During the 2016 calendar years, the average retail business inventory shrink rate increased from 1.38 percent in 2015 to 1.44 percent, according to information from the National Retain Security Survey of 2017. A total of 37 percent of all retail inventory loss was the result of shoplifting by outside customers, which was followed by employee theft at 30 percent, administrative errors representing 21 percent and vendor fraud, five percent. The total worth of all this lost inventory was $48.9 billion.
While you may be using anti-theft tags and video surveillance to deter theft, this may not be enough. Here you can find 10 more tips to help you combat theft and reduce losses.
1. Make sure all customers are addressed as they arrive. This removes anonymity and shoplifters will avoid stores with salespeople who are attentive.
2. Watch out for any customers who actively avoid making eye contact, wander through the store, appear nervous or exhibit other types of suspicious actions.
3. Encourage your employees to walk around and engage with shoppers.
4. Ensure the store remains organized and clean.
5. Keep items that are commonly stolen in plain view of the cash register or employees to deter shoplifters.
6. Compare notes with shop owners nearby to find out who or what is being targeted.
7. Hire enough employees to watch the store at all times.
8. Create a shoplifting policy and then make sure it is enforced. Ensure you post copies of your policy in the store.
9. Install various anti-theft devices, such as security cameras and towers.
10. Restrict the use of fitting rooms without help from an employee.
If you take the time to put the above steps in place, you will find that you can reduce cases of shoplifting in your store, regardless of size, significantly.