Officeworks, a leading Australian retail chain, has partnered with Appriss Retail, a data and analytics solution provider, to reduce shrinkage in its 169 stores using Appriss's globally reputed Secure solution. This strategic partnership comes as incidents of retail theft surged by a reported 55.7% in Greater Sydney and Regional NSW between 2018 and 2023.

Appriss Retail provides AI-driven analytics and real-time, integrated recommendations to identify and mitigate theft, fraud, and abuse while shaping positive experiences for profitable consumers. Headquartered in Irvine, California, Appriss Retail revealed that this collaboration with Officeworks will further bolster its presence in the Australian market. The announcement is timely, with the upcoming Retail Risk Sydney conference on February 29.

Officeworks, a subsidiary of Wesfarmers, formerly relied on standard reporting methods to identify behavioural exceptions at the point of sale, leading to difficulty in identifying the underlying causes of shrink and margin erosion. A June 2023 study by the NSW Bureau of Crime Statistics and Research highlighted the need for a more effective solution as incidents of retail theft increased significantly.

In response to a growing trend in retail theft and outdated reporting practices, Officeworks turned to Appriss Retail to better detect these issues at the point of sale. This selection was due to Appriss's well-established capability to safeguard online and in-store transactions from theft, fraud, organised retail crime, claims, appeasements, and more.

Appriss's Secure solution will provide Officeworks with a comprehensive business view, thereby improving the retailer's response to potentially fraudulent transactions and returns. Appriss Retail clients benefit from full visibility into sales-reducing activities and exception metrics, resulting in shorter investigation times and a reduction in shrinkage.

Michael Osborne, CEO of Appriss Retail, acknowledges that shrinkage remains a persistent issue for retailers: "Shrink is an ongoing challenge for the retail community, and oftentimes the root of the problem is convoluted. My team is dedicated to helping retailers worldwide like Officeworks pinpoint abnormalities in their customer data and take action to prevent margin erosion before it is too late."

With this partnership, Appriss Retail aims to build on its platform in Australia to aid more retailers in loss prevention, inventory enhancement, and streamlining business operations. The company also revealed plans to bring its annual user conference to Australia. This will introduce its leading returns authorisation solution to the market and allow retailers across the region to hear directly from existing Appriss Retail customers such as Officeworks and Myer, Australia's largest department store.

Established in 1994, Officeworks offers a wide range of office supplies, technology, furniture, art supplies, and education resources. It provides various services such as print and copy and on-site and remote tech support through Geeks2U, making it easy and engaging for customers to shop, irrespective of their preferred method.