Security threats and losses that retailers experience
There are different types of losses for retail businesses.
- Shrinkage is essentially the loss of stocks or inventory, leading to loss of profits.
- Employee theft is when a staff member steals products, food, money, or supplies while they are on the job. There are also various indirect ways for employees to steal from their retail employers, such as allowing others to steal, under-charging accomplice customers and under-ringing purchases, and manipulating shrinkage records.
- Customer theft or shoplifting is when a customer, usually an amateur, steals products offered for sale in the store.
- Professional theft is when shoplifting is done by skilled individuals or organised gangs.
Tips on retail security and loss prevention
Here are ways to enhance retail security and prevent losses.
- Use customer service. Thieves, both amateur and professional, find it much harder to carry out their plan if they are being watched and served with attentive customer service.
- Arrange your store’s design layout. Small items should be at the front, near the cash register or counter, where they can be easily monitored. Expensive merchandise should be locked in glass cabinets. Displays and shelves should be kept low.
- Install proper lighting. Adequate lighting should be installed for better visibility.
- Enforce hiring and training procedures. Such policies can reduce the opportunity and motivation for employee theft.
- Conduct unannounced audit checks and store visits.
- Have visible security. Without retail security services in place, businesses can lose enormous amounts of money. Your retail store should have surveillance cameras, 24/7 CCTV monitoring, inventory management and tracking systems, mirrors, anti-theft signs, and other security measures to deter shoplifters and deceptive employees.
Protect your retail stores with better security
Here at Calamity, our retail business clients rely on our high-grade security services to keep their daily operations running safely. Get in touch with our security specialists today for a free security quote.