Running a successful retail business isn’t just about driving tons of traffic, generating hefty sales and standing out in the crowd. But it’s also about determining potential or ongoing loss-generating events and laying out a well-planned strategy to prevent loss and reduce factors turning profits away.
That being said, shrinkage remains one of the biggest concerns for retailers, costing them a lot of money every year as a result of fraud, shoplifting and employee theft. It’s not only necessary for retailers to be vigilant about factors driving revenue losses, but you may need to nip the lingering issue in the bud to ensure that your business runs smoothly and is more profitable.
Here are a few ways you can improve security around your store and prevent shrink before it starts.
Invest in an Inventory Management System
Keeping track of retail stock is paramount to loss prevention. And this can be achieved with a robust inventory system integrated into your business. An efficient inventory system will help keep track of merchandise by conducting frequent stock counts and spotting unusual inventory patterns and discrepancies.
And a POS Cash Register
A cash register is vital POS hardware for any retail business that performs numerous product base transactions on a daily basis. Not only does a cash register facilitate easy and efficient record keeping but it also comes with a cash drawer that offers a safe and reliable space to store cash and receipts.
Today, video surveillance systems and cameras are installed in almost every retail store as an advanced security solution to monitor the movement and happenings taking place inside the store. By installing cameras in and around your store, you can help reduce shrinkage, theft and manage liability while creating a safe environment for your customers as well as staff.
For small retail stores, mirrors can work as an inexpensive yet effective tool to detect shoplifting and other suspicious activities. Mirrors can be installed in blind spots including corners and areas that are covered by fixtures and shelves and aren’t clearly visible from the point of sale.
While you invest in advanced technologies and tools to reduce loss prevention around your business, training your employees on professional selling etiquettes can help a lot. By conducting training and loss prevention programs frequently, you can make employees aware of good retail values and principles and train them to identify shoplifting and theft activities.
Though a major concern, shrinkage or loss prevention can be easily dealt with by investing in the above mentioned solutions. With the right tolls and technology integrated into your retail business, any retailer can maintain a safe and effective retail store and boost profits.