Retailers are always exposed to threats like shoplifting and theft, which has a significant effect on their bottom line. Retail "shrink" (loss) runs to around $120 billion globally, with over $35 billion in the U.S.
Retailers have resorted to cameras and exit alarms as security measures but without much effect. Retailers have then opted to limit access to products, putting them in plastic boxes, locking them on peg hooks or in cabinets. These measures, however, are not customer friendly and affected sales and also cost retailers millions of dollars to operate.
Intercept comes as a solution that will provide retailers and brand owners security to combat all forms of theft, including shoplifting, organized retail crime and employee theft. The Intercept lock utilizes ProTeqt Technologies' proprietary security technology. Intercept comprises a wireless-enabled lock placed on the product similar to a micro USB port on a mobile phone.
The product will not be functional until the Intercept lock is deactivated utilizing ProTeqt Technologies' system during check out. In case the product is pilfered, the person will end up with a worthless product.
This solution will be particularly helpful for retailers and brand owners offering high-value products that are the particular target of thieves, such as consumer electronics, office supplies, video games, pharmaceuticals, jewelry and accessories, fragrances and other personal care products. Intercept will also promote open merchandising in-store product interaction.
Intercept is a unique concept and will help boost revenues and bottom line of retailers. It will provide a competitive edge to MeadWestvaco over its competitors.
Richmond, Virginia-based MeadWestvaco is a global producer of packaging, coated and specialty papers, consumer and office products, and specialty chemicals. Among the principal markets that the company serves are the food, beverage, beauty & personal care, healthcare, media & entertainment, tobacco and home & garden industries.