A retail store is an open establishment where you can sell commodities, goods, or products directly to individual customers or families. The individual retailer(s) or a manufacturing company manages or operates retail stores. Company-operated retail stores are relatively easier to manage and control as inventory management is pretty stress-free.
Shoplifting is a very popular term for an unnoticed theft of goods, merchandise, or retail products from an open retail establishment such as a departmental or convenience store. It typically involves someone looting an item from shelves into their pockets, undergarments, baby strollers, handbags, etc., and leaving the establishment without paying for it. To prevent this corrupt and unethical activity, retail stores can use different psychological tactics and low-tech tips to establish more command and control over their business.
Retail Industry Dynamics
Managing a brick-and-mortar retail store has become extremely challenging these days. No matter how much brain and technology you use to prevent shoplifting, it continues to happen most bizarrely. People are never short on creative ideas to steal products from retail stores, encouraging them to try their luck repeatedly. This opportunistic behavior has reduced the profit margins of retail stores quite significantly. According to 2017 statistics from an American-based retail firm, shoplifting worldwide has cost retailers about $51 billion worth of inventory.
Business entrepreneurs and retailers use different ways and means to prevent shoplifting without breaking the bank. They must develop extraordinary techniques to avoid losses if they expect to manage their operations successfully and remain in the retail business for long. Small retail store owners need to stay more vigilant and closely monitor their customers and employees. Small retailers usually have a limited budget, which means they can’t afford to take high-tech measures to secure their premises from shoplifters or potentially their employees.
Placement of Mirrors
Mirrors more or less work like high-tech cameras for small retail store owners. They can instantly spot shoplifters, making them the most inexpensive yet effective alternative to surveillance cameras. They help you keep a close eye on your customers and employees alike. However, mirrors’ strategic placement is critically important as you can only notice suspicious activities when they are placed at specific angles visible to the owners. Moreover, acquiring mirrors is relatively easy as they are widely available in many markets.
Installing security signs or displaying products in your store with theft prevention in mind is a low-cost tactic to prevent shoplifting and deter shady characters. Anti-theft signs must be placed in specific crucial spots, such as the retail store’s entrance, on shelves and walls, in fitting rooms, etc. Even if you don’t have cameras in place, you can use surveillance signs to discourage suspicious activity. Using anti-theft signage is one of the best low-tech tips to make a huge difference.
Keep Your Retail Store Organized
Shoplifters feel safer and encouraged to try their luck in retail stores that are messy and disorganized. It gets hard for even a store manager or owner to determine if something is amiss if a store is not organized correctly. By keeping your store organized and products well-placed, you can prevent shoplifting and expect to increase the retail store’s ambiance and aesthetics. Moreover, you must optimize your retail store’s design, arrangement, and layout for theft prevention.
You must train your employees to greet shoppers when they enter the retail store and remain watchful throughout their stay. They must also be taught different ways to manage suspicious activities or shady visitors. A secret language or code for reporting shady activity is probably the best way to alert the entire staff or owners. Also, they must be told to look after the whole store, including a customer’s belongings such as a handbag, a baby stroller, and other similar things.
Hire a Security Guard
In order to prevent shoplifting, having a security guard on duty may be the most effective solution. Even if other preventative measures have been put in place, a security guard can still be the best bet when dealing with sticky situations. While it may seem like an unnecessary expense for smaller retail stores, hiring a security guard is actually one of the most effective ways to prevent theft. The mere presence of a security guard can deter shoplifters and keep them from attempting to steal from the store. In many cases, it’s more of a psychological deterrent than anything else that keeps shady individuals away from the store.
I am absolutely thrilled to share with you some fantastic low-tech tips and prevention techniques that are sure to make your life as a small retailer a whole lot easier! By implementing a few simple measures, you can effectively keep shoplifters at bay and protect your precious inventory. Let’s dive into these strategies together and keep your retail store safe and secure!About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.