Spanish retailers lose around 1% of their revenue every year to theft, which adds up to a cost of 1.6 billion a year.
70% of these losses happen in the stores themselves, while the other 30% of thefts take place in back rooms or warehouses, in transit and across distribution platforms.
The products stolen most often from store counters tend to be expensive, non-essential items, many of which are later sold illegally. After that 70% of stolen goods, the second most common target is clothing.
There are plenty of tools, devices and strategies that can help stamp out this problem, combining technology with a smart anti-theft strategy.
Let’s take a look at the 7 methods retailers use to prevent theft:
- Merchandising Security
- Smart inventory management tools
- Anti-theft signage
- Display locks
- Cameras and video analytics
- Electronic Article Surveillance (EAS)
- Educational materials for theft prevention
1- Merchandising Security
If your store carries high-value products such as phones, laptops and the like, Merchandising Security is a way for customers to try out a product while it stays tethered to the display fixture.
There are many merchandising security setups available, from magnetic mounts to grip holders and more. You should pick the one that best suits each product based on its size, shape and value.
Many security devices come with built-in chargers, ensuring a great experience for the customer.
Another way to keep things secure is to place mirrors around your shelves to improve visibility of the products on display; they’re cheap yet effective prevention devices.
2- Smart inventory management tools
This is a measure to address smart, recurring inventory loss. By keeping an eye on your inventory through regular stock counts and monitoring discrepancies, it helps to use smart barcode scanners so you can track your inventory accurately.
Stockagile offers exactly this kind of tool, letting staff stay in control of stock and even monitor it by user level. It makes sure you know when something goes missing, which stops culprits from stealing products.
3- Anti-theft signage
With signage, retailers warn potential thieves not to act illegally, remind them they’re being watched and even spell out the consequences of stealing. Install anti-theft signage throughout the store.
4- Display locks
In some cases you want to stop people from taking products off a display, whether because the merchandise is valuable or prone to theft, so a hook keeps it secure.
Another option is to use lockable glass displays. These are transparent retail cabinets that showcase your products so shoppers can still see them.
Perfect for high-value items such as jewelry, these cases can usually be unlocked with a key, so shoppers would have to approach a staff member if they want to handle an item inside.
There are also innovative IoT-enabled RFID locks for drawers and doors that simplify store operations and stop theft.
An audible alert is triggered when drawers and doors are left open.
They provide a long service life and easy battery replacement, running for more than a year.
Managers replace the authorization key without having to reprogram the active user keys.
5- Cameras and video analytics
Surveillance cameras at various points across your store, complemented with video analytics software, let the software flag whenever there’s suspicious movement.
For example, if a customer were to leave the store without paying, you’d get an instant alert the moment it happens. People counting on entry and exit, plus heat maps for more advanced visitor insights.
You could even have a facial detector, making it far easier to identify thieves since you could compare them against a police database of offenders.
6- Electronic Article Surveillance (EAS)
By placing security tags on your products, retailers can trigger an alarm if a thief walks out with a product that still has its tag on, thanks to the electronic sensors at the exit doors.
There are many types of EAS devices you can use, such as tags, labels, antennas, spider wrap tags and more. They use a combination of radio frequency and other technologies.
The EAS systems of the future will deliver real-time data through RFID technology, from the moment products enter your store until the moment they leave.
7- Educational materials for theft prevention
One of the best ways to curb theft is through education. Keep your team well informed about the latest loss-prevention best practices so they can help protect your store.
Having them take eLearning programs and induction modules when they join your company lays the right foundation for controlling theft from the very start.
If you run a store, you need to invest in theft prevention while keeping a close eye on inventory levels, and you’ll stop losses from happening in the here and now.
On top of that, there will be more and more new technological advances. StockAgile is right at the cutting edge with its stock management software, making your business far more profitable, smart and efficient.