Retail stores have a lot of loss due to mainly theft. Shoplifting and theft by employees are the two main ways in which retail businesses lose money and stock. Luckily, Asset protection Associates have some great tips on how to prevent or at least reduce the losses. We strongly suggest putting these things in place to help reduce your losses and increase profits.
Put up signs – Warning signs that show there are cameras or that warn against illegal activities are a relatively low-cost way to deter potential theft. Whether there really are cameras or other technology doesn’t matter. It will make it less likely for people to take chances and steel from your store.
RFID tags – RFID stands for radio frequency identification and are those chips you find attached to clothes or in CD cases. These tags cause an alarm to go off when someone tries to go past the sensors at the door. Theses tags have caught many thieves in retail stores and have prevented a lot of stock and money loss.
Install mirrors – Those round mirrors you see in movies and drug stores are good for seeing the whole store. Install these in areas that are blind spots. Areas that are obscured by shelves or around a corner are good places to place these mirrors.
Security cases – High-value items like electronics and jewelry can be placed in cases that require passwords or special keys to open. This will reduce the likelihood that someone will try and steel it. Many shoplifters go for the ‘grab and go’ method and these cases will make that almost impossible. It is also good practice to only display a few of these items and keep the rest locked up in a secure storage area.
Surveillance cameras – This is a great option if you are willing and able to spend money on your security. It will help you catch people before they leave and if they get away, you will have footage to hand over to the police. Security cameras can be installed in hard-to-see areas as well as by cash registers to monitor employees.
POS System – A POS system has different security settings and you can set up specific user permissions. These permissions places restrictions on who can do what. This is a good way to prevent employees from committing fraud. These systems make it very difficult and will immediately show problems if money is missing.
Employees – Your employees are also assets. To keep them from steeling from you, communicate with them often and make sure they know that they are valued and satisfied with their jobs. Create an environment where everyone feels supported and like they can come to you with issues. You should also train your employees to be aware of what is happening in the store all the time. Give them responsibilities that will make them feel like they are in charge and have a bigger purpose.
All of these things will add extra security measures and work to deter potential criminals. The chances of eliminating loss completely are slim, but with these methods you can drastically reduce losses. Also, have a look at our risk management tips to further secure your retail business.