You’ll need to make various preparations when operating a retail business of any size. This could include correctly staffing the store, accurately managing inventory, and preventing theft. All those pieces are necessary to help turn a profit for your business. That’s where loss prevention and retail asset protection strategies come into play.
The goal of loss prevention is to reduce losses and preserve profits. You might be wondering where to start? How do I determine which type of strategies to use? How much will this cost?
The good news is that we’re here to help. The Product Protection Solutions (PPS) team aims to bring creative and inventive solutions to the table to help business owners of all sizes protect their profits, prevent loss, and secure their bottom line. The purpose of this article is to become a resource on loss prevention strategies. Use the information below to help you learn more about protecting your business.
What You Should Know About Retail Asset Protection Strategies
Since you might have been researching retail asset protection strategies or preventing theft when you came across our article, let’s ensure we’re on the same page.
The terms retail asset protection, business theft prevention, reducing shrinkage, and loss prevention have similar meanings – preventing loss from theft, product damage, inventory discrepancies, etc.
What’s Your Goal?
Before you determine the strategy you want to move forward with, you need to know your loss prevention goal. Goals could include:
- Maintaining accurate inventory levels
- Decreasing product damages from breakage or consumption
- Freeing up employee’s time so they can focus on other responsibilities
- Securing your assets without invading the customer’s shopping experience
Look at the Numbers
Before you determine your goal, review the data. This can include everything from:
- Products with the most inventory discrepancies
- Unexplained product losses
- Over/under ordering of merchandise
You might think you know where the problem is, but the data will either confirm or deny it. Then using that information, you can determine the first objective you want to work towards with your business.
You might want to start with one goal depending on your time, budget, and available resources. Or select several if you’re ready to commit a larger portion of resources to loss prevention.
Quick Strategies You Can Begin Today
Here are several cost-effective strategies you can implement in your business.
Create Internal Policies
- Educate all staff on loss prevention, including the consequences of theft
- Share parts of your goals with the team so that everyone can work towards a common objective
- Create consistent checkout procedures to reduce the chances of:
- Product tag switching
- Payment or return fraud
- Security tag removal
Develop a Culture of Integrity
- Before hiring employees
- review their references
- Complete a criminal record check
- Ask ethical questions (to help avoid internal theft concerns)
Maintain a Clean Store Layout
- Monitor shelves and walkways for messes/clutter
- Display fragile merchandise in easy-to-reach spots
- Maintain organized aisles and eliminate any blind spots
More Robust and Secure Strategies Available
If you’re looking for a stronger, proactive protection option, consider loss prevention devices. There are numerous styles and options available to protect virtually all merchandise.
Quad Wraps and Cable Locks
- Large products
- Sporting goods
- Household cleaners
Beverage Security Devices
- Protecting cans, glass, and plastic bottles
- Energy drinks
- Wine and liquor bottles
- Baby formula containers
- Ice cream pints
- Easy to conceal products
- Personal care items
- High-value products
- Designer items
Learn the 4 Facts About Buying Anti-Theft Devices for Retail Stores to help you purchase your devices.
Educate Yourself with Our Other Resources
The PPS team continues to create educational resources to help business owners combat loss. Check out some of the other articles below. Then contact us to learn how we can become a valuable loss prevention partner for your business.