Preserving Retail Profits with Data-Driven Loss Prevention
Ironside’s Greg Bonnette was featured in NRF’s Magazine, STORES, in the article titled “Mapping Crime Risks: Location data helps specialty retailer minimize loss and maximize sales.” written by Liz Parks in September 2017.
Loss Prevention Analytics
For retailers who constantly deal with the problem of theft and fraud, it’s welcome news that you can dramatically reduce crime risk at individual stores by using an innovative Loss Prevention analytics solution known as IronStores.
IronStores enables retailers to reduce shrink, maintain customer satisfaction while you implement crime countermeasures, and improve store and chain business performance.
A 1,000+ unit specialty retailer based on the West Coast has been able to benefit from the way the two creators of IronStores—Ironside and Location, Inc.—partnered with each other to develop a customized predictive analytics solution.
Location, Inc. takes the address of each of the retailer’s stores and provides a set of crime risk scores that are regarded as some of the most accurate crime data sets in the industry—with risk scores and forecasts calculated for every 10-square meters (35-square feet) around each store location.
However, whereas retailers who used Location, Inc. data in the past were operating in a vacuum (since they had to reconcile their proprietary loss prevention data with Location’s), Ironside now does the work for them. Specifically, Ironside helps you combine your own proprietary internal LP data with the Location, Inc. data—and runs it all through its Loss Prevention analytics and data management platform, enabling you to:
- Quickly and accurately predict the likelihood of crime occurring in or around individual store locations
- More effectively allocate your Loss Prevention resources and budget—for example, placing more surveillance cameras and/or guards at your high-risk stores
- Get a return on your IronStores investment in as little as six months (estimated)
As Greg Bonnette, Ironside’s Vice President of Strategy & Innovation, states “The biggest thing is how important it is for store level employees to give a great customer experience. If you engage customers, even if you’re in a high-crime area, you can have a huge impact on your bottom line.”
Download a copy of the full article published in STORES, NRF’s Magazine – Mapping Crime Risks: Location data helps specialty retailer minimize loss and maximize sales
Ironside was founded in 1999 as an enterprise data and analytics solution provider and system integrator. Our clients hire us to acquire, enrich and measure their data so they can make smarter, better decisions about their business. No matter your industry or specific business challenges, Ironside has the experience, perspective and agility to help transform your analytic environment.