Local ICT firm Comulynx has received an award from global security firm, InVue international for exceeding its third quarter targets.

InVue international develops and markets security products that allow retailers to openly display their high theft merchandise. Compulynx is the leading reseller of InVue solutions in the region.

InVue’s Business Development Manager, Middle East, Africa and Turkey, Mr. Fabian Brachetta, said their products are designed to enhance customers shopping experience.

“Our solutions protect the newest and fastest selling handheld electronics so you are always protected. You can easily and confidently display high-value merchandise with InVue secure fixtures, featuring uncompromising locking and anti-sweep designs,” said Mr. Brachetta.

According to the Compulynx CEO, Sailesh Savani, there is increased pressure for retailers to apply more efficient operational procedures, higher customer expectations and declining customer loyalty.

Mr. Savani said establishing and maintaining a competitive edge in the retail industry involves ensuring customers enjoy a pleasant shopping experience.

“When attempting to achieve this, your ability to deliver a quicker response to a wide spectrum of situations will be tested as will the solutions at your disposal,” said Mr. Savani.

Mr. Sailesh said technology and consumer behavior are at a major transition point.  He said Retailers must find ways to differentiate their brands amidst a myriad of consumer touchpoints.

With the many retail theft trends, retail executives have struggled to overcome today’s realities of shrink management.

Merchandise theft has become much more sophisticated with pressures on store managers Retail outlets in the country have increased their investments in security products for high value electronics products by at least 300 percent over the past one year.

According to the recently released Global Retail Theft Barometer study, shoplifting, employee or supplier fraud, organized retail crime and administrative errors cost the retail industry over Kshs 11 trillion (US$119 billion) in 2011, or 1.45% of sales.

The study, conducted by the Centre for Retail Research, monitored the cost of shrink in the global retail industry between July 2010 and June 2011 and found that shrink increased in all regions surveyed. Customer theft, including shoplifting and organized retail crime, rose 13.4% and cost retailers Kshs 4.8 trillion (US$51.5 billion) or 43.2% of shrink.