The busiest time of the year for retail is here, which means increases in foot traffic and sales in stores around the world. Along with these increases also comes an increase in theft.
This wonderful time of year tends to bring out the worst in people. According to statistics from Jack L. Hayes International, Inc., retail crime rates increase by 30 percent during the holidays.
Retail crime encompasses a variety of activities including:
- Organized Retail Crime (ORC)
- Internal Theft
- Credit Card Fraud
“These crimes happen across the country every day, with criminals getting smarter, more brazen, more aggressive and sometimes even attacking store employees and shoppers,” said National Retail Federation (NRF) vice president for Loss Prevention Bob Moraca.
As shoplifters get smarter and more aggressive ensuring you and your staff are prepared to address any and all threats that may come your way is crucial.
Here are four tips to help you mitigate shrinkage and increase profits this holiday season:
Train and Encourage Employee Vigilance
It pretty much goes without saying that your employees are your most valuable asset. That’s why making sure seasonal and permanent employees are adequately trained to be mindful and alert is of the utmost importance.
According to NRF’s 2017 National Retail Security Survey, 30 percent of inventory shrink comes from internal theft. While it’s a decrease from 2016 (35.8 percent), it’s still a significant amount. By implementing whistleblower incentives, employees will be more vigilante in alerting management when they witness an incident.
Share threat Data
Shoplifters, especially those involved with ORCs, often share attack methods amongst each other. Sharing data such as images, videos, and crime reports with fellow retailers is a mutually beneficial activity in which you can build relationships with other retailers and receive tips on other retail crime in your area.
In a recent article for Centurion Jewelry, Accuride Vice President of Sales and Marketing Sid Kalantar recommended the use small radio-frequency identification (RFID) tags and etching information on jewelry to monitor inventory movement by salespeople. Inventory every piece of merchandise at day’s end, and shut down stores if any items are missing.
With options ranging from smash proof glass to fully integrated access control systems, there is no shortage of secure technology available. One great thing about this surging technology is that it can help create an enhanced customer experience.
Take Senseon for example: this hidden, cabinet locking system gives you the freedom to design cabinets free of keyholes or bulky readers. Its hidden design also opens up secure storage options right on the sales floor. This means your staff doesn’t have to leave a customer to retrieve merchandise which reduces transaction times.
The holidays are supposed to be a joyous time of year. Don’t let these threats or thieves ruin your holiday season. Remember to stay vigilant, train your staff, keep track of your inventory, and utilize technology. When everyone is prepared the holidays are more enjoyable.
For more on Senseon’s retail security solutions and a free store assessment, visit our Retail Market Page!