Did you know that implementing loss prevention solutions creates a ripple effect throughout your business? The result is that it can significantly improve your bottom line! Continue reading to learn 20 loss prevention tips in retail and the five things you can do to ensure loss prevention success in your business.
If you want to learn more about loss prevention, read our article on “What is Loss Prevention in Retail and Its Importance.”
20 Loss Prevention Tips in Retail
Whether you’re looking for the latest trends or you’re new to loss prevention strategies, our goal is to provide you with practical solutions. We’ve sorted our list of 20 loss prevention tips in retail into four categories: back office, employees, security devices, and store layout.
Back Office Tips
Consider implementing the following solutions for the back office.
- Key and asset management system
- Cycle counting program
- Point of Sale system
- Monitor monthly theft trends
- Review and improve current procedures
The following solutions can reduce internal theft and help your staff become part of the loss prevention team.
- Loss prevention policies
- Loss prevention training
- Checks and balances system
- Greet and assist customers in various spots around the store
- Require receipt only returns
Product Specific Solution Tips
There are cost-effective, product-specific solution devices that reduce retail shrinkage and are simple to use.
Store Layout Tips
The store’s layout can significantly encourage or discourage thieves and customers. For instance, “blind spots” encourage theft, while products in locked-up cases can deter sales. Finding the right balance between the two can increase sales while reducing theft.
- Security devices that openly display products
- Security cameras
- Anti-theft signage
- Organize inventory and reduce clutter
5 Things to Do to Ensure Loss Prevention Success
As trends change, so do solutions – retail loss prevention requires ongoing maintenance and review. Here are five things you can do to help ensure your long-term success.
#1 Be Proactive
Monitor loss prevention trends to ensure you’re using the latest strategies available.
#2 Watch the Numbers
Administrative errors, vendor fraud, and theft all impact business data. Regularly monitoring the numbers will allow you to catch the mistakes quickly and correct them.
#3 Create a Positive Loss Prevention Culture
When all employees work together to combat retail loss, it creates an environment that focuses on continuous improvement.
#4 Stay Consistent
Maintaining loss prevention policies and strategies will help prevent mistakes or losses from occurring.
#5 Document Needs and Goals
Regularly retain a list of urgent and long-term loss prevention needs.
Take the Next Steps Towards Loss Prevention Success
Product Protection Solutions (PPS) is a leading loss prevention security company. We listen to your needs and goals then use our expertise to create cost-effective loss prevention solutions. Contact us today to learn how we can help ensure your loss prevention success.
Use our online form or call 866-750-5744.