Shrinkage impacts businesses of all sizes, the type of merchandise or marketplace trends doesn’t change that fact. Loss prevention companies are available to help combat shrinkage and prevent theft by providing products that assist in those efforts. However, there are various solutions available that, without the experience, can make it challenging to determine the best option for your circumstance. Which leads many owners and loss prevention professionals to wonder, “what is the loss prevention technique used by most clients of loss prevention companies?”
At Product Protection Solutions (PPS), we’re here to answer that question and provide additional information to help you find the right loss prevention solution for your business.
Benefits of Loss Prevention Techniques
A successful loss prevention technique aims to minimize losses and reduce theft while still maintaining a positive customer shopping experience. When you implement a strategy, additional advantages can result from it.
- Secure your bottom line
- Improve inventory management methods
- Maintain proper inventory levels (prevent out-of-stock or overstock)
- Improve customer satisfaction
- Create a culture of safety and responsibility with staff
- Combat Organized Retail Crime (ORC) groups
- Increase knowledge about product traffic and inventory movement
5 Loss Prevention Technique Used by Most Clients
At PPS, our clients range in size from “mom-and-pop” to Fortune 500 companies and many sized businesses in between. One similarity they have in common is implementing cost-effective loss prevention techniques that meet their budget and secure their bottom line.
Here are five loss prevention techniques most clients use to help meet their goals.
#1 Anti-Theft Devices
These types of security devices are also known as loss prevention products. They prevent theft with a visual deterrent, but they serve many purposes. Depending on the type and style selected, you can reuse these devices and interchange them with similar-sized merchandise.
At PPS, we only provide products made from quality materials that can withstand repeated use. Some available options include:
- Alarming Devices: Quad Wraps and Cable Locks
- Beverage Protection: Energy Drinks, Wines, Liquors
- Safers: Small to Large Items
- RFID Tags and Labels
#2 Internal Loss Prevention Policies
Whether you already have policies in place, it’s helpful to review them occasionally to make sure they still align with your business goals. Here are a few thoughts to focus on when creating or reviewing your internal loss prevention policies.
- Keep it focused on only loss prevention issues (no general company policies)
- Explain the goal the policies should achieve
- Ensure all policies should work together towards the common goal
- Determine how you want to educate current and future employees on the policies (including yearly education)
#3 Strategic Store Layout
Are there blind spots from staff, cameras, or mirrors? Do you have areas cluttered with merchandise in the store? Are your high-selling products locked up in a case or behind the register?
All of the above questions impact the store’s layout and increase theft while deterring sales. Here are some items to examine when reviewing your store’s layout.
- Maintain organized shelves, walkways, and product displays
- Search for potential blind spots in the store and find ways to remove it
- Security camera
- Rearrange aisle
- Add extra security to products (tags, labels)
- Review any merchandise that requires employee assistance and determine if there’s another way to secure the item so customers won’t need assistance
#4 Proactive Monitoring
Knowing your needs before they occur can help you prevent situations. Here are some items to monitor daily and weekly.
- Review loss prevention trends
- Monitor inventory data for errors, fraud, and theft to catch issues before they occur
- Retain urgent and long-term loss prevention needs
- Review inventory items with
- unexplained low inventory
- high resale value
- easy to conceal sizes
#5 Working with a Loss Prevention Company
Finding a loss prevention company that supplies you with products and listens to your needs to help you find the right solution for your circumstance is a significant advantage. They can become an asset for your loss prevention strategy and help you achieve your long-term goals.
Connect with PPS for Your Loss Prevention Needs
The PPS team believes our client’s success is our success. Our goal is to provide rapid, complete, custom, and technologically advanced solutions. When you come to us with a need, we’re ready to help. Contact us to learn more online or by calling 866-750-5744.