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Loss prevention strategies help retailers minimize shoplifting, employee theft, and other issues that impact profit. Video surveillance is an important part of a good strategy.
Key Takeaways- Retailers experience significant inventory losses due to theft, damage, fraud, and errors
- Loss prevention is a set of practices that help businesses combat these risks
- Loss prevention includes technology integrations, financial metric tracking, and monitoring methods like video surveillance
- Video surveillance is part of a good strategy, and helps:
- Prevent theft
- Reduce shrinkage
- Encourage better employee behavior
- Gather behavior insights
- Lower a retailer’s liability
What loss prevention means for retail companies
Loss prevention is a way that retailers protect against profit losses. It requires a set of practices that include gathering insights about inventory loss, people, and behaviors and creating a plan to address the areas where losses are taking place. Loss prevention focuses on creating solutions to lower preventable losses before they lower the bottom line. Loss prevention tactics aim to quell include:- Lost inventory due to theft
- Lost inventory due to damage
- Vendor and supplier fraud
- Employee, administrative, and customer error
- A communication and training strategy for employees
- New inventory tracking and monitoring systems
- New technology integrations to improve data gathering and decision-making
- An advanced video surveillance strategy, including placement, footage monitoring, and video insight gathering
- Updating accounting practices to better monitor balance sheet fluctuations
