{"id":18129,"date":"2022-08-22T11:00:23","date_gmt":"2022-08-22T08:00:23","guid":{"rendered":"https:\/\/iconicerp.com\/?p=18129"},"modified":"2022-08-19T16:27:58","modified_gmt":"2022-08-19T13:27:58","slug":"retail-loss-prevention","status":"publish","type":"post","link":"https:\/\/iconicerp.com\/ar\/retail-loss-prevention\/","title":{"rendered":"Retail Loss Prevention: 7 Powerful Tools & Technologies to Help You Reduce Shrinkage"},"content":{"rendered":"\n\n\n
Loss prevention continues to be a major concern for retailers, and for good reason: losses due to employee theft, admin errors, and shoplifting cost you a lot of money.\u00a0According to the NRF<\/a>, the US retail economy lost $45.2 billion in 2015 due to shrinkage. Look at the Retail Loss Prevention: 7 Powerful Tools & Technologies to Help You Reduce Shrinkage.<\/p>\n

Clearly, retailers need to be more vigilant about loss prevention. To help you do that, we\u2019ve put together a list of solutions for reducing shrink and improving store security.<\/p>\n

From tools that you can install easily to technologies that require a bit of an investment, check out the items below and see if you can use them in your stores:<\/p>\n

1. Signage<\/strong><\/h2>\n

Installing security signs in your store is a low-cost way to deter shoplifters and shady characters. Anti-theft signs should be fitted close to the entrance and near your fitting rooms.<\/p>\n

Here\u2019s a tip. Walk into your store and ask yourself: If you were a shoplifter, where would you go? The answer to that should help you determine the best places to install your signs.<\/p>\n

 <\/p>\n

As for the content of your signage, you want to remind people that shoplifting isn\u2019t tolerated and that there\u00a0<\/b>will<\/i><\/b>\u00a0be consequences.\u00a0<\/b>According to the San Diego Police Department<\/b><\/a>, your anti-theft signs should \u201cemphasize that you will prosecute\u201d and that \u201cthe best way to discourage shoplifters and keep your business from being tagged as an easy mark is to take a get-tough attitude and prosecute on the first offense.\u201d<\/b><\/p>\n

2. Cameras<\/strong><\/h2>\n

If you\u2019re willing to invest a bit more in store security, consider installing surveillance cameras in your stores. Doing so will allow you to monitor store activities 24-7, and it\u2019ll give you recordings that you can revisit if necessary.<\/p>\n

Depending on your store and the security system you already have in place, you may be able to integrate your cameras with your POS, foot traffic solutions, and other loss prevention programs.<\/b><\/p>\n

Consider what American Apparel did. The clothing retailer combined its foot traffic management and loss prevention tools in one system. The company used RetailNext\u2019s searchable video solution to track how people moved around in their stores and combined that with foot traffic insights.<\/p>\n

According to RetailNext<\/a>, \u201cAmerican Apparel was able to interpret streams of digital video and recognize human beings moving through the stores, opening up broad capabilities for measuring shopper behavior inside its environment. This capability enabled American Apparel to measure not only the number of store visitors but also shoppers\u2019 movements within the store \u2014 where they walked, where they stopped, and how all these behaviors tied to actual sales at the register.\u201d<\/p>\n

Using those insights, the retailer was able to beef up its loss prevention efforts and ended up reducing theft by 16%.<\/p>\n

\"Retail<\/a><\/p>\n

3. Mirrors<\/strong><\/h2>\n

Not too sure about using cameras in-store? Consider mirrors instead, which can serve as inexpensive yet effective tools for spotting shoplifting and other suspicious activities.<\/p>\n

Do a quick walk-through of your store to see if there are any blind spots. If you spot some, then you may want to install security mirrors to monitor those areas. Typical blind spots include corners that aren\u2019t too visible from the cashier\u2019s side, as well as areas that are blocked by fixtures or shelves.<\/b><\/p>\n

 <\/p>\n

And the good news is, that it\u2019s quite easy to purchase these mirrors. You\u2019ll find a lot of them online or in the nearest office supplies stores, with prices ranging from around $30 to $300.<\/p>\n

4. POS system<\/strong><\/h2>\n

Most modern point-of-sale systems allow you to\u00a0set user permissions to enable or restrict certain tasks from being carried out. That\u2019s why if you haven\u2019t done so yet, check with your POS solution provider and see how you can update user permissions in your store.<\/p>\n

Jordan Lewis, the inventory product manager at Vend, says that these permissions go a long way in preventing shrink.<\/p>\n

According to him, it\u2019s best if retailers set user roles based on the individual instead of the job title.<\/b><\/p>\n

\u201cI see a lot of companies applying the same user permissions for all managers or for all admins. But what merchants should do instead is assign permissions based on the tasks you want each employee to perform and restrict them from doing tasks outside their job description.\u201d\u00a0<\/b><\/p><\/blockquote>\n

He adds that retailers should be especially vigilant with voided sales and who can perform them, as this is a very easy way to steal stock.<\/p>\n

5. Inventory management tools<\/strong><\/h2>\n

Staying on top of your inventory is critical to loss prevention. Poor stock control leads to more misplaced products and unchecked discrepancies, which is why it\u2019s important to arm yourself with a robust inventory management system that\u2019ll make it easy for you to track merchandise.<\/p>\n

One thing to look for when choosing inventory management tools is the capability to conduct full and partial stock counts.<\/p>\n

\n

Tip<\/i><\/b><\/p>\n<\/div>\n

\u201cCounting your stock more often allows you to notice discrepancies earlier and keeps your financial records up-to-date,\u201d says Jordan. \u201cAim to conduct smaller counts regularly with the goal of covering all your inventory through multiple counts.\u201d<\/b><\/p><\/blockquote>\n

Jordan furthers that retailers should \u201ccount proactively, not reactively.\u201d<\/p>\n

This will give you the best chance of correcting any discrepancies sooner rather than later. If you wait until you have to do a full inventory count, you\u2019ll fail to catch issues early, and the damage would\u2019ve already been done.<\/p>\n

Once you\u2019re done counting, you need to actually do something with the information, says Jordan. \u201cUse inventory reports to identify high-risk signs or regions in your store, and make sure your staff understands where these areas are, and how to minimize stock loss.\u201d<\/b><\/p>\n

\u201cIt\u2019s also beneficial to compare multiple completed inventory count reports with the aim of seeing patterns and discovering root causes of the discrepancies,\u201d he adds.<\/p>\n

6. Inventory counters<\/strong><\/h2>\n

Speaking of inventory counts, you\u2019ll want to have a reliable tool for conducting stock takes. Avoid using a pen and paper when counting inventory. Arm yourself and your staff with a solution that enables you to count your products efficiently and accurately.<\/p>\n

Just scan an item\u2019s barcode using your phone\u2019s camera and the Scanner will automatically record the SKU for you. The scanner\u00a0also syncs completed counts with your Vend account, so once you\u2019re done counting, you can easily update your stock levels.<\/p>\n

7. RFID<\/strong><\/h2>\n

RFID (Radio Frequency Identification) comes in the form of chips embedded in product tags or packages. These chips contain product information and enable retailers to track items using their stock control system, so merchants can gain real-time inventory visibility and accuracy.<\/p>\n

When used correctly, RFID technology can help you prevent losses in various stages of the supply chain as well as combat theft and misplaced products in-store.<\/b><\/p>\n

Retailers that affix these tags right after manufacturing can track products as they move from one stage of the supply chain to the next. This allows them to prevent losses during the distribution process.<\/b><\/p>\n

Rely on smart and updated\u00a0restaurant POS software<\/a>\u00a0and the right people to manage your business operations smoothly while you prepare for the next steps of your business.<\/p>\n

Don\u2019t forget to follow us on\u00a0Instagram<\/a> for more restaurant trends and updates!<\/p>\n

Retail Loss Prevention: 7 Powerful Tools & Technologies to Help You Reduce Shrinkage, Retail Loss Prevention: 7 Powerful Tools & Technologies to Help You Reduce Shrinkage Retail Loss Prevention: 7 Powerful Tools & Technologies to Help You Reduce Shrinkage, Retail Loss Prevention: 7 Powerful Tools & Technologies to Help You Reduce Shrinkage.<\/span><\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Loss prevention continues to be a major concern for retailers, and for good reason: losses due to employee theft, admin errors, and shoplifting cost you a lot of money.\u00a0According to the NRF, the US retail economy lost $45.2 billion in 2015 due to shrinkage. 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