The TiTok Ban? - Executive Roundtable: Q1 2023

Shoplifting On the Rise

Tough times certainly can impact the incidence of shrinkage. In-store considerations include pricing mistakes, inaccurate inventory counts, mishandling of cash transitions, and missed cart items. In the case of theft, retailers must walk a fine line on how they engage to protect the welfare of employees and customers while ensuring that they minimize shrink and impact on their bottom line. Frictionless technologies like Computer Vision and AI empower retailers to track shopper behavior and manage loss prevention throughout the store, helping to discourage theft. Shoplifting is a complex issue that retailers continue to address. Thus, we must continue partnering to explore ways to optimize retailers’ bottom-line impact through technologies like electronic surveillance and beyond.

Rance Poehler

President and CEO, Toshiba Global Commerce Solutions

07/05/2024 15:39:07

The TiTok Ban.?

If TikTok is banned, retail and Ecommerce marketers will see increased demand and even higher prices on their old friend, Meta. Many DTC brands are testing Connected TV and OTT advertising at a higher rate than ever before, and we're already seeing creators diversify their audiences in preparation of a potential ban. Somewhat surprisingly, Snap's aggressive courting and compensation of these creators has led to an increase of content on that channel instead of where we thought these creators would eventually end up anyway: Instagram.

From our point of view, marketing leaders shouldn't worry too much about a ban- I think a forced sale of the US platform is more likely. But even if it is banned, the savviest marketing leaders will adapt and identify new opportunities to engage their respective audiences. The only brands and marketing leaders that should be worried, in my opinion, are those that are both underfunded and living hand-to-mouth on TikTok traffic alone (like many pop up DTC brands these days).

Tyler Sickmeyer

CEO, Fidelitas

Shahin Kohan, a seasoned and trusted technologist, businessman and advisor, is on a mission to catalyze the potential of people and organizations through the power of technology. Three decades of experience working across industries has granted him the knowledge, resources and perspective to effectively create solutions to problems of any size, and ultimately help others make their impact on the world. His companies, including AIMS360, the leader of fashion technology, and Kumo Technology, a pioneering workflow innovation and software development company focused on the private lending industry, allow him to achieve that goal. A proud American immigrant raised amidst the struggle of Tehran, Iran in the 70s, his inspiring journey of possibility, persistence and passion fuels his deep appreciation and endeavor to make technology more accessible, human and powerful for all.

Shoplifting On the Rise

07/05/2024 15:39:07

Shoplifting On the Rise

When the financial market gets more volatile, we tend to see a rise in more irritable or volatile customer behaviors—and that includes theft. In fact, our recent frontline poll found that 50% of retail and grocery associates have witnessed a theft or attempted theft in the past six months. Unfortunately, our research found that associates don't have the right support, resources and tools to know how to navigate these difficult and tense interactions. Even beyond the procedures and protocols, associates are looking for training and resources to help them hone their soft skills, like empathy, to help them during these difficult financial times. So even with surveillance technology and other loss prevention protocols in place, retailers are at risk if they're not enabling their most valuable asset: their people.

Carol Leaman

President, Co-Founder & CEO, Axonify.

07/05/2024 15:39:07