Most retailers implement some type of loss prevention solution within their stores. It could include camera surveillance systems, security guards, mirrors, or signage. While those are great options for potentially deterring and stopping thieves, other retail loss prevention services are available that can prevent theft before it occurs. This article will focus on solutions that help to prevent external loss from occurring.
What is Retail Loss Prevention?
Retail loss prevention, or retail asset protection, is a strategy that preserves profits by preventing either internal or external losses (also known as retail shrinkage). Internal losses can include employee theft, under-ringing merchandise, administrative errors, or vendor fraud. External loss can consist of shoplifting, returns fraud, or vandalism.
Businesses that can effectively create a loss prevention strategy can significantly reduce their losses. Continue reading to learn how to prevent external loss from thieves using the latest retail loss prevention solutions available.
For advice on preventing internal and external loss in your company, you can read “Causes of Shrinkage in Retail & Tips to Reduce Your Loss.”
4 Types of Retail Loss Prevention Services
Shoplifting can severely impact a business’ bottom line (and worse) if preventive measures aren’t taken quickly. One of the most key benefits of working with a loss prevention company is its ability to provide solutions that focus on the whole business, not just a single area.
Depending on the loss prevention company you choose to work with, different options are available. Here are four beneficial services that Product Protection Solutions (PPS) offer retailers to help save money while protecting profits.
1. EAS and RFID Systems
EAS and RFID systems use electronic article surveillance (EAS) and radio frequency identification (RFID) sensors to prevent merchandise from leaving the store. These systems can work with various loss prevention devices to allow for open merchandising while increasing the difficulty of stealing the product. Additionally, RFID systems can also perform as an Inventory Management Tool. RFID identifies when the item leaves the store, allowing you to track and manage inventory in the store and warehouse.
ROI: Although implementing or upgrading an EAS or RFID system is a costly investment, your ROI could be a quick turnaround. To determine your specific ROI, review your current theft losses, compare it to the cost of the system while considering the money saved from reduced losses over 1,3,5+ years.
PPS Value: Our team will work one-on-one with you to determine the best system and features you need while looking for a solution that fits your budget.
Learn More: EAS Systems & RFID Systems
2. Intelligent Fixtures
This loss prevention solution allows you to display high-shrink products for customers while reducing theft openly. Pusher and shelving systems allow the customers to remove one item at a time while it prevents sweeping all the merchandise. Solutions can include anti-sweep fixtures with hooks, time-delay fixtures, or infant formula-specific fixtures.
ROI: Similar to the EAS and RFID systems, you can calculate the ROI by reviewing current theft losses and comparing them to the system’s cost while considering the money saved in the future.
PPS Value: We work individually with our customers to understand their circumstances and help them evaluate their options to determine which intelligent fixtures will work well for their business.
Learn More: The Self Install Swing Gate
3. Product Protection/Benefit Denial Solutions
These reusable solutions are loss prevention products that target a specific need and fit within most budgets. There are many choices available, including:
- Alarm Series – Quad wraps, cable locks
- Beverage Protection – Bottle security tags, caps, and full bottle coverage
- Pins & Accessories – Hangers, traditional and lanyard pins, detachers
- Safers – Hinged, slotted, and specialty safers in various sizes
- Tags – RFID, EAS, alarming, ink, blister
ROI: Many of these products have a low cost to implement, depending on the quantity needed. They can be reused for many years resulting in a significant ROI.
PPS Value: We can help you find anything from item to shelf-level protection. Including working with you on customized options if the current products don’t fit your goals.
4. Tamper-Proof Labels to Combat Organized Retail Crime Groups
Tamper-proof security labels are adhesive tags that prevent thieves from interfering with the product. If the label is removed, the product’s packaging is damaged. This option prevents ORC groups from reselling the item, making it useless. Many of these tags can be integrated with an existing RFID to increase its security strength. Labels can also be customized with a Logo or store address if desired.
ROI: Depending on your specific label requirements, it’s an affordable investment that allows for a fast ROI.
PPS Value: We’re continually growing and staying educated on the latest loss prevention trends so we can provide you with several security options.
Learn More: RFID Tags and Labels
Partner with the Top Loss Prevention Company in the Industry!
The PPS team helps retailers of all sizes find the loss prevention service that meets their goals and budget. We offer a variety of solutions that’s a 360-degree protection approach. Contact us by using our online form or calling 866-750-5744.