Developing and maintaining an effective loss prevention strategy will help to reduce theft and retail shrinkage while improving your bottom line. To ensure a successful loss prevention program, make sure to incorporate the five rules of loss prevention into your strategy.
The five rules include loss prevention policies, protecting high theft products, product protection devices, store vulnerabilities, and creating a company-wide goal.
5 Rules of Loss Prevention
To ensure long-term success, incorporate these loss prevention security measures into your strategy.
#1 Develop Loss Prevention Policies
A loss prevention policy focuses on implementing procedures to eliminate preventable loss. So whether you’re updating an existing loss prevention policy or need to develop one, keep these thoughts in mind when evaluating your policies.
- Keep it Simple: Don’t combine loss prevention policies with general policies.
- Unity: Ensure the loss prevention and other business policies work together and not against each other.
- Determine the Goal: Set the goal that the loss prevention policy should achieve.
- Implementation Plan: Determine how to implement the new policy.
#2 Know Where Theft is Occurring
Shoplifting is a significant contributor to retail shrinkage. Start by determining the store’s high theft merchandise and protect those items first.
To find out which items are high shrink, look at:
- Products that experience unexplained low inventory
- Products that would attract shoplifter’s interest
- Products commonly found on the apprehended shoplifters in the store
#3 Selecting Product Protection Devices
Finding cost-effective, product-specific protection will help to reduce retail shrink and improve the bottom line. Depending on your needs, there are a considerable amount of product protection devices available.
Some product protection devices include:
- Alarm Series – Wraps, Cable Locks
- Beverage Protection – Energy, Wine, Liquor
- Safers – Complete line
- Tags – RFID, EAS, Alarming, Ink
#4 Store Vulnerabilities
Take the time to review the store’s existing layout (entrance, changing rooms, aisles, etc.), looking for any “hidden” spots. You can improve those spots by redesigning the layout, placing extra lighting, or adding extra protection security. Improving the store’s weak spots helps to deter thieves.
#5 Encourage Everyone Work Together
Create a sense of unity and purpose that everyone wants to do their part to improve loss prevention. Encourage all employees and management to work towards the common goal of loss prevention success.
As a reminder, keep everyone updated on policy changes and educate all new employees on the loss prevention policies.
Loss Prevention Success
Each of the five rules has its importance. When you include all five into your strategy and encourage everyone in the company to see loss prevention as a team effort can make a big difference for long-term success.
Work with a Trusted, Loss Prevention Partner
Product Protection Solutions (PPS) provides 360-degree protection with EAS and RFID technology, intelligent fixtures, product protection devices, benefit denial products, and more to fit your goals and budget. Need a customized option? The PPS team will rise to your request to find a solution for you!
Contact us online or by phone at 888-542-3065.