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$70 billion
- Trade group RILA says organized retail crime cost U.S. retailers nearly $70 billion in 2020.
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Jul 29, 2024 · Organized retail crime (ORC), also referred to as organized retail theft (ORT) or professional shoplifting, involves two or more people who conspire to steal retail merchandise with the...
Oct 17, 2023 · In recent years, organized retail crime has become a much more prevalent issue for retail businesses large and small. Across the retail industry, ORC costs retailers an average of $700,000 per $1 billion in sales , and more than 56% of small businesses reported being victims of ORC in 2021.
Oct 22, 2024 · The rise of Organized Retail Crime (ORC) hits retailers hard, causing significant financial strain beyond just the loss of stolen goods. Retailers not only lose inventory but also face higher insurance premiums and increased security costs. To compensate, many raise prices, directly impacting consumers. When a store loses valuable merchandise ...
Aug 20, 2023 · In 2019, prior to the pandemic, the Centre for Retail Research put the total shrink at $43.3 billion, of which it said just over $4.8 billion was due to organized crime.
Jan 6, 2021 · Organized retail crime isn’t going anywhere, according to the NRF. 2020 marks the fifth year in a row it has cost retailers more than $700,000 per $1 billion in sales. Per the report,...
Jun 29, 2023 · WHO FOOTS THE BILL FOR IT? When retailers face high costs, their profit margins take a hit and they typically look to raise prices for shoppers. That means that, in the end, shoppers may bear the...
Sep 29, 2023 · Organized retail crime (ORC) is escalating, both in physical retail stores and in the digital marketplace. While the expansion of digital commerce has unlocked major opportunities for businesses, it also has ushered in a new era of fraudulent activities.
