2024 is certain to be a year of transition for both retailers and manufacturers. Across the industry there are several challenges, especially with the escalating issue of retail theft. It’s been widely reported that products are losing 20-40% of their sales once they’re locked away. While various solutions are being explored, these challenges are negatively impacting sales and profits, customer satisfaction, and the overall shopping experience.

Customers can no longer just select a product and checkout. Now they need to find an associate, who in turn must find the right staffer with the correct key to spring your product from retail jail! With wait times increasing from 8-20 minutes to purchase locked products, no one is happy. Not an ideal scenario for the brands, the retailers, or the customers.

According to the National Retail Federation, 80% of all shopping still happens in stores. With the cost to secure inventory and prevent theft already high, it’s having a negative impact on the customer experience. This presents a challenging dilemma for retailers: either lose goods to theft or lose sales due to locked inventory, both of which lead to decreased profits.

Transitioning to online sales may seem like a solution, but it introduces additional challenges such as packing and shipping costs, and uncertainties pertaining to browsing competitor’s sites. Although there are various solutions being tested, including the debate over self-checkout lanes, one in-store solution has a unique approach to addressing many of these challenges.

Social Shelf®, a multifaceted platform, acts as a valuable customer service resource and communication tool. Unlike traditional methods that can hinder sales and frustrate customers, Social Shelf‘s communication portal allows shoppers to request assistance without navigating the store in search of an attendant. Utilizing their application with AI technology, retail staff can respond to requests for in-aisle assistance, lockbox items, merchandise pickup, and more. Offering hassle-free communication minimizes customer delays, enhances the shopping experience, increases sales, and provides a better experience.

“The negative impact shrinkage is having on the entire industry is apparent, unfortunately until now, finding the best solution has not been as obvious. While in-aisle with the use of their phone, customers can immediately notify staff of out-of-stock issues, call for product assistance, or be directed to the appropriate counter to complete their sales transaction,” said Frank Gussoni, CEO of Social Shelf. “Social Shelf improves customer service, increases lockbox sales, and assists with shrinkage issues, which in turn is better for all parties involved.”

The Social Shelf service offers a real solution for retailers looking for in-store communication options to implement, while generating additional retail revenue streams, since the platform also offers on-demand video, audio and static advertising, digital coupons, rebates, gamification opportunities and more.

For more information about Social Shelf and how it can benefit your retail business, visit www.socialshelf.net, email [email protected], or call 1.855.466.8584.