Most companies expect to have at least 1% of their inventory stolen every year.
For the biggest retailer in the country, that percentage adds up to $3 billion. You might not have the same kind of losses, but you can surely relate to the pain of having to assume you're going to lose some of your inventory. With a few smart loss prevention security tips, you can cut down on that figure.
As nearly 1 in 10 people has shoplifted in their lives, only about 5% of them are ever caught. Lack of security combined with staffing cuts in the industry have created a challenging environment for retailers looking to stop shoplifting. As retailers take a tumble, inventory shrinkage can be a punch in the gut.
If you want to put a stop to inventory losses, these 5 steps can make sure you keep track of every item in your shop.
1. Strong Signs
If from the moment you walk into the store, you know you're being watched, you won't be apt to steal. Having an intimidating sign might not be your style, but if you're dealing with shoplifting, you might have to get tough.
Anti-theft signs placed near the entrance are one of the lowest-cost ways to end shoplifting. For a one-time fee, you'll end up getting a long-term return.
Think about where shoplifters might go to sneak some inventory into their pocket or a bag. If you have a clothing shop, a dressing room might seem like the right place. Let people know that you're not afraid to prosecute shoplifters.
The increased investment in apps and online retailers make the current scene a difficult environment for small businesses. Make sure you don't let any inventory slip between your fingers with this classic loss prevention security tactic.
2. Cameras Are A Must
The one thing you need to supply your store with is a good camera system. With the increased quality of security cameras, prices have actually dropped. You can get high-quality camera systems that show a crystal clear picture of what's going on.
Check out where your foot traffic tends to veer off to. Place cameras in far-off corners of your store or any strange bends where people might be able to pocket your inventory.
If you don't know where foot traffic goes, take a look through your tapes. Fast forward and see where people head to the most. Pay attention to blind corners and adjust your system accordingly.
If you used a networked storage solution, make sure you're always saving adequate backups. If an incident happens, you might not find out for a few hours or even days. Without enough backups of your data, you won't know what you missed out on.
You might have put all the equipment in place to prevent crimes only to miss the opportunity to stop them.
3. Use Security Mirrors
If you don't feel comfortable using cameras in your store or you're not sure you need them, try adding security mirrors instead.
Mirrors are simple, easy to install, and can still give you a clear picture of blind spots around your store. If you want to keep your cameras incognito, you could use security mirrors that include cameras built into them.
Often, a mirror on its own implies that there is security around and will help to deter shoplifters. When people feel watched, they might start to feel paranoid. This simple psychological tactic can be good enough for stopping potential inventory loss.
Loss prevention tactics can be high-tech, but some simple solutions never get old.
4. A Good POS System
Having a modern point of sale system allows you to keep nefarious actors out of your system. Simple passwords and security permissions allow you to manage who gets access to what. Without the right code, you won't even be able to get the cash drawer open.
By limiting each user to the set of tasks they're responsible for, you can ensure accountability at every level. Rather than set permission based on job title, break the roles down in the system to each necessary component.
If you're vigilant with voided sales, you can keep staff theft down and bad actors from stealing stock from you.
Integrate your POS system with your inventory so that you can also predict when to rotate stock. Knowing what's on the floor at what time can ensure you have total control over your store and can ensure you have a comprehensive loss prevention security.
5. Inventory Management Tools
Between security tags, sensors, and locks, you've got a lot of options when it comes to securing your stock. While it can seem like a big investment to buy sensor tags and security locks, saving just a few items from disappearing off of shelves could make it worthwhile. Using security tags and systems is the best and less expensive way to protect clothing and apparel in general. Focus on selling instead of protecting your merchandise.
If you sell a lot of expensive digital technology items that come in small packages, you don't want them disappearing into a handbag or a pocket. Small sensor tags with adhesive backs can be slipped into packaging or affixed to the back of packages.
If you sell books, you can find clever ways to hide sensors in spines or snuck into random pages.
Locks are a great way to secure larger items. You can even give your customers the opportunity to pick up and handle floor models with the right kind of lock system. There are low-profile solutions that can help you build beautiful but secure displays of your best and priciest inventory.
Loss Prevention Security Is a Constant Task
Managing loss prevention for your company is a job that never ends. Between adequately training employees and making sure there aren't holes for them to exploit, you could be wracking your brain to solve a theft problem at your company. If you're diligent and provide a positive work environment, you can lower your inventory loss immensely.
If you want to run a supremely secure retail space, them installing anti-shoplifting systems is the best way to go. SensorNation offers systems with varied features to ensure your premise security is at the highest level. If you're looking to boost your loss prevention security, be sure to browse our inventory of effective security products.