Loss prevention allows you to protect your business from external and internal theft, administrative errors, and even vendor fraud. It’s a 360-degree approach that preserves current profits and can even increase your bottom line. This article will educate you on five successful retail loss prevention techniques and explain why incorporating loss prevention strategies into your business should be a top priority.
5 Retail Loss Prevention Techniques Proven Successful
A simple online search will provide you with hundreds of ideas and examples of loss prevention strategies. At Product Protection Solutions (PPS), our commitment to our customers extends past the sale – we’re here to help you. Thanks to our many years of experience working with retailers, here are five retail loss prevention techniques that have been proven successful for businesses.
#1 Maintain Clear Communication & Develop Training
Your staff is the first line of defense for your business. They see the customers entering the store, spend the most time with other employees, and spot errors or problems as soon as they occur. By making loss prevention part of your employee training, you’re helping to keep security and safety at the forefront of their minds.
#2 Learn Which Items are High Theft
There are several ways you can discover which items are big targets for thieves. One way to find out quickly is to review the following:
- Products with unexplained low inventory
- Products that are high-value and easy to conceal
- Products commonly found on apprehended shoplifters
#3 Search for Hidden Spots in Your Store
Have either yourself or someone you trust enter the store and search for “hidden” spots from cameras, mirrors, or employees. The more open your store layout is, the more difficult it’ll be for thieves to hide merchandise.
#4 Review Accounting Practices
Loss involves more than theft. Make sure you’re regularly reviewing the balance sheets and accounting processes. Consider using both cost and retail accounting practices so you can catch administrative errors and shrinkage as it occurs.
#5 Implement Product Protection Devices for High Shrink Merchandise
Loss prevention products are designed to work with your existing plans while increasing protection. You can use one device for several different items, so make sure to purchase products from a reputable buyer to ensure a high-quality product.
Product protection devices can include:
- Alarming wraps and cable locks
- Beverage protection for energy drinks, wines, and liquors
- Safers for small to large items
- RFID, EAS, and ink tags
Why Loss Prevention Should Be a Top Priority for Retailers
You’ve probably heard about the importance of loss prevention and even implemented a few processes or devices. But do you know why it’s an essential component to your bottom line?
Here are three reasons loss prevention efforts can help increase your profits.
Improved Customer Satisfaction = Repeat Customers
Preventing theft means accurate inventory numbers, so you always have the products your customers want available.
Company Culture of Safety = Productive Employees
Putting measures in place that makes your store secure from thieves will help your employees feel safer at work. When they feel protected, their job performance improves, and they’re more productive, which aids your company’s growth.
Upfront Investment = Long-Term Gains
Investing in security devices or policies might have an upfront cost but will last long-term. For instance, many loss prevention products have a 10+ year lifespan. Then security policies put in place now will help to prevent future problems from occurring. These investments are especially beneficial if you begin to expand your retail business.
Why Work with the Experts?
At PPS, we develop plans to help find a loss prevention solution that fits your goals and budget. Our team has experience assisting businesses with:
- No strategy in place
- Revamping a current strategy
- Recommending simple product protection devices for immediate results
- Customizing products to fit specific needs
Contact us to learn if we are the right fit for you by using our online form or calling 866-750-5744.