Your retail business is your business. It is a big deal. So, when someone steps in and wants what you have – for free – it can leave a wide impact. Sadly, theft has stood the test of time for as long as we can go back in history. No matter how many come forward with their payment, there are still others who believe they don’t need to purchase it at all. They just steal.
It is time for you to protect what is yours: your business and your merchandise. Put your foot down and do what it takes to combat the retail theft industry – and all those who think they are entitled enough to walk out with your inventory.
But how? Surveillance cameras are your number one go-to to combat theft in the retail industry.
Shoplifting By the Numbers
According to Loss Prevention Magazine, the National Retail Security Survey (NRSS) can provide you with some statistics on shoplifting for you that may actually have you thinking twice about ways to protect your business. Here are the results from the 2019 survey:
- Inventory shrinkage (which means your books show you should have more inventory than you physically have) is on the rise. Every year it seems to be increasing. This year, more than 1/3 of all reporting retail outlets state they have lost 1.38% of their inventory, on average. Nearly 11% of all businesses have lost at least 3% of their inventory.
- Nearly half of the businesses surveyed are increasing their budget for loss prevention.
- Installing POS analytics is one of the top new methods that businesses are resorting to.
- New times bring new methods of fraud – and businesses see a change in the way it is occurring. In fact, 42% say they have noticed an increase in in-store theft and 30% show an increase in online sale fraud.
The numbers are increasing – and it is time to take actions.
The Shoplifter’s Profile
Profiling is so common in the law enforcement field. You will find individual psychological analytics within law enforcement agencies that can take bits and pieces of a crime and put together a profile of the person who likely committed the crime.
They can do this for hardcore criminals, such as serial killers and child abductors, but they cannot create a profile for a shoplifter.
Those involved in retail theft can be anyone. Young teens have been known to frequently seek that five-finger discount. Older teens and young adults have formed gangs that work together in massive retail theft rings. And, even grandmas have been involved in these sorts of dealings.
Some steal to quench a desire, others steal as part of a job for a large, illegal operation. And, yet others steal because they need to.
There is no shoplifter’s profile which means there is no way to distinguish from one person to the next who will steal from your retail store.
Employee theft is a huge problem. In fact, most retail theft comes at the hands of employees! In order to fully combat retail theft, you must focus your eyes on your employees.
Many employees, if given the opportunity, can steal from a company and keep under the radar. This can be those who have access to certain areas or those who handle monetary transactions. Some of these individuals even work with outside groups that come into your store pretending to be customers. A few buttons on the register, a voided item, or a fake transaction may be all it takes to walk items right out of the store in a seemingly legitimate manner. Employees who have worked for a business for such a long time are able to learn the ins and outs, allowing even more ways to steal without getting caught. That is unless you are paying attention.
Benefits of Keeping Theft Low
When it comes to maintaining a healthy business, there are many benefits to keeping your theft and loss prevention at a low level. After all, you aren’t the only one who reaps these benefits.
Lowering retail theft in your store means:
- More affordable pricing for your customers.
- An increase in productivity.
- Lower insurance rates – and a reduction in the number of claims filed.
And, of course, less headache for you! Developing a loss prevention team is a wonderful step toward protecting your business. However, it is important to note that this should not even be put together without installing surveillance cameras and including them as a successful part of the team.
How to Combat Theft: Surveillance Cameras
Surveillance cameras can give you an insight to areas of your retail store that you may not otherwise see. For instance, it is impossible for you to always be present in every aspect of your business. Therefore, having cameras available, you can monitor what is going on – and even audit and analyze the data.
Surveillance cameras can provide you with:
- Detailed monitoring of the monetary transactions that take place.
- A view of the actions taking place in the warehouse or inventory storage area.
- The ability to integrate systems, such as integrating your camera system with your POS system. Together, you can see what is going on through the camera system while having a text overlay of the actual transaction. This reduces the chance of your employees falsifying the transaction.
- A way of monitoring all entry and exit areas, as well as remote hallways and other areas of the store less frequented by staff. This also proves beneficial when referring to the entry and exits of fitting rooms.
- Outside monitoring can put you in touch with professionals who can analyze what is going on and provide you with ideas to tighten up your processes for safer, increased methods of production.
Did we mention the mere presents of the cameras act as a deterrent? There are so many types of surveillance cameras that you are sure to find the system that will work best for your needs and your space. And, the benefits will start rolling in.
The numbers do not lie. Don’t let someone else take what is yours – put an end to it today by installing a surveillance camera system at your business.