Businesses around the United States unfortunately face instances of fraud, and this is especially felt by retailers that have to deal with stolen merchandise, damaged products and even large returns. There are several ways that companies are attempting to reduce these types of situations, as theft and fraud take a toll on revenues.

The CPA Practice Advisor writes that according to a study by the Centre for Retail Research, American merchants lost an approximate total of $8.9 billion during the 2012 holiday shopping season to fraud. This amount came from stolen items, employee misappropriation and other factors, the source notes. Fortunately, businesses are taking steps now to prevent these instances in the future, such as hiring store guards, equipping products with anti-theft devices and video surveillance.

Another form of fraud that many merchants are coming across is returns, as Retail Solutions Online states that some customers bringing back merchandise for exchanges or refunds are in fact fake. This is happening both in stores and online, as individuals are creating false receipts and submitting them for returns, the source reports. This newer form of fraud is getting the attention of companies, and many are taking steps now to pinpoint fake receipts and documents.

This entry was posted by Retail Pro on Tuesday, February 26th, 2013 at 9:51 am .

Retailers today know that e-commerce is now a preferred channel of many customers, as it provides increased convenience, fast transaction processing and easier product comparisons. For businesses that want to expand into online shopping, or for those that want to improve upon their current e-commerce practices, Retail Pro's E-Commerce offering is the necessary tool for enhancing web presences.

Retail Pro will be hosting a webinar on its E-Commerce solution this Thursday, February 28, from 8 a.m to 9 a.m PST. Registration information can be found here: https://www2.gotomeeting.com/register/508626906. The event will feature a demonstration of Retail Pro's E-Commerce product, and attendees will be able to see how it can be integrated with existing Retail Pro systems to streamline inventory management, expedite return processes and facilitate a variety of other operational tasks. Some of the main benefits retailers can experience with Retail Pro E-Commerce include enhanced customer service, more accurate web orders and the ability to effectively manage multiple online stores while reducing the administrative burden.

Neil McKeown, Retail Pro E-Commerce and Retail Pro Business Intelligence product manager, will be presenting the webinar. Through Neil's guidance and the live demonstration of Retail Pro E-Commerce, businesses will see firsthand how this innovative offering can help them manage all of their in-store and web operations in one place.

This entry was posted by Retail Pro on Tuesday, February 26th, 2013 at 6:32 am .

While the payroll tax increases, which were implemented at the beginning of 2013, are hitting American consumers hard, they are not the only group being forced to make changes to their finances. The retail industry is also being impacted by the changes, as customers are cutting back on their spending, forcing merchants to revise their revenues.

The National Retail Federation reports that approximately 73.3 percent of American consumers are reducing their spending, as they now have less take-home pay from their wages. Some of the strategies that shoppers are using to save money include visiting discount stores for better prices, foregoing entertainment expenses, cutting back on vacation and travel plans and seeking out deals and coupons from retailers.

These methods are sure to be felt within the retail industry, and many companies are revising their own spending levels to cope with the payroll tax impact. According to The Wall Street Journal, some merchants are readjusting their prices to make them more attractive for shoppers. Also, big name brands such as Burger King, Walmart and Kraft are revamping their marketing strategies and decreasing their sales forecasts. 

This entry was posted by Retail Pro on Monday, February 25th, 2013 at 8:37 am .

Mobile technology is no longer being used just as an additional and effective purchasing channel for retailers. While many consumers prefer to shop through their smartphones and tablets – and merchants are meeting these demands – these devices are also being used by businesses in the retail industry to keep operations going.

Internet Retailer reports that a study by Alibaba Group found that if web-based retailers were to experience natural disasters or emergencies, 62 percent said they would rely on mobile devices to continue running their companies. These merchants would utilize the devices to stay in touch with customers through email, phone calls or text messages, and they would also update their websites with pertinent information for vendors and consumers, the source reports.

Besides using gadgets such as smartphones and tablets to keep things going, retailers are also adopting strategies to boost their revenues through mobile commerce, writes Internet Retailing. Shoppers are increasingly using their own devices to browse for and buy products, which was highlighted in research from Affiliate Window. Retail purchases from smartphones and tablets during January increased 116 percent year-over-year.

This entry was posted by Retail Pro on Monday, February 25th, 2013 at 3:11 am .

It's certainly not the news they were hoping for, especially after several months of gains, but Canadian merchants were dealt a blow with the sharp decline in retail sales throughout December. These findings come amid other problems businesses in the country are facing, including price competition with American retailers just across the border.

Bloomberg reports that the latest findings from Statistics Canada revealed that during the last month of 2012, retail sales dropped 2.1 percent from November, representing a total sales volume of $38.6 billion. This decrease followed five months of retail sales gains, the news source notes. This is troubling news for Canada's economy, which has been struggling to pull itself out of a recession.

Another issue that Canadian merchants are dealing with is the price competitions between themselves and American competitors. The Globe and Mail states that many Canadian consumers are going across the border to take advantage of cheaper products sold by U.S.-based retailers. This is putting a strain on the northern nation's companies, and they are trying to figure out how to make their prices more fair for customers, the news source reports.

This entry was posted by Retail Pro on Friday, February 22nd, 2013 at 9:57 am .

Merchants have been capitalizing on the mobile retail trend recently by offering deals and discounts aimed at consumers who prefer to use smartphones and tablets for shopping. Now, businesses are taking it one step further by investing in more mobile POS solutions to draw in device-carrying customers into stores.

Retail Info Systems writes that research from TBR found that companies are putting more money into retail POS technology for mobile gadgets. The study revealed that merchants' IT budgets are getting a boost this year, as it is expected there will be a 5 percent increase, most of which will go toward software and hardware solutions, such as mobile POS. Of the approximate $43.9 billion spent on retail operations this year, $30.7 billion will be put into technology systems for enhancing customers' experiences and other factors, the news source states.

Full adoption of this mobile technology is not yet forecasted to happen, as Business Solutions reports that some businesses are wary of the various systems and platforms. There is the speculation that the use of devices for in-store payments will only be a fad, so there is a certain level of hesitance within the industry. However, many experts feel that mobile solutions will be around for years to come, so companies need to implement the technology now.

This entry was posted by Retail Pro on Friday, February 22nd, 2013 at 8:46 am .

Canada's currency is changing in big ways, as government officials have announced that the penny will no longer be produced by the Royal Canadian Mint. However, many citizens still want retailers to accept these one-cent coins even after they have been phased-out.

According to The Canadian Press, a survey by the Bank of Montreal found that 73 percent of Canadians expect that businesses will continue taking pennies for cash transactions, even though the Mint has already started collecting the coins and melting them down to recycle the metal. When it comes to accepting pennies, the news source reports that it is up to merchants to decide  how long they want to process them. Once retailers decided to stop taking the coins, they will need to round up cash purchases to nearest five cents. However, many consumers are opposed to this, which is why a significant amount still want pennies to be taken during transactions.

It's not yet clear how this currency change could impact the nation's retail sales, which as of the end of 2012 were on an upward trajectory. The Business Records writes that a report from Statistics Canada revealed that sales totals in November jumped 0.2 percent from the previous month, reaching $39.4 billion. 

This entry was posted by Retail Pro on Friday, February 22nd, 2013 at 5:35 am .

Retailers employ a variety of tactics to get to know their customers more, such as asking for feedback and remembering past purchases and personal details. One solution that can help merchants' with their goal of increased consumer understanding is retail management software. These solutions provide businesses with the tools needed to store shopper data and determine which products and service methods are preferred by individuals.

Econsultancy writes there are several aspects pertaining to consumers that retailers can maintain within their software systems in order to make more informed decisions regarding shoppers wants and needs. The source outlines these elements as data points, one of which includes the average order values of individual patrons, both in stores and online. This information gives companies insight into customers' favorite products and how much they spend. In addition, responses to marketing methods can also be measured through management systems, like how much sales increased due to direct mailings or how many email messages were opened and then resulted in website visits.

"Knowing your customers is about recognizing the valuable customer data you have, associating it with each customer in a meaningful and usable way, and making sure that the right people can and do apply that customer data to their decision-making processes on an ongoing basis," Econsultancy writes.

This entry was posted by Retail Pro on Thursday, February 21st, 2013 at 7:59 am .

Mobile has been steadily making its way into the forefront of the retail industry over the past few years, as consumers increasingly use smartphones and tablets to research, browse and purchase products. Merchants can no longer ignore the importance of this digital channel, especially as it is forecasted to continue its significant growth over the coming years. Developing strategies now for accommodating device-carrying customers – both in brick-and-mortar locations and on websites – will help businesses get a better grip on the mobile revolution and boost consumer satisfaction and loyalty.

Mobile retail use growing worldwide
Consumers across the globe are increasingly using mobile devices for many retail purposes, whether it be to purchase items, compare products or seek out customer service from brands. One country that has seen strong growth in mobile commerce is the United Kingdom, reports Mobile Entertainment.

The source cites research from Intela, which revealed that 40 percent of individuals in the U.K. are more likely now to make a mobile purchase than they were a year ago. This highlights consumers' increasing confidence in the buying channel, and they feel more comfortable spending money through their smartphones and tablets. Of the customers surveyed, 50 percent stated they would purchase £10 ($15) or more through their devices, which could give way to bigger priced merchandise in the near future, the source points out.

"Waves of innovation in smartphone technology has meant mobile commerce is finally becoming a tangible reality for consumer facing businesses," said Guenole Le Gall, head of mobile at Intela. "As people get more dependent on their devices, mobile commerce's prominence will grow – just as e-commerce did as online technologies improved."

Leverage mobile channels successfully
So how can retailers best capitalize on this growing channel? Independent Retailer notes that focus should be put on developing elements such as applications and mobile-optimized websites to accommodate consumers who prefer to shop through their smartphones and tablets. However, mobile strategies should not only be limited to the internet, as merchants can incorporate some digital elements into their storefronts for device-carrying shoppers.

One example is the use of mobile point-of-sale software and solutions that allow customers to use their devices to purchase products in stores, making transactions quicker and more efficient. In addition, retailers can use information gathered from mobile purchases to offer tailored deals and discounts to consumers, further boosting loyalty and retention.

This entry was posted by Retail Pro on Wednesday, February 20th, 2013 at 11:58 am .

American consumers are steadily regaining their confidence in the nation's economy following the recession, as people are venturing to retail stores and websites to buy merchandise. These increasing levels are helping to boost merchants' monthly sales, and the trend is expected to continue throughout the year.

A report from the National Retail Federation (NRF) found that during January, retail sales jumped 0.3 percent from the previous month, and they grew by 5.4 percent year-over-year. Many economists had predicted that consumers would curb their spending throughout the beginning of the year, as payroll tax changes implemented as a result of the fiscal cliff deal took extra wages out of workers' paychecks. However, it seems as though consumers learned to adjust their spending levels and gave retailers a positive first month of 2013.

Analysts forecast that retail sales over the coming months will continue to climb, especially as it was revealed that consumer confidence increased during February. RTT News reports that research from Thomson Reuters and the University of Michigan found that the consumer sentiment index rose to 76.3 from January's figure of 73.8. This index was above the expected reading of 75 for February.

This entry was posted by Retail Pro on Wednesday, February 20th, 2013 at 8:41 am .