With the retail world constantly changing, technological advancements gave rise to more ways to shop than just doing it in person. Today, we have options like delivery, pick-up, e-commerce, and more. Although increased shopping opportunities offer customers more choices, they also present increased chances for retailer loss. Such an insecure environment creates repercussions that affect the bottom line and directly threaten customer relationships and satisfaction if not properly dealt with.
With active retail loss prevention, you can maintain retailers’ profit margins, minimize risk, and protect consumer relationships, regardless of the kind of products you sell or the stability of the retail marketplace. Listed below are five retail loss prevention methods you can implement in your venture to minimize retail shrink and help you create strategies to ensure the safety of your products.
The easiest way to prevent in-person retail loss is by turning your employees into security assets. After all, they are already the eyes and ears of the floor. Strain employees to greet guests, make eye contact, and engage with them while shopping. Experts note that even the simplest greeting from an employee can alert potential shoplifters that their actions are watched and noticed. You can put up clear signs warning shoplifters and use security cameras installed in obvious locations.
Even with excellent customer service, not all shoplifters can be caught. This process that conventional retail loss prevention alone will not protect your inventory. Over 50 percent of retail loss is actually because of employee theft and paperwork errors, not external theft. In this case, consider checking employee movements and transactions using mobile checkout, inventory devices, employee time tracking, and product sensors. Managing sales and predicting shopping trends are also made easier with technology.
Organize the Storefront
Although brick-and-mortar storefronts only account for one shopping venue, their high level of in-person inventory makes them easy targets for retail loss. But with strategic display layouts, floorplans, and product positioning, they can effectively deter theft. Keep your displays below eye level and uncluttered so it is easy for staff to notice if items are missing. Consider putting high-value merchandise in visible, secure areas, and have employees stationed in high-theft areas to maximize visibility.
Handle Checkout Procedures with Care
Product manipulation and payment and return frauds are just two of the most common retail loss methods for physical stores. Because all these actions involve checkout procedures, put extra attention here to ensure that all standard procedures are followed in registers. Require receipts and taps for all returns and ensure that security tags are removed from all products. This way, if a product being returned still has a security tag, you know that it was shoplifted.
Hire an Expert
Although loss prevention is crucial in protecting profits and maintaining good customer relationships, it still is not enough on its own to ensure that your time and efforts are profitable. Collaborating with efficient Security Guards for Risk Management can significantly improve your processes and ensure that all your resources are properly used and optimized, allowing your team to focus on the customers. Look for a reputable company that can offer you Retail Security Guards in Melbourne to help carry your business to all new heights.
About Security Hire Melbourne:
Security Hire Melbourne is a trusted provider of security solutions, helping secure assets and premises to give their clients peace of mind. They take pride in their stringent recruitment process and their use of the newest methodologies and techniques.