Imagine that! $720,000 out of every $1 billion in retail sales goes completely to waste because of criminal behavior.
The National Retail Federation recently released a report citing this data. And even though on a percentage basis that $720,000 is just a small amount of every $1 billion in sales, the number continues to grow. In 2019, the cost to retailers was about $703,000 per $1 billion in sales.
6 in 10 retailers from the NRF’s report agree that the government should create law specifically regarding organized retail crime.
But you know how fast things like that go!
In the meantime, let’s talk about two of the top sources of retail crime and what you can do to stop them dead in their tracks:
The thousands-years-old tactic of simply slipping something in your pocket and hoping you don’t get caught continues to be one of the biggest threats to retail stores.
Note that we’re not talking about a rebellious teenager on a one-time adrenaline rush or brief spree during a short-lived stage in life.
We’re talking more about professional shoplifters who steal hundreds of dollars of product and know how to thwart your loss prevention team’s best efforts.
This threat will rise in 2021 as society slowly works its way back to normal.
Fortunately, there’s quite a bit you can do. Start by increasing your monitoring during the busiest times at your store, which is when most shoplifters aim to strike.
And next, forget about your preconceptions as to who shoplifts. One University of Florida study found gainfully employed middle-aged men were most likely to steal.
You can do so much more, so check out this post of additional shoplifting prevention strategies.
2. Self-Checkout Theft
Retail thieves like to use self-checkout to steal your inventory because they perceive it’s easier to get away with.
Many rationalize that even if they got caught, they could say they made a mistake and missed a couple items or that they accidentally used the self-checkout incorrectly.
And retail thieves are actually correct in thinking that employees give less attention to the self-checkout lanes.
Finally, retail thieves also say a lack of consequences for their actions makes it easier to target certain stores.
So, spend more time monitoring your self-checkout lanes and do everything you can to make the consequences stick!
There’s so much more to retail crime…we didn’t even get into cyber crime! But, it’s well worth your time to rehash your loss prevention strategies and plug any gaps.
You will be rewarded with more cash for your efforts!