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Retail theft hits highest rate in 20 years

On this episode of Talking Shop, we are joined by Nikki Baird, Vice President of Strategy and Product at Aptos. Nikki has spent decades separating technology hype from real-world consumer behavior. Today, we delve into the emergence of the "dark funnel" and how LLMs like ChatGPT are disrupting traditional retail search pipelines, breaking retail media networks, and forcing retailers to their re-evaluate product landing page.

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Data from the Office for National Statistics shows that there were over 400,000 incidents of shoplifting in the year to September 2023, the highest level seen in 20 years.

This is a 32% increase on last year and the first time the number has exceeded 400,000 since records began in 2002.

The British Retail Consortium estimated that retail crime cost retailers £1.7bn last year.

The news comes after Sainsbury’s CEO Simon Roberts backed calls for tougher retail laws as abuse and physical attacks on shop workers “escalated through last year”.

He stated that Sainsbury’s had invested millions into body-worn cameras which have been offered to all its 150,000 staff.

Alongside this, the government unveiled its Retail Crime Action Plan back in October to try and counteract the rise in crime.

The plan outlined how police should respond to reports of theft and how they should investigate those who are accused of stealing from convenience stores and other businesses.

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