Loss is one thing we can always expect in the retail industry. Whether you’re an owner or loss prevention professional, you’ve seen how shrinkage can impact a business. One of the best approaches to securing your profits from shrinkage is implementing loss prevention methods.
Numerous strategies are available, ranging from simple, straightforward solutions to options that require a significant investment. At Product Protection Solutions (PPS), our goal is to help you create a positive shopping experience for your customers while protecting and ultimately increasing your profitability.
Continue reading to learn loss prevention methods for retail solutions and how they can be an effective recourse for your company.
Loss Prevention Needs and Solutions for Retail Owners
Finding the best loss prevention method for your retail business will depend on your needs. Below are three needs with potential options.
Need #1: Reducing External Theft
Depending on the type of merchandise you want to protect will determine the security device you should use. Solutions include:
- EAS systems
- Polycarbonate safers
- Quad wraps
- RFID devices
Read our article Retail Loss Prevention Methods for Business Owners to learn more about security options for the supermarkets, retail, and liquor industries.
Need #2: Looking for Alternative Options to “Locking Up” Merchandise
When products are locked behind a counter, placed in a display unit, or require a sales associate to unlock, customers are less likely to want to purchase the item. The good news is that security devices are available to protect your inventory without reducing customer sales.
- Benefit denial products
- Intelligent fixtures
- Tamper-proof labels
Need #3: Creating a Positive Work Culture
You can prevent many losses with active and engaged employees. There are several ways to develop an environment to keep employees working efficiently and happily.
- Less theft = a secure workspace
- Promote mental and physical health = happier employees
- Prevent work injuries = safer environment
Learn how to prevent strain injuries and promote physical wellbeing here.
Are Loss Prevention Strategies Right for You?
The straightforward answer? Yes! Business theft prevention provides practical options to combat many retail losses – internal or external theft, inventory discrepancies, or accounting errors. So, whether you need assistance with a supermarket, retail business, or liquor store, there are options for you.
Here’s Why Loss Prevention Methods for Retail are Effective
Loss prevention strategies are put into place to prevent or reduce business shrinkage that will ultimately protect (and eventually increase) your bottom line. You’ll notice several direct and indirect advantages after using these methods.
1. Improved Customer Shopping Experience
- Improved store appearance includes:
- Organized displays
- Security devices that work with existing planograms
- Maintain accurate inventory stock, so customers always find what they need
- Continue offering open merchandising display
2. Prevent External Theft
- Visual deterrent
- Benefit denial products
3. Secure Your Profits
- Loss prevention products:
- Decrease theft
- Help to maintain accurate inventory data
- Secure high-theft merchandise
- Losses decrease results in more merchandise for sale for increased profits
4. Safer Work Environment for Employees
- Reduce theft helps employees to feel more protected
- Show you’re invested in employee safety
#1 Reason to Work with a Loss Prevention Company
Since numerous business theft prevention solutions are available, finding the right one might seem overwhelming. The good news is you’re not alone; the PPS team regularly works with retailers of all sizes to find the products and services for their needs. Contact us online or call 866-750-5744.