With increased sophistication in video and other security technologies, are anti-theft devices becoming irrelevant to loss prevention?
Good cash handling policies and procedures are essential to any retail operation that handles cash. Cash is just too tempting a target for many people, especially those who have financial need, or believe they are smarter or more clever than their employer. It’s management’s responsibility to ensure that the entire organizational structure safeguards its cash assets. From cash counting to deposits, your store needs proper policies and procedures in place when it comes to cash transactions and how to handle that money going forward. Here's what makes a good cash handling policy for retailers.
Employee errors can be one of the most demanding challenges in creating a loss prevention strategy for a retail operation. Many loss prevention experts believe that the success or failure of a retail business comes down to the quality of their employees. What makes the difference between a successful wireless sales location and a failed one is often the quality of the staff and the integrity of your transactions.
Believe it or not, it is possible to realize positive financial impact from loss prevention in retail. In fact, National Stores, one of the fastest growing off-price specialty retailers in the U.S. and Puerto Rico, has proven that with video analytics, it’s not only possible, it’s possible in a big way.
What causes more damage to a retail operation, external (shoplifting/robbery) or internal (employee) theft? By a nearly 3-to-1 margin, retailers say that internal theft is more extensive than external theft at their establishments, according to a recent survey. Today, let’s take a look at loss prevention and the characteristics of both internal and external theft to see what you can do as a retailer to prevent theft, fraudulent transactions and other forms of loss.
Every retail operation worries about shoplifting. Next to employee theft, shoplifting is one of the more destructive crimes in the American retail industry. Often viewed as a victimless crime due to the proliferation of retail insurance, this criminal practice costs retailers over $45 billion per year and accounts for more than 40% of total retail loss. Those are some significant statistics that directly affect you as a retail owner or manager, so it’s important for you to understand the nuances of this criminal enterprise.
Let’s examine some of the facts about shoplifting that you may not know and dispel some of the myths that are commonly taken as fact about shoplifting.
Tracking eCommerce sales is relatively easy with all of the built-in analytics that retailers have access to. Tracking these data points has always been more difficult for brick and mortar stores… until now, that is. With heat mapping, you can optimize your retail store to maximize sales.
Do you know your business’s sales forecast? If you don’t, you may want to keep reading to learn more about why it’s so important to forecast your sales, and how you can come up with an accurate sales figure. Forecasting sales will help your business set measurable goals, which are vital to business growth. While the process can be quite difficult and complex, you’ll want to start with the basics if this is your first time attempting to forecast your sales.
Consumers carry around a terrifying amount of data with them every day. It’s true that retailers are guilty of collecting it for financial advantage as well but the responsibility of securing the data stored on the credit cards and smart phones of customers is growing every day. In 2013, Target let hackers slip away with the personal information of over 110 million customers, while the hackers that hit Anthem Healthcare last year carried off the personal data of more than 78 million customers and even many non-customers. Here are some risks and concepts to think about in order to start planning how your retail operation can ensure that your customers’ data is secure from theft, so they feel safe.