The primary purpose of loss prevention in retail is to deter product loss from theft with the goal of preserving your profits. A successful loss prevention strategy requires more than security cameras and anti-theft devices. Loss prevention is an ever-evolving industry where thieves are constantly growing, adapting, and finding new ways to steal from retailers.
The article aims to educate you on what is loss prevention in retail and explain an emerging, industry-wide technology that could be a game changer for you in 2023!
What Is Loss Prevention in Retail?
So, answering the question, “what is loss prevention in retail” requires more than a one-sentence response. A well-rounded strategy should include ways to:
- Protect merchandise from shrinkage
- Maintain the customer’s shopping experience
- Create a safe and secure space for employees to work
- Secure your bottom line and increase your overall sales
You might be surprised to learn that many retailers need help developing and implementing a successful loss-prevention strategy. There are many simple, straightforward tools that are a great starting point, but they barely scratch the surface of the possibilities.
Developing a Retail Loss Prevention Strategy
As we mentioned above, there are many ways you can begin a strategy, and it’ll depend on the time and resources available. Keep the following in mind as you’re creating a plan.
- Back-office strategies
- Cash handling policies
- Employee loss prevention training
- Employee safety guidelines
- Physical security measures
- Return Policies
- Store layout design
More Resources to Help You Succeed
We have various resources available to help guide you during this process.
20 Loss Prevention Tips in Retail
Combatting Theft in Retail Stores
Causes of Retail Shrinkage
Your Loss Prevention Checklist
Or you can check out the PPS News section on our website to review all the articles we have on loss prevention.
A New Technology for Loss Prevention
Have you heard about the Internet of Things (IoT)? This technology is growing across many industries and has finally made its way to loss prevention. IoT allows you to connect multiple internet-based devices together without a dry connection (i.e., wires).
IoT is a game changer for all retailers for several reasons.
- It sends alerts across various devices
- Apple watches
- It provides you with real-time data in seconds
- Stock levels
- Product removals
- Restocking frequency
- It strengthens your marketing efforts
- Trigger advertising videos to play when a shopper removes an item
Read more about the future of IoT.
IoT Devices that Strengthen Your Theft Security
IoT integrates into loss prevention through security devices. There are devices on the market that uses this technology to deter thieves and assist with increasing sales! We’re partnered with IMCo Solutions to offer American retailers access to their Instore Analytics Solutions. Currently, they have three devices featuring IoT that you can begin using in your store.
If you’re looking for shelf security without the additional work of adding individual security devices to items, then the Flex Panel is your best option. It uses an open merchandising design while the shelf’s IoT sensors can detect the panel’s movement. It’s a scalable option that can begin as a theft deterrent and incorporate IoT as your needs grow.
Secure your hook merchandise with an IoT solution. IMCo’s IoT hooks emit a soft beeping sound that is an early warning alert. Additionally, its clever design deters shelf sweeping since it only allows a person to remove one item at a time. Other features include an alarm option for atypical product activity, access to real-time stock levels, and the ability to integrate with your other security solutions.
Take shelf security to a new level with an IoT Pusher. This device gives you more control over your merchandise security. It includes an early warning element that alerts staff of product removals and allows you to set up an alarm that only sounds when atypical activity occurs. You’ll also see real-time inventory data to know when stock levels are low. The IoT technology allows you to connect this device to other internet-based security solutions and even incorporate it into your in-store marketing efforts.
Ride the Wave and Connect with PPS About IoT
Since you’re in the early stages of loss prevention, now is the time to incorporate the latest technology to give you a significant boost for the new year. Our team is here to assist you in finding the best device and features that will best meet your needs and budget. Connect with us online or by calling 866-750-5744 to get started!