When you research online for ways to prevent shoplifting in retail stores, there are over 3 million results! Even if you only look at the articles from page one, it’ll still take you some time to read through all the information. Save yourself time and effort by following a few steps to help you determine your needs and how you can solve them.
Facts You Should Know About Shoplifting
Shoplifting, also known as retail loss, is an ongoing concern for retailers (learn more about the staggering retail shoplifting statistics in the United States). To prevent it from occurring, you need to understand more about it, starting with the type of shoplifter who will visit your store.
Amateurs vs. Professionals
You should be aware of two main types of shoplifters: amateurs and professionals. Amateur shoplifters will steal for several reasons including hunger, a sense of entitlement, or fun. Whereas professional thieves will typically steal items they can easily resell to unsuspecting consumers – this is known as Organized Retail Crime (ORC).
Here are some surprising facts about shoplifters you should be aware of for your business.
- Shoplifting frequency and magnitude result in nearly $50 billion in retail crime annually (source)
- Approximately 1 in 11 Americans will shoplift from a store (source)
- ORC thefts cost retailers an average of $720,000 for every $1 billion in sales (source)
- Retailers only catch shoplifters every 49 times they steal (source)
- 69% of retailers surveyed had seen an increase in ORC activity (source)
Determining the Type of Shoplifting at Your Business
The first step towards preventing shoplifting in retail stores and supermarkets is understanding your needs. Then, you can search for the best tools available.
Determine the following:
- Define retail shrinkage for your business
- Know which merchandise has the highest shrinkage totals
- Monitor theft trends for most stolen items
- Search for blind spots within the store
- Learn how prevalent theft is in your geographical area
Once you know the above information, you can search for solutions.
3 Options to Prevent Shoplifting in Retail Stores
There are several different options available for shoplifting prevention. Selecting the right loss prevention tool will depend on your needs, budget, and how quickly you want to see results. Consider the following solutions to determine which option will benefit your business.
Loss Prevention Devices
These devices are typically affordable, and you can purchase them in small to larger quantities. When evaluating a loss prevention device, you’ll want to consider if it:
- Impedes the shopping experience
- Is reusable
- Supports your product layout
- Uses high-strength magnetic protection
- Allows the product to be on open display or locks it up
Once you know which device you want to use, you’ll need to find a reputable supplier. Purchasing these items from a respectable company ensures the device is made from high-quality and durable materials and can withstand repeated use. These devices are a great first step if you’re looking for an immediate solution.
This solution will require a higher investment but can produce more significant results. You can incorporate RFID technology with an EAS system and loss prevention devices to help with:
- Item-level inventory visibility
- Process efficiency
- Seeing real-time data and analytics
Once your RFID-enabled EAS system is installed and your team implements it within your business, it shouldn’t be long before you see results.
Internal Policies & Procedures
A cost-effective option is to implement internal policies and procedures that’ll help your team become the first line of defense against shoplifting.
- Perform regular inventory counts
- Develop and maintain a culture with integrity and initiative
- Review store layout
Depending on your current policies and procedures, this can take considerable time to implement and see results.
Download a Loss Prevention Checklist to Help Prevent Shoplifting
At Product Protection Solutions (PPS), our team wants to help you prevent theft and strengthen your bottom line. So our team created a loss prevention checklist to assist small to medium-sized retailers in protecting their business from internal to external losses. Download the printable list to learn about internal loss prevention policies, physical location security measures, and more.
If you have questions or are ready to place an order, contact us online or by phone at 866-750-5744.