Point of sale data mining
Data mining is a proven and effective method of pinpointing internal retail theft to significantly enhance your bottom line.
The pivotal role of PoS
The retail industry acknowledges that a significant percentage of turnover can be lost to unknown loss per annum. Yet the contribution caused directly at the point of sale (PoS) is often overlooked. Rather than attempting to detect the source, the majority of retailers are prepared to write it off as an inevitable cost of trading.
The PCMS VISION Loss Prevention retail data mining solution has been developed to help retailers reduce the losses incurred at the PoS, thus increasing profitability and competitiveness. We estimate that approximately 30% of a business’ total unknown retail loss can be prevented and returned to its bottom line through efficient data mining. The different ways for cashiers to manipulate a PoS system include: giving customers unauthorised discounts, creating fraudulent returns, or making a no-sale whereby the cash drawer is opened without a sale being registered. Any transactions that differ from normal transactions are called point of sale exceptions and will be flagged up in special reports.
Data mining and exception reporting
Traditionally, PoS fraud was combatted via surveillance staff monitoring a point of sale terminal or by manually viewing CCTV recordings. Modern PoS solutions are very sophisticated and can be set up to trigger automatic alerts if pre-determined exceptions are detected. In addition, systems today can facilitate exception reports and listings based on employees, refunds, terminals etc. Networked-based PoS systems can even provide video access to detailed information of what took place and where.
Discover how to reduce your in-store losses at the PoS
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Omni-channel retailing is about viewing the experience through the eyes of the customer and orchestrating the experience across all channels so that it is seamless, integrated and consistent