Companies of all shapes and sizes work hard to protect their margins. While we can’t predict or prevent the unexpected, there are certain steps business owners should consider to better address their loss prevention efforts. It’s a sad fact that theft happens on both small and large scales. For retail locations, paying attention to a few security gaps can help safeguard your bottom line. Figuring out how to boost sales is one matter—you still need to make sure you're keeping those earnings!
The Holistic Approach to Loss Prevention
Everyone hopes to find an easy solution to complex problems. Unfortunately, that’s not always possible. The retail world won’t be able to ignore their loss prevention efforts any time soon, but there are concrete ways to improve the process as a whole. Taking a holistic approach and addressing the issue from all angles can help keep small businesses profitable and thriving.
1. Review the Data
The first step that retail shops need to take is to analyze the data. If you don’t have an updated inventory, then you’ll never be able to track your progress for reducing shrinkage. It’s important to know what areas or items in your store are most vulnerable to theft. That way, you can start to give special attention to those security weaknesses to keep possible shoplifting problems from getting worse.
2. Secure Your Products
Once you can look at your retail shrinkage reports, you might find that you need to secure certain types of merchandise in a more effective way. That could mean installing a display case for some higher-dollar items, or it could be as simple as moving other pieces closer to the checkout line to discourage would-be thieves.
3. Get an EAS System
Lots of major retail chains and smaller local shops rely on electronic article surveillance systems, or EAS systems, to help monitor their inventory. What some business owners may not realize, though, is that these solutions work on all types of products. There are different tags for different uses. You can use anti-theft tags on your clothing articles just as easily as popular gift items, food and beverages, and other accessories. You can add another layer of defense to just about any item in your store.
4. Invest in Better Training
Of course, there’s definitely an argument to be made about employee training and human error. Your EAS system can work perfectly, but if your team members aren’t following the proper protocol for checking items and receipts when the alarm system goes off, then you could still have items walking out the door. Reviewing your training requirements with employees can help eliminate these security loopholes.
5. Think About Your Cameras
Your loss prevention efforts might also benefit from an updated surveillance camera system. No single person can watch all corners of your store at the same time. But with the right camera setup, you’ll be able to review questionable situations. Then, you’ll even have video evidence to share with law enforcement professionals if the worst should happen.
6. Collaborate and Stay On-Guard
While a collaborative and holistic process is certainly best for addressing retail shrinkage, the potential for shoplifting will always exist. Accepting this fact with retail security and risk management can help teams remember to keep on their toes. Reducing loss is truly a team effort—from your employees to your EAS company or the professionals who installed your security cameras. If you ever want to discuss your options with our team, please be sure to send us a message. We’re always proud when our work can help other companies continue to grow!