5 Strategies to Prevent Shoplifting & Minimize Retail Shrinkage
Shoplifting is a problem all retail stores have to face. Unfortunately, regardless of the size of the shop, shoplifting will occur at some point. Retail shrinkage is an accounting term that refers to inventory losses due to shoplifting.
Most stores understand that some shoplifting and theft will occur, so retail shrinkage is accounted for in the budget. However, the financial losses and labor that go into dealing with shoplifting are sometimes significant.
By implementing these strategies recommended by the experts at Unparalleled Security, you can better prevent shoplifting and minimize retail shrinkage in your store.
It All Starts with Employees
While it’s unfortunate to think about, a lot of shoplifting happens internally. Employees know the policies, so they can work around them if they want to.
So, it’s important to start by training everyone on the policy and explaining the consequences of getting caught.
Then, you should instruct employees on how to handle shoplifting from customers. You should have protocols in place and ensure all of your employees understand them.
Reduce Human Error
While some retail shrinkage occurs because of theft, there can be other reasons. Human error regarding inventory counting can lead to accounting errors.
One way to address this is through setting up various inventory counting protocols, including using software or apps that streamline the process.
Do Regular Inventory Audits
The only way to know how much retail shrinkage and shoplifting is going on is to do regular inventory audits. During these audits, you will have employees and managers go through all of your stock and evaluate how much retail shrinkage has happened. From there, you can adjust your strategies.
Use Video Cameras
Video cameras are an important way to prevent and detect shoplifting. While a good surveillance system might not completely prevent any theft, it can stop some of it. Also, with surveillance, you and your team can catch shoplifters.
Consider Security Guards
Finally, one of the best strategies for preventing shoplifting and minimizing retail shrinkage is to hire security guards for your business. While big box stores often have their own internal teams, smaller or regional shops may need assistance.
With Unparalleled Security, we provide security guards on site, including to patrol parking lots and the inside of the store.
Get Started Protecting Your Inventory Today
Need help to develop a security plan to stop theft in your retail store? Looking to hire trusted, trained security guards from the Twin Cities area? Contact Unparalleled Security at 651-300-1515 or message us online to get started.