Retail businesses have been facing the problem of securing their inventory since the beginning of commerce. As time has gone on, retail has evolved to allow for a more immersive shopping experience. In 2018, Apple tried introducing a shopping experience with untethered devices only to be exploited by thieves. With greater shopper freedoms comes higher security stakes for companies.
Retailers need to find tried and true ways to increase their security.
How Shrinkage Affects Retail
Inventory has a significant impact on a business. The most obvious loss is in the form of potential revenue that could have been made. Petty theft might seem minor to some, but in aggregate, it can change a business. It’s worth protecting inventory in the best way possible.
People typically think of burglary and shoplifting theft as the most common forms of theft, but studies show that internal theft is nearly as common. A security solution should be equipped to handle thieves of all types.
Enhance Security in Your Store
Monitoring employees and shoppers using surveillance cameras is a proven way for retailers to keep an eye on their inventory. Cameras also allow retailers to survey recorded footage to attribute the theft to a known person and prevent repeat offenses. While it doesn’t prevent theft, it does allow store owners and loss prevention professionals to identify threats.
Employees know the ins and outs of your business, and they hold the most power when thinking about ensuring security for people and products being sold. According to the most recent NRS survey, employees were responsible for about a third of all inventory shrinkage in 2017. There are several ways to reduce staff shrinkage, all of which can help improve your bottom line.
If employers make expectations clear when they train new hires, they can prevent shrinkage by simply establishing what is and isn’t acceptable. Employee theft doesn’t only take the form of item theft. Employees typically over-discount for people they know like friends and family. A good training program can prevent these incidents and improve the bottom line. And all retailers should have a written security policy that has been circulated and is easily available to all employees.
Attaching incentives to the preservation of inventory allows employees to share the same goals as management. With measurable goals and clear benefits, employees will be invested in making sure that there is no shrinkage in the retail environment. Managers can offer cash and gift incentives every quarter when shrinkage is below a certain level.
Retailers need to be able to understand the makeup of their foot traffic. Security cameras help, but there needs to be a way to accurately measure access to doors that aren’t seen. Doors like the ones that access server rooms, managerial areas, and break rooms are often unsecured or lacking the same security as customer entrances.
With smart locks, retail space managers schedule the times that doors are locked, eliminating the need to be present to do so. Even with multiple locations, locks in each location can be managed from a single desktop or phone app.
Access Control Covers Gaps in Retail Security
Loss prevention is important to retailers, and while there are well-established methods for tackling loss problems, it has persisted and will require approaches that utilize new technology and practices. Better training and cameras have their place in effective security schemes, but access-controlled smart locks can give retailers the extra insight they need.
RemoteLock’s access control solution enables retail managers to connect the dots when an incident occurs with an access dashboard that shows usage for every type of door. EdgeState software can help you get smarter about enhancing retail security. If you’d like to learn more, schedule a call with one of our experts.