if you expect to survive. But should you use a third-party fraud management solution or build your own fraud team in-house?
The last several years have ushered in a seismic, technology led transformation in retail industries. Retail leaders are using technology to reimagine the traditional concept of the storefront as just one aspect of the omni-channel customer experience. As retail and CPG IT needs have changed, so have supporting technologies led by mobility, cloud, analytics, and cybersecurity.
The move from analog to digital video surveillance technology has changed the playing field for Loss Prevention. Once independent silos of operation, LP's primary shrink fighting tools now share the corporate network. And like every other department system, they rely on IT to allocate bandwidth and storage and provide maintenance and support. This could lead to tension as each department fights to receive a bigger piece of the technology pie.
The rate of change in the retail industry is astonishing, as organizations strive to keep pace with omni-channel selling, personalization, and demand for an enhanced in-store customer experience. Retail technologies are evolving at a similarly rapid pace, making it possible to do more than ever with the masses of business and customer data being collected every day.
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