Australian businesses lose millions of dollars every year due to retail theft, shoplifting and internal theft. There are numerous ways to combat theft in the workplace, but you must be careful how you introduce certain methods. You must first introduce careful inventory management, once this is done you can then look at security systems. Here are some tips on how to reduce theft and avoid retail shrinkage.
Who Is Responsible for Your Losses?
Before you install a modern retail security system, you must first identify where your losses are coming from. Most knowledgeable shop owners will tell you that there are 3 main reasons for retail loss, these are:
- Customers:
Shoplifting accounts for up to 35% of retail loss each year in stores around Australia, every shop is affected by shoplifting. Thieves will steal anything from groceries, to jewellery, to electronic goods, if it can be resold, they’ll do their best to take it from your store.
- Staff Members:
You may be surprised to find that employee theft is just as high as customer theft, it makes up over 30% of retail theft and it can be difficult to stop. It can be hard to trust all your employees, especially if you control a large enterprise. Some employees need extra cash, while others don’t like the business or their manager, there are several reasons why employees steal.
- Others – Suppliers, Management, Administration:
The final piece of the pie comes from areas such as suppliers and administration. You will lose money from employee errors and suppliers overcharging for certain goods. If you have a substandard security system in place, you are more susceptible to theft.
Install Security Systems
There is no better way of reducing all kinds of commercial theft than to install modern security systems in your business. If you are a victim of retail theft and your company is based in Victoria, you should contact a business who specialise in retail security systems in Melbourne. Electronic Article Surveillance (EAS) systems are designed to protect retail stores enabling them to improve their sales.
You can install a wide variety of security systems in your premises, depending on how much you’d like to invest. Security cameras act as a deterrent and help to stop shoplifting, although these can be expensive, a basic system doesn’t cost that much.
When choosing a security system discreet isn’t the smartest choice, you want a visible, stand out device that shows shoplifters that they are being watched.
Additional Tips to Curb Retail Loss
- Hire a security guard who knows how to effectively operate your security system.
- Educate Your Staff
- Organise your store and carefully assess your layout.
Although internal theft and shoplifting can be a big problem for business owners, there are several ways to reduce its effect on your company. The best thing to do is to install modern security systems to protect your premises, followed by a skilled security guard to operate them. You should also educate your staff on how to prevent theft and correctly arrange your store.