Top 10 Tips for Retail loss prevention
Today’s margins are tighter than ever and loss prevention strategies are essential.
Here are some loss prevention tips that you can implement today.
Today’s margins are tighter than ever and loss prevention strategies are essential.
Here are some loss prevention tips that you can implement today.
Types of loss
Theft is often the main focus of loss prevention strategies but there are many other types of loss.
Main types of retail loss:
- Point of sale (POS) theft, discount abuse, and return fraud
- Supplier fraud or error, such as did not receive everything on the shipping manifest
- Liability due to slip-and-fall injuries, violence, and disruptive behaviour
- Admin errors, including incorrectly labelled prices
- Damaged inventory or spoilage
- Organized retail crime (ORC)
- Ordering errors
- Employee theft
- Shoplifting
Retail loss prevention tips
1. Perform regular inventory / stock-take
Keep track of your merchandise. Regular stock checks can help pinpoint exactly if and when the theft occurs.
2. Two people check all delivery dockets
This minimises errors and any possible colluding with suppliers.
3. Minimum of two people around cash
Have two people present when counting cash or opening the safe.
4. Hang anti-theft signs
Hang anti-theft signs to dissuade shoplifting. A sign by the front door, next to CCTV video surveillance footage or around self-checkouts.
5. Monitor and identify high-risk
Monitoring your loss trends and identify high-risk processes or products. For example delivery of merchandise, during cash returns, or expensive products, such as razors.
6. Use a Greeter
Greeting customers makes your store friendly and welcoming but also lets would-be shoplifters know that you are keeping an eye on them.
7. Can you see everything?
Can you view high value items from everywhere in the store? Keep valuable items visible will reduce the chances to steal them. You can use security cameras and mirrors to improve visibility.
8. Limit stock on the sales floor
9. Keep unused doors locked
Back doors and emergency exits should remain locked at all times when not in use. These are all ways that merchandise could leave the store if not properly secured.
10. Use security guards
Security guards can act as a highly effective theft deterrent, from both customers and staff.
Jones XL - Retail Security Team specialising in loss prevention, conflict resolution and ensuring the security and safety of all staff and shoppers alike.
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