Retail Theft
Top Ways to Stop Retail Theft: Effective Strategies for Businesses
Retail theft is a growing concern for many store owners, often leading to significant financial losses. To effectively prevent retail theft, a combination of strategic store design, employee training, and technological solutions is essential.
Top 5 Items That Require Security Tags for Maximum Protection: Essential Anti-Theft Solutions
Retail theft is a major concern for businesses, leading to significant financial losses each year. Using security tags is an effective way to prevent shoplifting and protect high-risk items.
How Shoplifting Works and How to Prevent It
Retail loss (called shrink or shrinkage by the industry) is usually associated with shoplifting. True, shoplifting is a major contributing factor: A 2018 study by the National Retail Federation (NRF) found that it is responsible for 36.5% of the total loss. The remaining 63.5% come from other sources, like employee theft, administrative errors and vendor fraud.
How Employee Theft Works and How to Prevent It
While external theft like shoplifting is often the focus of theft prevention, it’s not the only source of retail theft. A shoplifter can only work while the store is open, but an employee can steal before the store opens and after it closes.
How Administrative Error Shrink Occurs and How to Prevent It
Not all retail loss comes from theft. In fact, administrative error can cause significant inventory losses for your business. According to the National Retail Federation (NRF), administrative and paperwork errors are responsible for up to 18.8 percent of retail shrink. Unlike shoplifting, organized retail crime (ORC) or employee theft, I see administrative error shrink as completely within the retailer’s control. By following a strict inventory control process and consistently training your employees, you can prevent administrative error from affecting your bottom line.