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Retail theft on rise,
Officeworks fights back with tech,
Shrinkage to minimise.
Officeworks tackles shrinkage with Appriss Retail's AI solution
Appriss Retail, a provider of data and analytics solutions for the retail sector, has added Australian retailer Officeworks to its customer portfolio.
Officeworks will utilise Appriss Retail's solution, Secure, to reduce shrinkage across its stores. This partnership strengthens Appriss Retail's position in Australia, where retail theft has been on the rise.
Officeworks, a chain of office supplies stores, operates under parent company Wesfarmers. Previously, Officeworks relied on standard reporting practices to detect behavioural exceptions at the point of sale, which made it challenging to identify the root causes of shrinkage and margin erosion.
A study from the NSW Bureau of Crime Statistics and Research in June 2023 found reported incidents of retail theft increased by 55.7% in Greater Sydney and Regional NSW between 2018 and 2023. Appriss Retail's Secure solution will provide Officeworks with a comprehensive view of its business, improving the retailer's response to potentially fraudulent transactions and returns.
According to Appriss Retail, customers experience 100% visibility into sales reducing activity and exception metrics, resulting in shorter investigation times and reduction in shrink. The company is planning to expand its presence in Australia and will soon bring its annual user conference to the country.
Appriss Retail CEO, Michael Osborne, said shrink is an ongoing challenge for the retail community and oftentimes the root of the problem is convoluted.
“My team is dedicated to helping retailers worldwide like Officeworks pinpoint abnormalities in their customer data and take action to prevent margin erosion before it’s too late," he said.
Appriss Retail provides AI-driven analytics and real-time, integrated recommendations focused on identifying and mitigating theft, fraud, and abuse, while shaping positive experiences for profitable consumers. Officeworks operates 169 stores across Australia and offers a wide range of office supplies, technology, furniture, art supplies, and education resources.
