Developing and maintaining a loss prevention strategy is an ongoing process for any business professional (whether you’re the business owner, finance, merchandising, or loss prevention professional). You will need to adapt to a constantly changing retail environment and make loss prevention changes as necessary.

Begin by understanding the company’s needs and goals. This will help you decide where to spend your time and money on avoiding loss with loss prevention strategies. 

Why is Loss Prevention Important?

Loss prevention strategies are a great tool to help combat retail shrinkage. Retail (or inventory) shrinkage occurs due to internal and external theft. Implementing a loss prevention strategy within your company will help prevent security mistakes from occurring. 

Avoid Loss with Loss Prevention Strategies

Here are ten retail loss prevention strategies to help you avoid loss from retail theft. 

  1. Implement Loss Prevention Policies – Inform employees on these policies. 
  2. Inventory Tracking – Monitor inventory counts with a POS system. 
  3. Monitor Loss Trends – Stay aware of popular, high theft items. 
  4. Loss Prevention Training – Communicate and train on the importance of loss prevention strategies with employees. 
  5. Organize the Store’s Layout – Ensure maximum visibility. 
  6. Utilize Technology – Consider adding or updating your systems to an EAS or RFID security system and products.
  7. Keep Products on Open Display – Use loss prevention solutions to protect merchandise without locking it up. Click here for examples.
  8. Stay Organized – Stay organized on inventory, product orders, and loss prevention devices to save you time and money, which helps your bottom line.  
  9. Document Your Needs & Goals – Determine the most essential and urgent loss prevention needs right now.
  10. Find a Loss Prevention Solution Provider – The ideal solution provider will listen to your needs and help you find solutions. They will become an extension of your business and be an asset for your loss prevention strategy. 

Create a Loss Prevention Culture 

Loss prevention devices, policies, and strategies are the foundation to success, but you also need employee support. When company employees (at all levels) work together to combat retail loss, it creates a positive effect that helps to further reduce retail shrinkage.

Here are some tips to creating a loss prevention culture:

  • Create a shared goal to reduce retail shrinkage. 
  • Create smaller goals others can work towards that will help the primary goal.
  • When there’s a loss prevention success, share it with everyone.
  • Help employees succeed by placing extra staff near high-value and high-theft merchandise in the store. 

It’s Time to Protect Your Profits

Loss prevention strategies will help reduce profit loss caused by retail shrinkage, making the difference between earning and losing money. Finding a loss prevention solution partner you can trust can make a big difference in your loss strategy. 

The Product Protection Solutions (PPS) team believes your success is their success. They work with you to provide rapid, complete, custom, and technologically advanced solutions that deliver the desired outcome every time. 

Learn how the PPS team can help achieve your goals! Contact them using the online form or by phone at 888-542-3065.