Business
Clothing giant Zara’s new security tech made shoplifting easy; retailer denies claims
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Inditex SA is racing to iron bugs out of a new anti-shoplifting system for its Zara stores, slightly delaying its rollout partly because the security tags were easy to identify and remove in initial tests, according to people familiar with the matter.
Chief Executive Officer Oscar García Maceiras unveiled the new technology in March and pledged to roll it out for tests in all Zara stores worldwide over the summer. The system relies on tiny chips known as RFID, doing away with the hard plastic tags on garments that require checkout clerks to remove them.
The new technology has run into teething issues. Staff in several countries have raised concerns to management that the technology may actually make theft easier, according to the people, who asked not to be identified.
The problems come as retailers need to boost their defenses against an increase in shoplifting. The British Retail Consortium recently found that incidents of store theft increased by 27% last year across the UK’s 10 largest cities amid the surge in inflation. Primark is adding security guards and cameras to counter the phenomenon, the discount retailer said Tuesday.
Inditex had said it would get the technology into all its shops for testing by July, and that has yet to happen. The plan was that the chain would test the system over the autumn-winter season. Delays are in part due to supply bottlenecks, according to several of the people. The retailer downplayed the issues.
“The in-store implementation process of the new soft-alarm system, which uses several technologies, is going according to plan, without any significant incidents,” Inditex said. The retailer added that the new system hasn’t resulted in any detectable change in garment theft.
The new method, in which the tiny chips are placed on labels or inside the clothing fabric, is a key part of Inditex’s strategy to seek all the synergies it can between its e-commerce business and its brick-and-mortar store network.
Inditex’s new security system is supposed to reduce theft by 60%, according to a report by Bank of America that cited Associated Security.
Shares of Inditex were little changed in Madrid trading Tuesday. The stock has gained 45% this year as the retailer has been reporting its gross margin at record levels. Inditex is expected to report an increase of about 28% in first-half operating profit when it reports Wednesday.
Hard security tags, which require extremely strong magnets to remove, will eventually become obsolete, according to Arkansas-based retail strategist Carol Spieckerman. Still, retailers have yet to come up with a system that can fully replace them, she said.
“Theft-thwarting technology is very much in test-and-learn mode currently and everything is on the table,” she said. “Unfortunately, any solution that relies on physical tags or sewn-in chips is vulnerable to sabotage as removal techniques are discovered and promoted online.”
Inditex started testing the technology this year in some stores in Spain. Shoplifters quickly figured out how to remove the small chips, which were initially implanted into labels. Another problem is with alarms ringing when customers walked into the store to return items purchased online.
As Inditex works to integrate its online business and physical stores, it’s adding collect points for internet customers in Zara shops. Some e-commerce orders are also delivered from big shops rather than warehouses.
The new system would make those processes even more efficient, because a clerk wouldn’t need to remove the hard security tag. Plus, checkout time in brick-and-mortar shops would be reduced, and it’d become easier for Inditex to expand self-checkout.
The company said in June that it aimed to eliminate all hard tags and eventually deploy the technology across its brands.
After months of experimenting with placing tags in different places on the garment, one possible alternative is a special type of thread made of a miniature RFID tag that’s wrapped in textile yarn and sewn into garment seams, the people said.
While the new technology will add to Inditex’s rising costs, over the long-term it should help boost profit. Theft resulted in about $66 billion in lost sales for retailers in the US in 2021, according to the National Retail Federation.
Business
How Coin Masters is the Best Bookkeeping Service in Ottawa Simplifies Financial Management
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The Importance of Simplified Bookkeeping
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Conclusion
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Business
Coin Masters: Sunny Khosla’s Vision for Financial Innovation and Business Growth
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In the ever-evolving world of finance, innovation is key to staying ahead of the competition and ensuring long-term business success. Sunny Khosla, already established as a leading CFO, recognized this need and founded Coin Masters—a company dedicated to delivering innovative financial solutions that empower businesses to optimize their strategies, manage cash flow effectively, and achieve sustainable growth. Under Khosla’s visionary leadership, Coin Masters has quickly become a trusted partner for companies looking to navigate the complexities of modern finance.
The Genesis of Coin Masters: Filling a Critical Gap
The idea for Coin Masters emerged from Khosla’s extensive experience in corporate finance. Throughout his career, he encountered numerous businesses struggling with the same core issues: inefficient financial strategies, poor cash flow management, and a lack of long-term planning. Khosla realized that there was a significant gap in the market for a company that could provide comprehensive financial solutions tailored to the unique needs of each business.
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With this in mind, Khosla founded Coin Masters, aiming to create a platform that offers businesses the tools and expertise they need to succeed. His vision was to go beyond traditional financial consulting, offering a holistic approach that combines cutting-edge technology, strategic insight, and practical financial management. Coin Masters quickly gained a reputation for its ability to deliver results, helping businesses streamline their operations, reduce costs, and maximize profitability.
Innovative Financial Solutions: Tailored to Business Needs
One of the key differentiators of Coin Masters is its commitment to providing innovative, customized financial solutions. Khosla understands that no two businesses are alike, and a one-size-fits-all approach to finance simply doesn’t work. Coin Masters offers a range of services designed to meet the specific needs of each client, from small startups to large multinational corporations.
At the heart of Coin Masters’ offerings is its advanced financial analytics platform. This platform uses state-of-the-art technology to provide businesses with real-time insights into their financial performance. By analyzing a wide range of data points, the platform helps companies identify inefficiencies, forecast future financial trends, and make informed decisions that drive growth.
In addition to its analytics platform, Coin Masters offers expert consulting services. Khosla and his team of financial professionals work closely with clients to develop and implement strategies that address their unique challenges. Whether it’s optimizing cash flow, managing debt, or planning for future growth, Coin Masters provides the guidance businesses need to achieve their financial goals.
Driving Business Growth Through Strategic Planning
A cornerstone of Khosla’s approach at Coin Masters is his emphasis on strategic planning. He believes that businesses can only achieve sustainable growth if they have a clear, well-thought-out plan in place. Coin Masters helps companies develop comprehensive financial strategies that align with their long-term objectives, ensuring that every decision made is part of a larger, cohesive plan.
One of the key areas where Coin Masters excels is in helping businesses manage their cash flow. Cash flow is the lifeblood of any business, and poor management in this area can lead to significant problems down the line. Coin Masters works with clients to develop cash flow management plans that ensure they always have the liquidity needed to operate smoothly, even during challenging periods.
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Empowering Businesses with Financial Literacy
Beyond providing financial solutions, Khosla is passionate about empowering businesses with the knowledge they need to succeed. He believes that financial literacy is crucial for long-term success and that every business leader should have a solid understanding of their company’s financial health.
To this end, Coin Masters offers a range of educational resources designed to enhance financial literacy among business leaders and their teams. These resources include workshops, webinars, and personalized training sessions that cover a wide range of topics, from basic financial principles to advanced financial strategy. By equipping business leaders with the knowledge they need, Khosla and his team at Coin Masters are helping to build stronger, more resilient businesses.
Looking to the Future: Innovation and Growth
Sunny Khosla’s vision for Coin Masters is one of continuous innovation and growth. As the financial landscape continues to evolve, he is committed to ensuring that Coin Masters remains at the forefront of the industry, providing businesses with the tools and insights they need to thrive.
Khosla is particularly excited about the potential of new technologies to revolutionize the way businesses manage their finances. He is exploring the use of artificial intelligence, machine learning, and blockchain technology to further enhance Coin Masters’ offerings, making them even more powerful and accessible to businesses of all sizes.
Looking ahead, Khosla is confident that Coin Masters will continue to play a vital role in helping businesses navigate the complexities of modern finance. His unwavering commitment to innovation, combined with his deep understanding of corporate finance, ensures that Coin Masters will remain a trusted partner for businesses seeking to achieve sustainable growth in an increasingly competitive world.
Business
Coin Masters – Your dedicated finance team, from bookkeeping to the boardroom.
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In today’s fast-paced business environment, effective financial management is key to achieving success. Coin Masters offers a complete suite of financial services designed to streamline your operations and provide strategic insights that drive growth.
Holistic Financial Management
Coin Masters delivers a comprehensive range of financial services tailored to meet the needs of businesses at various stages of growth. Our holistic approach ensures that all aspects of your financial management are covered, allowing you to focus on core business activities.
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Strategic Financial Expertise
Coin Masters offers more than just financial management; we provide strategic insights through our experienced virtual CFOs. Our virtual CFOs bring a wealth of knowledge to your business, offering high-level guidance that supports your long-term objectives.
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Partner with Coin Masters to elevate your financial strategy and achieve excellence in financial management. Contact us to explore how our tailored services and strategic expertise can support your business’s success and drive sustainable growth.
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