Business Analytics

A new survey has revealed some more glum news about shrink in the U.S. retail industry.

The 2015 U.S. Retail Fraud Survey by Retail Knowledge and Volumatic has estimated that U.S. retailers are losing $60 billion a year to shrink -- up from $57 billion last year. And employee theft is the single biggest cause of loss to retailers.

The importance of expense control at Walmart became evident on Friday when the retailer confirmed it planned to eliminate 450 positions as part of a broader restructuring effort.

Citing favorable market conditions and a desire to “de-risk” its pension plan, nearly 14,000 participants in J.C. Penney’s retirement plan opted to receive lump sum payments.

E-commerce sales surged at Pier 1 Imports during the second quarter, but the retailers overall sales grew less than expected and the company lowered its full year outlook.

Total sales increased 2.7% to $430 million and same-store sales increased 2.5%. Excluding the effects of the stronger U.S. dollar, total sales increased 4% and same-store sales increased 3.8%.

All manner of store operational processes will soon be under review at Target following the appointment of a new executive whose role is to simplify, optimize and make the retailer more agile.

Apple Pay is significantly outdoing other contactless payment methods in at least one important area. According to the latest Contactless Payment Index results from eDigitalResearch, 51% of Apple Pay users are extremely satisfied, compared to 32% of contactless card users who said the same

The nation’s leading automotive retailer ended its most recent fiscal year the same way it has for the past nine years – with double-digit profit growth and a favorable outlook for the coming year.

Steinmart didn’t admit wrongdoing and the Securities and Exchange Commission didn’t bring any charges, but concluding a nearly five year old accounting investigation still cost the company $800,000.

An $800,000 fine may not sound like much to retailers with annual sales in the billions, but Steinmart is relatively small, generating sales of $311 million from 269 stores in the second quarter. An $800,000 fine represents 20% of the company’s net income for the period.

Gelson’s Markets, which operates 18 full-service specialty grocery stores in Southern California, is supporting ambitious growth plans with a back-end technology upgrade. Gelson’s will implement JDA space and category management solutions to increase the efficiency and automation of its planning activities.

When it comes to e-commerce, consumers aren’t afraid to do a little homework.

According to the 2015 Digital Consumer Preferences Survey from digital commerce solution provider BrandShop, 96% of consumers feel research is a crucial step in making an e-commerce purchase.

Almost six in 10 (58%) respondents start their product search on Google, and 22% go directly a brand’s website. Third-party retailers such as Amazon came in third with 14% usage.