Today the Retail Industry Leaders Association (RILA), in partnership with the University of Arkansas, Sam M. Walton College of Business and with support from Checkpoint Systems and Ernst & Young, announced a new initiative to examine the loss prevention risks associated with emerging point of sale technology.
The initiative will study emerging point of sale (POS) technology including self-checkout, mobile coupons, touchless payment, mobile POS and mobile self-checkout, evaluate the LP risks posed by each and identify possible preventive strategies.
“Retailers need to understand this emerging technology and its implications for loss prevention now so that they can proactively address any challenges that lie ahead rather than just reacting to them after emerging POS technologies become the norm,” said Lisa LaBruno, RILA’s vice president of loss prevention and legal affairs.
“Checkpoint is very excited to have the opportunity to be involved in such an important issue within the retail industry,” Farrokh Abadi, President and COO Shrink Management Solutions, Checkpoint, said. "As the speed of innovation increases, it will challenge standard practices within asset protection used to lose less, but we are certain that our collaborative research will allow retailers to develop strategies to face this new challenge associated with mobile POS practices.”
“The speed at which mobile technology is affecting and reshaping retail is dramatic. The importance of understanding the risks such advancements have on a retailer's business cannot be underestimated,” said Dan Valerio, Ernst & Young's Americas Retail Sector Leader. "Ernst & Young is proud to join Checkpoint as sponsors of this critical undertaking by RILA and the University of Arkansas, as the results of this study are at the heart of what is important to the clients we serve.”
Not only will the project compile research findings in an industry report, it will also offer a risk assessment check-list that retailers can use in their retail locations to mitigate LP-related risks.
“I'm very excited about the opportunity to work with such an experienced research team from the University of Arkansas on a project that has the potential to deliver tremendous value to the retail LP industry,” LaBruno concluded.
This project is the brainchild of RILA’s Asset Protection Leaders Council (APLC) . The APLC provides a forum for top-level retail AP executives to work collaboratively to guide the strategic direction of the retail AP industry and to enhance effectiveness within their respective companies.
RILA is the trade association of the world’s largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.