When you hear retail asset protection, do you think of security devices, cameras, or shoplifting warning signs? If you do, that’s great, but retail asset protection involves so much more! Did you know that you’ll reduce theft and save money when implementing an effective strategy? There are many aspects of retail loss prevention that can benefit your company.
Are you ready to learn how to stop thieves in their tracks and put more money into your business account?
What is Retail Asset Protection?
Retail asset protection, also known as retail loss prevention, is the practice of minimizing losses (also known as shrinkage) within a business. When you experience shrinkage, you decrease your overall profits.
Business losses include:
- Return fraud
- Administrative errors
- Damaged products
- Incorrect inventory numbers
Retailers across various industries experience similar losses (although some losses may be more prevalent than others). So, whether you’re in grocery, liquor, fashion, or retail healthcare, the Product Protection Solutions (PPS) team is here to help! We have experience helping many business owners find tools and strategies that reduce their shrinkage while securing their bottom line.
4 Ways You Can Save Money with Retail Asset Protection
Now that you have a better understanding of how retail asset protection works and how it can benefit your business, here are four ways it can save you money.
1. Reduce Your Loss from Amateur and Professional Thieves
In 2019, the National Retail Security Survey showed business owners suffered losses that totaled $61.7 billion from theft, fraud, and shrinkage (source)! There are several available reusable loss prevention solutions that only require a one-time investment, allowing you to invest a small amount upfront and reap the benefits for many years.
2. Improve Your Inventory Tracking Data
Incorrect inventory data can lead to over-ordering (holding stock longer before obtaining a profit on the item) or under-ordering (unhappy customers who can’t buy what they need) merchandise. The good news is that solutions are available to help prevent this problem from occurring. Now you can have more accurate inventory data when placing orders.
Here are a few ways you can improve your inventory tracking data.
- Regular in-store cycle counting
- Smart-shelf technology
- EAS Systems with RFID
3. Increase Staff’s Focus on Selling Products
Your sales can increase when your staff focuses more on servicing customers and selling products instead of theft monitoring. Unfortunately, traditional retail loss prevention solutions (cameras, mirrors, signage) still require your staff to monitor theft. Instead, try utilizing more proactive tools that allow employees to focus more on the customer. Learn more about proactive loss prevention products here.
4. Identify High Shrink Merchandise
When you understand which items are high shrink, you can find specific, targeted solutions to protect those items. At PPS, our team developed the TotalLP App, which allows you to:
- Follow current shrink trends
- Scan your product’s UPC for theft solutions
- Learn helpful tips on preventing employee work injuries
- Read the latest industry news
You can download this free app in the Apple Store and Google Play Store.
Retail Asset Protection Services
Overall, many retail protection services can save you money and meet your goals. However, seeking help from a professional loss prevention company, like PPS, can provide you with different perspectives and access to retail asset protection experts! Here are three signs that you would benefit from working with a loss prevention company.
It’s Time to Secure Your Bottom Line!
At PPS, you’ll work with a team of people who want you to succeed and will put in the hard work needed. Our industry knowledge allows us to quickly find cost-effective loss prevention solutions so you can focus on what you do best, servicing your customers!
Contact our team online or by phone at 866-750-5744 to learn more.