In 2019, U.S. retailers lost roughly $62 billion due to factors like theft and fraud, according to the National Retail Security Survey.
Retail shrinkage is the loss inventory due to theft, fraud, cyber crime and shoplifting. Almost half of the respondents said the largest jump in fraud happened in stores.
“Between an increase in incidents and new ways to steal, shrink is at an all-time high,” said Mark Mathews, vice president of the National Retail Foundation.
29% of survey-takers reported that the threat of e-commerce crime has gotten higher priority since 2014.
Despite the increasing retail shrinkage, fewer retailers are allocating technology and staff to address risks this year.