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India Ranks No: 1 in Shoplifting
By siliconindia
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Wednesday, 16 November 2011, 00:48 IST |
10 Comments
Bangalore: India has topped the list of global retail theft barometer (GRTB) for the third consecutive year with a shrinkage rate of 2.38 percent. The central retail research brings out every year the global retail theft barometer. The shoplifters have been a great pain for the retail industry as they incur huge losses. The Global Retail Theft Barometer (GRTB) for 2011 revealed that the shrinkage rose up to $119 billion and the percentage has shot up by 6.6 percent since the last year survey. The inventory loss caused by crime or administrative error has caused shrinkage of 1.45 percent of total sales in 43 countries. After a dip in shrinkage last year (2009-10), it has risen in the 12-months ending June 2011 as a result of increased shoplifting, higher employee fraud, and organized retail crime, reveals the report.
India:
India has topped the list of global retail theft barometer for the third consecutive year. Though India does not want to hold such non-worthy record, the country is forced to, as the percentage is 2.38 percent which is one percent more than Russia that stands second.
The previous year's shoplifting rate was 2.72 percent which has dropped down to 2.36 percent this year; however, India still holds the rank 1 position. The Indian retail industry is the biggest sufferer of shoplifting. There are already plenty of scams and extensive corruption in India and in addition to this, there is widespread shoplifters in India. The causes of shrinkage reflect retailer perceptions in their own businesses. Internal error including mispricing, invoicing errors and administrative failure cost $19.4 billion, representing 16.2 percent of total shrinkage.
