Employee theft is a growing concern across all retail industries, in terms of both time and attendance fraud (buddy punching), as well as inventory shrink.
According to the 2010 NRF Security Survey, the leading factor contributing to retail shrinkage was employee theft, accounting for 43.7% of retail losses, and a total loss of $16.2 billion dollars. For retailers to ensure they are protected against theft, they need a way to hold their employees accountable.
"The wristband tracks your movements throughout the day. It records 'your entire athletic life,' says Nike’s promo video, and can sync that information to your smartphone," wrote Mashable's Kate Freeman. "The wristband records steps taken, calories burned and time of activity."
The Harvard Business Review published a couple of articles last week that could very easily leave retailers confused and bewildered.
Stop Delighting Customers!On one hand, on Jan. 23, Matthew Dixon, Lara Ponomareff and Anastasia Milgramm unveiled the results of their five-year study, which found that customer loyalty is less about providing over-the-top service for customers, and more about making the buying process "effortless" for them.*
Shopkick, a location-based consumer app that helps retailers improve foot traffic and engagement, generated over $110 million in revenue for partners in 2011, reported Ryan Kim of Gigaom.com. Partners include Macy's, Target, Sports Authority, American Eagle Outfitters, Best Buy, Toys "R" Us, Crate & Barrel and more.