Retailers have already been dealing with so many things these past few years, and worrying about issues concerning retail theft is another challenge that needs to be considered.
Based on the investigation by the National Retail Federation (NRF) in 2020, organized retail theft caused an estimated 0.07% loss in overall sales, or an equivalent of $700,000 loss per $1 billion in total sales. Also, inventory losses from internal and external fraud and theft affected 1.6% of the entire sales in the same year.
This data depicts the alarming existence of retail theft, and as a retailer, you need to have the best ways to ensure security and protection, particularly in your inventory.
With that, we at Retail Smart Guys will share some of the most efficient practices you can implore in your physical and digital shops.
Aside from installing CCTV cameras, placing expensive items in safe spots, and hiring guards, you can still further your security in other ways.
- Limit your entrance and exits.
- Keep your area neat and away from clutter to avoid hiding spots for thieves.
- Sort your inventory appropriately so that you can identify missing products quickly.
- Perform regular cycle counts, so that your employees know that you are watching the inventory carefully. Some stores count the higher priced items every night at closing!
- Train your employees on how to address situations such as theft. We at Retail Smart Guys can help you implement proper training techniques to equip your staff to manage these concerns.
Apart from your physical market, you must keep your e-commerce business away from data breaches. According to Identity Theft Resources Center, data leak continues to be a pressing concern today. Yet, this can be prevented in various steps.
- Keep your system up-to-date with the latest versions.
- Change default passwords into a more complex combination.
- Apply a two-step verification process to add more security.
- Teach your employees to be keen on checking spam email links.
- Hire technical support to guide you through digital security for your retail store. As a retail consulting company, Retail Smart Guys can help you with your technical issues.
We believe that technology should serve you. If it isn’t, we can assess your technology and help you develop a plan that will benefit your business. We can assist in figuring out what technologies to apply to your business.
Definitely, retail crimes are inevitable. They come unexpectedly.
So, aside from planning for business expansion, growth, and sales increase, you must not forget to have a defense system before it’s too late.
Be proactive in dealing with retail crimes.
Take charge with Retail Smart Guys!