Nine Ways to Protect Your Retail Business from Theft
Theft is an unavoidable problem among Canadian retailers. Customers, as well as employees, pose a significant theft risk. The good news is that there are multiple devices and strategies to control theft.
Here is a list of tips to help you secure your retail business.
1) Strong Inventory Management
Invest in a reliable stock management system to help you monitor your inventory regularly. Organize a physical stock every week.
Make use of technological tools and techniques like barcode scanners, electronic tags, well-defined user permission levels for the POS system, etc., to tighten inventory movement.
2) An Organized Workforce
Hire staff members after a thorough background check to avoid internal theft. Ensure that you have a sufficient number of staff members to attend to all customers physically. Have a separate team for stocking shelves, cash handling, and assisting customers.
Train your employees to greet customers and extend assistance always. This helps the suspicious shoppers to know that they are monitored. Educate staff members about the different ways of controlling theft.
3) Set Up Surveillance Cameras
Install security cameras throughout the store. Ensure you cover every corner of the store.
Add video analytics software to prevent theft with greater accuracy. Other advanced anti-theft technologies used in retail spaces are face recognition software, anti-pushout technology, etc.
4) Proper Placement of Goods
Expensive goods are the common targets of shoplifters. Place your most expensive items behind the counter or in a prominent spot in the store. It is also recommended to place a direct surveillance camera over aisles that carry costly items and items that are easy to lift off the store.
5) Place Signages
Install warning boards to discourage theft. Let people know that they are monitored and the severe consequences of attempting a theft.
6) Guard Your Entrance
Keep no more than one entryway for your store. Install a welcome bell at that entrance to alert you.
Invest in surveillance devices that can alarm you when a customer leaves your store without paying for a product. These devices are called electronic article surveillance devices. The devices work through radio frequency or electromagnetic technology.
7) Invest in Business Insurance
Sometimes, a theft may go unnoticed. Buy the right coverage from a small business insurance broker to continue business peacefully. Apart from covering theft, business insurance can come in handy to cover accidents, lawsuits, etc.
8) Secure Your Displays
Visual merchandising is a critical way to drive sales. Use lockable display units to ensure the safety of products. You can secure your pegboards and slatwall retail displays using hook locks.
9) Tamper-proof Price Tags
Another common form of theft is the alteration of price markings to get better deals. Use electronic price tags to prevent the act.
We Can Help You!
Investing in robust retail business insurance is essential to recover from an unexpected situation. Talk to our small business insurance broker to know more about business insurance plans. Get your customized coverage plan at an affordable rate today.