LPRC Impact Conference 2024: Top Loss Prevention Strategies to Watch

LPRC Impact Conference 2024 is just around the corner. Major retailers, law enforcement officials, retail security providers and manufacturers are gearing up to share actionable insights and explore the newest strategies and technologies that are shaping the future of retail security.

Whether you’re an industry veteran or a newcomer, staying informed about the latest trends is key for developing effective loss prevention strategies. In this blog, we’ll highlight what retailers’ main concerns are, and the key loss prevention strategies to look out for at the convention.

What Are Retailers Biggest Security Concerns

The Loss Prevention Research Council (LPRC) Impact Conference is coming at the perfect time. Throughout 2023 and 2024, the retail industry has been inundated with videos of brazen thefts orchestrated by organized retail crime gangs.  As we head into 2025, retailers are now looking for innovative and effective ways to finally curb theft without locking up all their products.

Some retail shrinkage issues retailers worry about include:

• The challenges of prosecuting shoplifters and how retailers can collaborate with local law enforcement to address the issue.
• 92% of retailers want to increase their loss prevention budget as they don’t feel their current strategies are enough, but don’t know where to invest.
• How can retailers automate security processes or include more technology-forward approaches to loss prevention.
• Combatting employee theft, supply chain protection, vendor fraud, return fraud, and theft via ecommerce channels.

These are all valid concerns for retailers. They’re completely aware that current loss prevention efforts are turning away customers and negatively impacting sales. Locking up even everyday products, raising prices and ultimately shuddering stores isn’t a long-term solution to a growing problem.

So, what are retailers and loss prevention specialists to do? And What are some key technologies to look out for at LPRC Impact 2024?

Comprehensive retail loss prevention methods are integral in addressing theft and maintaining profit margins. The intention of most retail stores may not be to lock up all their products, but they’re clearly struggling with finding solutions that are effective for them, their employees, and their customers. Luckily, since the LPRC is a research-based entity, they can deliver critical insights to help manufacturers develop better products and introduce retailers to cutting-edge solutions. Here are some key technologies to take note of for this year’s convention.

Big data is transforming modern loss prevention by enabling retailers to analyze vast amounts of information to uncover important patterns and trends. At the IMPACT convention, you’ll find tools that examine transaction data to detect anomalies and potential theft. These tools help identify unusual purchasing patterns and transaction histories, which are essential for spotting theft early.

In addition to analyzing transaction data, there is a growing emphasis on integrating predictive modeling with customer behavior analysis. New systems track how customers interact with both online and in-store environments to anticipate and prevent suspicious activities. Predictive modeling leverages historical data and advanced algorithms to forecast potential risks and security breaches, using insights from customer behavior patterns to proactively address issues before they escalate. These technologies are becoming increasingly valuable for enhancing loss prevention strategies.

Risk assessment tools are another important development. These tools evaluate vulnerabilities in your store and help prioritize areas for improvement based on predictive insights. They’re designed to enhance your overall security strategy by addressing potential weaknesses.

For the past couple of years, it seems more and more shoplifters are getting a slap on the wrist, even after multiple offenses. There are several reasons why a retail business won’t prosecute shoplifters, leaving it up the store itself to proactively prevent external theft. This is where we have seen an uptick in investments in anti-theft devices to stop preventable loss instead of retroactive solutions like filing insurance claims or relying solely on local law enforcement.

Luckily, stores can focus on advancements in Electronic Article Surveillance (EAS) systems like enhanced security tags that cannot be defeated by magnets and safeguard high-value merchandise without damaging it with pins.

In addition to sell-thru merchandise, store displays are also at risk. When it comes to secure display solutions, there are some exciting innovations on the horizon. Modern display systems are designed to stop preventable loss while still allowing customers to interact with them—a major pain point for retail spaces suffering from a drop in customers.

Interactive displays are a great example—they keep items secure but let shoppers engage with the products. For instance, InVue has engineered a stacked lineup of retail display products like Zips and OnePOD that secure any item you can think of, while also powering the device and leaving it accessible to customer who want to get up and close with products before purchasing.

The OnePOD also has adaptive security measures like a Panic Button and automatic lockdown mode that immediately activate to secure all device in the event of threat detection. This leaves customers and employees out of harm’s way in the event of a potentially violent theft attempt.

For retailers who are looking for effective solutions without all bells and whistles, there are simpler technologies that still deliver excellent results. One such example is InVue’s T1000. This straightforward yet successful tool is a push-button hanging merchandise hook that has proven to be highly effective in reducing theft.

The T1000 employs a delayed dispense function, which can cut theft rates by over 50%. Here’s how it works: when a customer interacts with a hanging product—like a shaving razor or a pair of scissors—they must wait 5 to 7 seconds before they can dispense another item. This delay is simple, but it makes a significant impact on theft prevention.

Currently, major American retailers are rolling out the T1000, demonstrating its practical benefits in real-world settings. Its ease of use and effectiveness make it a valuable addition to any retailer’s loss prevention strategy, proving that sometimes, the most straightforward solutions are the most effective.

One of the most pressing challenges for retailers is implementing security solutions that enhance store operations rather than disrupt them. Traditional methods, like locking up products, can lead to delays as customers wait for store employees with the right keys. This not only frustrates shoppers but also slows down store operations.

Retailers are increasingly seeking technology-driven solutions that improve both security and efficiency. Modern systems that allow multiple access methods, including through store-issued smart devices, are gaining traction. These solutions streamline access to merchandise, minimize delays, and ensure a smoother shopping experience, all while maintaining security.

InVue’s Smart Locks offer an effective solution for both asset protection and access control, addressing key concerns like internal theft while improving the customer experience. These locks can be operated using a store-issued device, a mobile phone, or a single key, with each method requiring specific permissions. This flexibility allows employees to manage inventory efficiently, and the trusted the ability to use their app to unlock cases and retrieve their own products—if the retailer desires.

A key feature of Smart Locks is their ability to provide a full audit trail. Each access event is logged with a unique identifier, such as a PIN, ensuring complete transparency and security. This modern approach meets the needs of tech-savvy shoppers from millennials and Gen Z, who appreciate both enhanced security and convenience.

As retail environments continue to merge online and physical channels, the need for unified security platforms is becoming more pressing. Managing fraud in e-commerce can be particularly challenging. Online platforms are often targeted by sophisticated schemes such as account takeovers, phishing attacks, and fraudulent transactions. Traditional security measures that work well in physical stores may not be as effective in the digital realm.

Look to learn about cutting-edge solutions designed to seamlessly integrate in-store and e-commerce security measures from a single program. These integrated omnichannel security solutions are designed to address these challenges by providing tools and features specifically tailored for e-commerce environments.

For instance, look for solutions that include advanced fraud detection algorithms and machine learning capabilities. These technologies analyze transaction data and user behavior to identify anomalies and flag potentially fraudulent activities. Plus, features like multi-factor authentication and real-time transaction monitoring can help protect against unauthorized access.

In addition to these topics, there will be several learning labs covering a range of subjects, from the impact of violent theft on employees to using social media to catch thieves who post about their hauls. Make sure to take full advantage of each session to develop the most effective loss prevention strategy for your retail store.

This year, LPRC 2024 is all about empowering retailers to prevent crime and loss through innovative products and fostering collaboration with industry leaders. After all, partnership drives innovation. Ready to partner with InVue on the latest loss prevention strategies? Visit us at the LPRC Impact 2024 to see our innovative solutions in action and learn how we can help you stay ahead of emerging threats. For more information, contact us today.