As per a report, “Thefts and shoplifting cost Australian businesses more than three billion dollars in the financial year 2018-2019”.
The numbers are skyrocketing each year due to the impunity of retail crime, and businesses continue to lose a big chunk of what they earn.
The only solution to end shoplifting and other retail industry crime is implementing these five effective loss prevention strategies.
So, read the article, and turn the retail loss into profit!
Types of Losses Australian Retail Businesses Suffer Every Year
Before we head to the strategies, it is essential to know about the losses Australian businesses suffer due to the retail industry crime. These crimes aren’t just limited to big names like Walmart, but smaller businesses are also prone to them.
The list of such retail crime includes:
- 1. Organised retail crime
- 2. Shoplifting and theft
- 3. Larceny (theft of items or money)
- 4. Return fraud
- 5. Vendor substitution
- 6. Undercharging
Being aware of these crimes can surely help businesses implement the required tactics to put them to a halt.
Now, let’s get back to the five effective loss prevention strategies every business should implement.
1. Develop Clear Policies
It is indispensable to enforce loss prevention consistently and regularly to stop retail crime. To do so, the best tool is developing clear policies and discussing them with the employees.
Everyone working in the store, from cash collector to janitorial staff, should know the new policies. The policies should include a proper screening process to check every employee before they leave the facility.
A lot of big brands like Amazon use this strategy to avoid retail loss, and there’s nothing wrong with it. However, it is essential to ensure that you treat your employees well, as they are the real assets of the business.
Also, background screening and other such essential procedures should be followed at the time of hiring new staff.
2. Join Hands with a Security Company in Sydney
Hiring a trustworthy security company is another effective loss prevention strategy every business should implement. Join your hands with a company that provides loss prevention officers in Western Sydney and other areas.
Loss prevention officers are highly trained to deal with retail industry crimes, and it can help your business save thousands of dollars every year. Make sure to work with a security company in Sydney with well-trained loss prevention officers, as they are well-aware of the strategies shoplifters and thieves use.
3. Improve the Inventory Management System
Improving the inventory management system will help you keep track of every item available in the store. From toilet papers to furniture, everything should be on the record.
Account updating or tracking the inventory can reveal the losses businesses suffer from due to the employees indulged in thefts. Also, a proper inventory management system will help you track down the shrinkage in the profit caused over a certain period of time.
4. Train the Staff
Hiring good loss prevention officers is necessary to stop shoplifting, but is it enough to bring the loss to zero? Well, maybe not! Training the staff is another thing you need to do to double the benefit you can reap with loss prevention officers.
Training the staff includes teaching them the skills and techniques to control shoplifting and thefts. But how to train the staff? Hire the best security company in Sydney, and organise multiple classes and training sessions for the staff.
These sessions from the experts can include specialised techniques to catch shoplifters and retail store thieves.
5. Use Anti-theft Signs
Every retail store out there has numerous security cameras installed to keep a watch on the customers, staff and to maintain discipline inside the store. But it is still crucial to hang anti-theft signage to let the customers know that they are under surveillance.
These reminders can spark a fear of getting caught and punished, which is enough to deter the potential thieves planning to shoplift items from your store.
Wrapping It Up!
These are the five best tried and tested strategies to bring down the loss caused due to thefts and shoplifting. Make sure to hire expert loss prevention officers to protect your assets and profits.
At Holt Security, we are a reputed security service company in Sydney. Our loss prevention officers are trained and can undermine all the moves of shoplifters and thieves to ensure fewer losses caused due to retail industry crime.
Click on the Contact Us button to hire our experts today!