Theft is an occurrence every retailer will face at some point in their business. Instead of trying to avoid it, there are solutions and services available that can assist you in your efforts. This article will educate you on the value of business theft prevention solutions and how implementing strategies can prevent theft before it occurs.
Business Theft Prevention & Loss Prevention
Business theft prevention, which is also called loss prevention, is a strategy that focuses on stopping theft while protecting your retail profits. This plan focuses on retail shrinkage problems, including theft (internal and external), fraud, and data errors. Before implementing a loss prevention solution, you should know the threats your business faces and the goals you want to achieve. This information will help you determine which options are best and provide the highest ROI for your investment.
4 Business Theft Prevention Solutions
Several theft prevention solutions are available that range from security devices, advanced technological systems, internal company policies, and more. Below are four effective solutions explaining their purpose, available options, and anticipated ROI.
1. Benefit Denial Solutions
Benefit denial products are security devices that you add to high shrink merchandise. Then if a thief attempts to remove the device without the proper detacher, the product is destroyed. For example, you can place an ink tag on a designer shirt, and if someone tries to remove the device forcibly, it will release ink that ruins the shirt.
Purpose: Prevent thieves from reselling or using the product themselves because of the damage.
Types of Solutions: ink tags, ink pins, beverage security, security labels
Anticipated ROI: Many of these devices are low-cost and reusable. Additionally, they are interchangeable with similarly sized products.
Read More: Loss prevention solutions
2. Loss Prevention Policies and Training
Did you know your employees are the first line of defense for your business? Since they spend the most time in the front of the store assisting shoppers, stocking shelves, and checking out customers, they can spot problems faster. Incorporating proactive loss prevention policies and teaching those methods during staff training can help to strengthen your security.
Purpose: Utilizes the resources you already have (your staff) as a proactive strategy to prevent loss.
Types of Solutions: A loss prevention checklist helps you implement and maintain policies.
Anticipated ROI: This option offers a significant ROI because the largest investment is the time needed to develop and apply the policies.
Read More: Free, downloadable checklist
3. Intelligent Fixtures
This loss prevention device allows customers to remove merchandise themselves but prevents anyone from “sweeping” several items at once. Additionally, many of these devices include localized sensors, electronic notifications, and access to customer data that fits your needs.
Purpose: Offers a quick and effective solution for storing large quantities of merchandise without using individual security products.
Types of Solutions: anti-sweep fixtures with hooks, time-delay fixtures
Anticipated ROI: Many of these fixtures can serve multiple purposes, including acting as an inventory management tool.
4. Source Tagging
Source tagging places the security device on the merchandise at the point of manufacture. Then when it arrives at your store, it’s ready for the shelves.
Purpose: Unlike in-store tagging, where your staff adds the security device, source tagging is a more efficient option if you need to secure 100+ items.
Types of Solutions: Labels (hidden and viable) and Hang Tags
Anticipated ROI: Your ROI includes consistent label placement, ready-to-sell merchandise, and maintaining the product’s appearance.
Read More: Source Tagging vs. In-Store Tagging
Secure Your Bottom Line with Business Theft Prevention Solutions
The Product Protection Solutions (PPS) team is readily available to review your current goals and needs to help find the right solution for you. Learn more about how our retail loss prevention services can prevent theft and protect your profits. Then contact us using our online form or calling 866-750-5744.