Loss prevention tips is needed to prevent shrinkage.The term shrinkage is when a retail store experience loss in their inventory and there’s a difference between recorded inventory on a company’s balance sheet and its actual inventory. Did you know that the inventory shrink cost the United States retail industry $61.7 billion in 2020? For example, the four leading causes of loss prevention are shoplifting, return fraud, employee theft, and administrative error. With a shrinkage number that high, taking extra measures to ensure your business’s profitability and safety is crucial.
Loss Prevention Tips
Businesses need to take loss prevention measures like double-checking merchandise, reorganizing spaces, post staff around the store, requiring receipts for returns, asking for ID’s, hanging anti-theft signs, installing burglar alarms, and scheduling staff strategically. However, the one-loss prevention measure that will be the most effective is setting up a surveillance camera system.
Along with external theft, internal theft accounts for half of all retail shrinkage. The different types of employee theft are the misuse of employee discounts, refunds, and credit cards. Installing a security camera system ensures employees follow the rules and regulations. A retail business also deals with employees handling cash, credit cards, gift cards, and potentially checks. Is the till coming up short? Here is your solution, install a camera.
As a result, shrinkage can increase your costs in other areas. Above all, why not invest in the prevention of theft, protecting your employees, and safeguarding your property? There is no other security hardware that deters criminals and prevents theft like a commercial surveillance network. The best security camera system is installed by a professional. Techs who understand the property’s weak points and blind spots.
Call Alert Protective today to schedule an appointment. During the appointment, you receive a free quote and relax while our team installs your new system. Most importantly, the benefit of hiring Alert Protective is the education of the latest commercial surveillance system and the access to real-time and video at any time from anywhere. It’s commercial security made by Chicagoans, for Chicagoans!