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Every owner of a brick-and-mortar establishment knows what it’s like to worry about retail loss, especially if they have just recently acquired their business and have not yet enforced proper security systems and theft-mitigation practices.
A vulnerable retail environment exposes store owners to great risks. Fortunately, every business owner can implement simple and effective retail loss prevention that will maintain profit margins and positive consumer relationships.
This article will discuss seven helpful methods to improve your retail loss prevention strategy by reducing theft and return fraud.
Strategic product positioning and display layout rearranging can go a long way in keeping theft at bay. We recommend keeping your storefront and product displays neatly organized with products placed below eye level. That way, it will be easier for you or your employees to detect any missing items.
Furthermore, place your higher-value merchandise in areas of your store that have more visibility and security. You can either place the merchandise behind the registers or get it encased in glass. If you want to take it a step further, instruct your staff to stay stationed close to exits or areas that may be more prone to theft.
Additionally, you can opt to install mirrors in critical areas throughout your store. These mirrors will be noticed by potential thieves while also helping your employees watch them closely, yet discreetly.
Your customers should be aware that they are shopping in a store that does not permit or tolerate theft under any circumstances. With that being said, you need to place visible signs around your store. They should indicate that the premises are secured, and that there will be legal consequences if anyone is caught stealing.
Moreover, be sure to communicate to customers that your store is protected by a security system with visible cameras in various locations. Thieves are far less likely to steal from a store that takes its security seriously.
Store owners must train their employees to be as attentive as possible while working on the sales floor. This includes making a habit of greeting each customer as they step foot into the store, in addition to maintaining eye contact when engaging in conversation.
Shoppers with no intent to steal will appreciate the warm and helpful attitude. On the other hand, potential thieves will feel less confident about pocketing merchandise if they know there is an observant or watchful staff member around.
With your employees always being present on the sales floor, ensure that they do not only make a habit of greeting each new customer. Make it a priority to train them to be on constant lookout for suspicious behaviour from shoppers. This commonly comes in the form of nervous or awkward body language, as such non-verbal queues can be clear giveaways of a person who intends to steal.
The technology that can help you track your inventory and keep things secure is always improving. Currently, these systems can play a fundamental role in helping protect your retail establishment from theft.
Store owners should ideally use an RFID-based point-of-sale (POS) inventory system that includes inventory counting, sales tracking, and basic reporting, in addition to employing point-of-contact and Internet of Things-enabled theft prevention systems.
These technologies help free up time for your employees by assisting customers and providing critical data that pinpoint exactly where and how any loss is occurring.
In many cases, retail loss doesn’t just stop at merchandise theft. Some people will try to return their stolen product for a refund, often after opening and/or using it. This is why it’s paramount to require tags and corresponding receipts for all returned items to mitigate theft.
Moreover, ensure that all security tags are being routinely removed from items upon sale, so you can be sure that any item returned with an attached tag has been stolen.
When you have only a cash drawer at your commercial establishment, it will put you at risk for retail loss, whether that be in the form of counterfeit bills, skimming, “off-book” fraud, or fraudulent returns.
Minimize cash payments at your store and encourage your customers to use cashless forms of currency that are more secure, like credit cards or digital wallets. This can be done by waiving credit card surcharge fees and routinely ensuring that any bills greater than $20 are being assessed for counterfeiting.
You deserve peace of mind when it comes to protecting your profits, so you can focus on what matters most: your relationships with your customers.
At Optimum Security, we provide the highest standard of security through our wide range of private security services. When it comes to loss prevention, we believe these efforts should be quantifiable. That’s why our highly trained team of security professionals keep detailed documentation of all activities, so you can easily access your ROI and savings.
Our agents can provide you with a comprehensive analysis either monthly or quarterly, so you can effectively monitor your loss prevention program.
For more information about the loss prevention security services that we offer, or to request a quote, call Optimum Security at 604-359-3109 (in British Columbia), 833-763-1088 (in Alberta), or 855-934-5425 (in Ontario), or contact us by email at firstname.lastname@example.org.