Retail businesses have to overcome many challenges on a day-to-day basis. Loss prevention or reducing shrinkage is one of them. Retail loss prevention is a set of practices and measures adopted by businesses to prevent theft and other preventable losses and preserve profit. It includes any deliberate actions or accidental human errors that lead to loss or “shrinkage” of assets. Two of the biggest causes of shrinkage in the retail industry are employee theft and shoplifting, both of which cost billions of pounds to the sector each year.
Employee Theft & Shoplifting – Risks & Prevention Methods
Staff theft, in particular, is a leading cause of shrinkage this time of the year. The holiday season is a busy time for retail stores and businesses. To meet the demands of the festive period, many of these retail businesses employ temporary staff members, sometimes without running proper background checks. It gives a perfect opportunity to some miscreants to steal money or goods from the shop and take advantage of the situation. The holiday season is also the time when shoplifting is very rampant. When shops are brimming with customers, with not enough employees to keep an eye on everyone, shoplifters can steal goods without being detected.
Although more common at this time of the year, employee theft and shoplifting are a cause of concern for retail business owners all through the year. But there are several ways retail businesses can prevent shrinkage and preserve profit. Two effective ways of reducing the incidence of employee theft and burglaries in retail shops are:
- Installing CCTV Surveillance Cameras
- Installing Intruder Alarms
How Can CCTV Cameras Help?
CCTV cameras are the first line of defence against theft. Apart from deterring thieves and employees from stealing, they constantly monitor high-risk areas and valuable assets on the premises. CCTV cameras with remote monitoring features can help you monitor your employees during working hours and the building itself after working hours. Whether employees are taking money from the till, taking advantage of any loopholes in the system, stealing from the system, or lifting actual goods from the shop, CCTV cameras can help monitor and record all kinds of frauds and criminal activities. Similarly, surveillance cameras can also monitor customer activity on the shop floors and record any shoplifting attempts to be used as evidence to catch the perpetrators.
How Can Intruder Alarms Help?
Break-ins and robberies are also common causes of shrinkage in the retail industry. But having intruder alarms on your premises can thwart burglary attempts, reduce shrinkage, prevent property damage, preserve profits. A combination of CCTV surveillance cameras and intruder alarm systems is the most effective way of ensuring loss prevention in retail businesses.
Why Choose LNS for Business Security Systems
LNS has over 20 years of experience designing and providing advanced fire and security solutions for commercial and domestic properties in Leicestershire. Over the years, we have helped several retail business owners secure their shops and industrial units with the best CCTV cameras and intruder alarm systems and can help you with the same. If you are concerned about loss prevention, contact our friendly team on 0116 224 3478 today.