Do you want to implement a successful stock loss prevention strategy? If so, it’s essential to understand the foundational parts needed. At its core, stock loss prevention aims to reduce or prevent loss from product shrinkage without affecting the customer’s shopping experience. Depending on your goals, this can include finding solutions for external theft, internal theft, administrative errors, or over-ordering merchandise.
If you’re asking yourself, “how can I develop an effective strategy that secures my bottom line and doesn’t sacrifice the customer experience?” This article will provide you with five stock loss prevention techniques to reduce your retail shrinkage and help you devise an effective plan of action.
5 Stock Loss Prevention Techniques
Before developing a strategy, understanding which foundational components to include will increase your strategy’s success. Here are a few stock loss prevention techniques that, when combined, will help you reach your reduced shrinkage goals.
1. Follow Consistent Checkout Procedures
During the checkout process, cashiers might experience product tag switching, payment or return fraud, or security tag removal. Dedicate time to evaluate your current checkout procedure, look for gaps or areas of improvement. Once you make changes, make sure your staff stays consistent in following the guidelines.
Some safety measures you can add for cashier checkouts include:
- Require product tags and receipts for all returns
- Remove security tags from the item at the time of purchase
- Check for counterfeit bills
- Teach cashiers the proper way to add and remove security tags
Self-checkout measures can include:
- Use security scales
- Post employees at store exits
- Add kiosk cameras
- Train employees on self-checkout surveillance
2. Take Advantage of Technology
One prominent advantage retailers have today is access to affordable technology. As a result, there are products available that can help manage sales, predict shopping trends, prevent theft, and more.
- Automated inventory control systems
- Loss prevention systems
- Packaged software and custom application development
- Loss prevention apps
At Product Protection Solutions (PPS), we developed the TotalLP app to provide retailers with information on the latest shoplifting trends.
The TotalLP app includes:
- Theft Solutions: Scan a product’s UPC and see immediate, item-specific theft prevention solutions.
- Recommended Products: Source the suggested solutions and purchase in the app.
- Follow Shrink Trends: Save time and gain access to valuable information through the app.
The app is available for free in the Apple Store and Google Play Store.
3. Strategically Organize Your Store’s Layout
Sometimes the easiest solution is to rearrange your store. Here are some tips on how to arrange your layout to deter theft.
- Create displays that are below eye level
- Place shelving and product displays that force shoppers to follow a specific direction throughout the store
- Keep high-value or easy to conceal items in open areas
- Encourage employees to walk around the store
- Setup the checkout areas at the front of the store near the exit
4. Protect Your High-Theft Items with Benefit Denial Products
Benefit denial security devices fit many budgets and can work independently or incorporate them with an EAS system. In addition, they are a strong theft deterrent since many products will destroy the stolen merchandise if anyone attempts to remove it without the proper device.
Products can include:
5. Join Forces with an Expert
A loss prevention security company, like PPS, employs a team of experts who can review your current circumstance to find the right solution for you. From developing a plan of attack and offering solutions that can fit any sized budget, allowing you to save time and focus on your business.
Learn More About Working with the Loss Prevention Experts
At PPS, our team will listen to your needs and help you find a solution that fits your goals and budget. We have experience assisting companies with:
- Implementing a new loss prevention strategy
- Revamping an older strategy
- Supplying product protection devices for quick results
- Developing customizable products
Start securing your bottom line today by contacting the PPS team online or calling 866-750-5744.