Retail loss prevention is important in all types and sizes of stores. Shoplifting and employee theft is a large part of retail loss and has a serious impact on your bottom line. 2014 shoplifting was estimated to be as much as 31% of retail inventory loss! Therefore, it is about time to take measures for loss prevention. Here are some useful tips for you.
Visible Store’s Design
- Keep your sales floor so that you have a good overview of all areas. Avoid too many tall billboards that obscure the view.
- Use mirrors to eliminate any blind spots.
- Keep tabs on the number of items taken into the dressing rooms.
- Use Warning Signs
- Place a sign that says “Shoplifters will be prosecuted”, on your front door as it is the first place shoppers look.
- Place another sign up high, where shoplifters will most likely check for surveillance cameras.
- Signs featuring eyes have been proven to double the likelihood of compliance.
Visible Security Systems
- Let the criminals know you are watching them by seeing themselves on television when they walk into the store.
- Let your security systems be visible to customers, whether it is cameras or mirrors.
- Inform customers by a signs that their actions may be caught on tape.
Protect High-Value Products
- Display high-value items, like DVD-players and TV´s, in full view of store associates.
- Control “grab and go” shoplifting by situating the items far from the door.
- Stock only a few at a time on the shelf or store floor.
Dispenser Solution for Small Premium Items
- Invest in a dispenser shopping solution, for ex Vensafe for the small premium products, like razors,
- The dispenser makes the customer pay before they get the merchandise.
- When high-valuable products are impossible to shoplift, thieves disappear.
Read more about how you can improve inventory control and provide a better customer experience here.
Engage your Staff
- Talk to your team about a retail loss prevention strategy.
- Let employees walk the store and engage with customers
- Advise your staff what suspicious behaviour to look for and which items are attractive to steal.
- Pay attention to shoppers and monitor shopping activity.
- Identify common shoplifting methods and traits.
- Floor staff should be alert and make suspicious customers aware of their presence.
Target Employee Theft
- Ask your employees about their job satisfaction and let them feel valuable.
- Have a strict reconciliation policy about what to do when there are discrepancies.
- Create a culture of honesty. Tell all your employees that they should report it if they see any criminal behaviour.
Prevent Credit Card Fraud
- Do not enter the credit card into the system manually.
- If it is a card that needs a signature, make sure the names match.
- Educate staff about buying and behavioural trends among people who is using a stolen credit card. For instance, they often purchase merchandise that is easily re-saleable on the street, make multiple purchases of the same item and are eager to transact the sale quickly.
Keep an Eye on the Self-Check-Out Area
- Always maintain employee resources at the SCO.
- Do not try to catch a customer who pretends to scan an item, try to help instead: “Oh I think this item did not beep. Let me help you!”
- Use Scan-It-All, a loss-prevention solution that uses video technology to monitor POS systems.