How to Protect Your Business from Shoplifting and Employee Theft
If you're in charge of the safety and security of your retail store, you're likely already aware of some of the most common forms of crime and theft, including shoplifting and employee theft. But, did you know that these two types of crime are on the rise? Retail crime has increased with products worth $68.9 billion stolen from stores in 2019 according to the Retail Industry Leaders Association (RILA). It is more important than ever that you take steps to protect your business from this problem.
The recent NRF report shows that retail shrinkage is close to a $100 billion dollar problem.
Why Is the Problem of Retail Crime Increasing?
There are several reasons why retail crime is on the rise. One is that prisons are becoming increasingly overcrowded, so people who would otherwise get incarcerated are back on the streets. Additionally, mental health problems aren't adequately addressed, and this can lead to criminal behavior. Another reason is that enforcement of shoplifting laws has become lax, and people are more likely to steal if they think they can get away with it. In 2019, just 29% of shops reported an average 1,000 dollar value loss, but by 2020, that percentage had increased to 50%. Luxury apparel, designer handbags, expensive booze, and painkillers often get targeted with increasing aggression and violence. Due to a lack of regulation in online marketplaces, the issue is escalating. Many organized retail crime (ORC) gangs steal goods to resell on internet marketplaces.
Why Is It Important?
Retail security is necessary because it helps reduce shrinkage and loss from shoplifting and employee theft. According to the National Retail Federation, employee theft accounts for 43% of all retail theft in the United States. This problem is increasing as more and more people turn to desperate measures. As a business owner, it's crucial to be aware of the signs of employee theft and take steps to prevent it. By taking steps to secure your store you can help deter criminals and protect your inventory. Retail security provides customers a sense of safety and security while shopping. It's also a factor in determining whether someone will buy the product on display or not.
Why Is It Important To Hire a Qualified Security Guard?
A qualified security guard will have the training and experience necessary to protect your business from retail crime. A security guard provides a presence to deter shoplifting as well as provide safety to all staff and customers. These guards are trained to deescalate potential violence during difficult disputes and problematic occurrences. Security guards also provide a high level of customer service and can work with the police to investigate retail crimes. The holidays also attract opportunistic criminals who commit crimes against customers or staff in parking lots or other locations of retail establishments. Customers and employees feel safer at retail establishments when security companies are present to help safeguard them.