How Reduce Stock Losses In Your Retail Business
As a retail business owner, one of your biggest concerns is always going to losing products somewhere between the point of manufacturing and the point of sale. The problem is a big and obvious one, but, because of the many different ways that stock is lost and the many different causes, it isn’t always as obvious how to stop it. Luckily, despite how powerless you may feel, there are a few things that you can do to prevent loss and shrinkage, regardless of its cause. Here they are for you consider for your own store.
Properly Train Employees
Your first line of defence against shoplifters is always going to be your employees, so it’s essential that you properly train them so that they know how to prevent thefts within the store. This training will include how to spot a potential shoplifter, common scams and tactics that thieves use to steal from stores, and times that shoplifters are most likely to strike. More often than not, knowing this information is enough to reduce the number of shoplifters in your store.
Invest In Loss Prevention Software
To keep track of what’s going on with your products and sales, it’s essential to invest in loss prevention software featuring ad-hoc reporting and inventory management software. This will help you to track what is being lost, where it’s being lost from, and where, which will help you to spot potential patterns and gives you some idea of possible causes so that you can start an investigation.
Install Surveillance Equipment
Security cameras and surveillance equipment help you to keep an eye on your customers and employees, while also providing a clear and obvious deterrent for potential shoplifters. While hidden and discreet cameras can spot shoplifters, large and obvious ones are much better for preventing it in the first place. For this reason, fake surveillance cameras also work well, as long as they look realistic.
Reorganize Your Store
The layout of your store could attract potential shoplifters and make it easier for them to do their work, so consider ways to make yours less theft-friendly. You can do this by opening up the floor layout, and get rid of any areas where shoplifters could cover themselves while stealing. You should also arrange your lighting to reduce dark areas for the same purpose. Keeping commonly and easily stolen items near the cash register also helps a lot.
Add A Security Guard
If nothing else helps to deter shoplifting, adding a security guard to the door just might. They will also help to catch thieves in the act and keep staff and shoppers. Of course, a security guard won’t be cheap, but it will be worth it if it helps to reduce loss in your store. The biggest downside of having security guard is that they could make loyal shoppers uncomfortable, so you may want to start off hiring one on a trial basis and go from there.
Stock loss is a major problem for retail businesses, but these tips should help you to reduce them.