The National Retail Federation reported last December that 85 percent of small businesses said they experienced retail theft at least once a year and that nearly 80 percent of retailers reported that organized retail theft was a higher concern in 2023 than in 2022. Now, a new report by marketing agency NP Digital reveals how deeply retailers across the board are affected by retail theft.
The report found that 70 percent of retailers surveyed said retail theft is a major concern for them in 2024 and have a plan against it; of those retailers, 20 percent were clothing stores and 19 percent were superstores. Only 10 percent of retailers expressed no concern at all.
Identity fraud is on the rise as well, affecting customers so much that they turn away from certain retail brands. A recent survey found that consumers tend to avoid certain retailers and close accounts with those retailers after experiencing identity theft. In addition, a study by Michigan State University found that 70 percent of consumers have been deceived by counterfeit items.