Shoplifting in England and Wales has recently hit its highest level in more than 20 years driven by rising prices and cost of living. With the BRC announcing that cases have almost doubled to 45,000 incidents a day, the current cost to UK retail is around £1.8bn a year.
Retailers are now stepping up security measures to combat theft of higher value food and non-food goods, including meat, cheese and beverages to minimise shrinkage and maximise on-shelf availability.
As a long-established manufacturer of loss-prevention label-tags under its SourceTag brand, Coveris lead the market for composite security solutions, supplying all major multiples. Recent increases in retail demand however now mean that volumes are up more than 60% YOY to tackle instore theft.
Reducing costs, number of SKUs and the need for secondary tag application, Coveris’ composite SourceTag labels integrate RF (radio frequency) or AM (acoustic magnetic) tags to provide a seamless, singular security label that works with existing electronic article surveillance (EAS) antenna systems instore. With no compromise to brand or pack application, the tags are applied during the label manufacturing process to create a covert security solution, removing the need for secondary SKUs and instore application.
Delivering huge supply-chain efficiencies, shrinkage reduction and cost savings, Coveris’ security labels also work seamlessly with self-checkouts where around 80% of retail sales now typically occur. With tags deactivated at sale, there are also major time savings at point-of-purchase with no requirement for removal.
Given the rise in theft and the increase in volume required to counter the problem, Coveris are now investing in further capabilities and R&D to boost production, security formats and sustainable impact.
Commenting on the Group’s latest developments, Nigel Hewitt, Sales Director of Coveris’ Paper division said “we are working really hard alongside our retail and manufacturing partners to not only reduce instore theft, but also waste, as part of our No Waste vision. Compared to secondary tagging, our current SourceTag labels offer a more sustainable solution as well as reducing SKUs, cost, process and time, however delivery of a fully sustainable solution is a pioneering development that we are looking to launch within the market imminently.”