It is the first question anyone entering the MicroMarket business asks; what about theft!? All businesses come attached with inherent risks, and being a MicroMarket operator is no different. The risk of theft (commonly referred to as ‘shrink’) is always on the top of the mind considering all of the products are out in the open and not locked safely behind the glass of a vending machine.
However vending machines come with their own theft shrinkage issues as well, including, “people who lose a dime, but claim a dollar and cash collection and counting errors that occur without proper accountability,” according to Automatic Merchandiser.
Furthermore, the threat of theft in MircoMarkets is not as great as imagined. Shrinkage hovers around 2-5% on average, which is comparable to that of the retail industry and doesn’t outweigh the added benefits of owning a MicroMarket. That number may seem small to some but many operators are still left looking for new ways to reduce theft beyond a standard surveillance system.
Stopping Crime, One Cancel Report At A Time
MicroMarket providers are working hard to address customer concerns regarding theft and are constantly working on new technology to make catching thieves that much easier. Some methods currently in place include: using video monitoring, signage, and monitoring sales and product reorders.
But what if you need more protection?
If it turns out that Suzie Q has sticky fingers, you’ll be able to find out by using 365 Retail Markets' new Cancel Report feature! The Cancel Report is designed to assist Operators with identifying potential shrink scenarios by capturing additional details in high-risk scenarios. These scenarios include; when a consumer presses the cancel button, either on the opening scan screen and/or when pressing the cancel button on the insufficient funds screen. Operator feedback and research from 365 shows that by capturing additional details around these events, Operators can more quickly investigate shrink and improve loss prevention.
“The Cancel Report is receiving rave reviews from those Operators on our BETA track! Operators are not only catching shrink more frequently, they’re also gaining valuable insight into trends around when and how it happens.” said Ryan McWhirter, Director of Product at 365 Retail Markets.
How does it work?
To consumers, nothing has changed. However, SmartHQ offers operators a wider view of market purchases and returns. Now…
- Operators can choose whether or not to upload webcam images to SmartHQ.
- Operators can select one or many locations, along with a date range to inspect.
- Operators can view the detail of a cancel event, which includes the image taken from the kiosk webcam when the cancel button was pressed. Operators can then quickly correlate the image presented with the DVR footage using the timestamp and image provided.
The new Cancel Report feature can help Operators raise their level of efficiency to the next level and boost their customer service experience.
“Operators used to spend hours reviewing DVR footage to pinpoint culprits, but now thanks to the Cancel Report, they can be much more efficient at addressing shrink and instead spend their time keeping clients happy. We can’t wait to get this new feature into the hands of all our Operators over the next few months,” said McWhirter.
Do you want to know when the Cancel Report feature will be available for your market? Contact our dedicated sales team at (888) 365-7382 ext. 301 or email us at [email protected]
