Newsletter | August 4, 2020

08.04.20 -- Retail Cash Loss: Addressing The Problem With Intelligent Technology

 
Retail IT Insights
How E-Commerce Businesses Can Use Technology to Get Ahead in the eTail Game

With this surge of online shopping, e-commerce businesses need to step up their services and insights. What better way to do that than by leveraging technology?

Retail Reshaped By Chatbots And AI Technology During COVID-19

There’s no doubt that recent circumstances surrounding COVID-19 have reshaped the way retailers operate and connect with their customers daily. Shelter-in-place ordinances and stay-at-home mandates have forced retail brands to rely on artificial intelligence (AI), machine learning (ML), and chatbot technology to manage much of the workload required for servicing their customers’ needs.

Retail Cash Loss: Addressing The Problem With Intelligent Technology
 

Any business that accepts cash for transactions has come to expect that some percentage of it will vanish as a result of fraud, administrative errors, and employee misdeeds. Inventory shrink, which includes cash loss, costs retailers an estimated $47 billion annually. It is so prevalent that retailers have a line item for it in their P&L statement.

RSPA Recommended Read: The Advantage

Too many channel companies are scrambling from one installation to the next, failing to establish a company vision, craft a coherent strategy, and build the foundation of a viable business underneath. If that describes your organization, Patrick Lencioni’s The Advantage will steer you in the right direction. 

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