C&M: Global market for retail security driven by increasing focus to reduce retail shrinkage
Global Retail Security Market 2014-2018 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-20 15:39:02
The Global Retail Security market is to grow at a CAGR of 28.12 percent over the period 2014-2018. One of the key factors contributing to this market growth is the increasing focus to reduce retail shrinkage. The Global Retail Security market has also been witnessing the increasing focus on reducing the man power by the retailers. However, the high cost of ownership of retail security systems could pose a challenge to the growth of this market.
Since retailers strive to increase their profitability and rely on employees to engage customers and push conversions, they find it difficult to deploy employees for task and shopper-centric activities, as a result of which the efficacy of the employees is divided. Inventory error and employee mismanagement becomes unavoidable, especially because of the high hourly wages and rapid turnover rate at retail stores. In order to allow retail employees to focus on selling and not on such tasks, retailers are forced to implement security systems that streamline employees´ responsibilities. Thus, the increasing focus of retailers on reducing manpower at retail stores and implementing security systems to reduce shrinkage increases the growth prospects of the market.
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