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7 Tips to Reduce Shrinkage This Holiday Season

According to a recent Global Retail Theft Barometer study, a total of 1.4% of retail sales - equating to over $100 billion - was lost due to shrink. This isn't an epidemic that only strikes large retailers or tiny shop owners - it's a burden that a business of any size has to bear.

These 7 simple tips can help protect your business: 1

Promote a security-conscious environment by clearly communicating a zero-tolerance policy towards theft, both internal and external.

2

Require management approval on all refunds and credits.

3

Make sure all employee purchases are rung up and checked by the owner, manager or another trustworthy, designated person.

4

Keep strict control over sales tickets, gift certificates or any other types of forms that can be used by an employee to obtain cash or goods.

5

Review each day’s transactions in front of your associates for accuracy as well as paying attention to suspicious activity, such as an employee regularly voiding cash transactions.

6

Give employees their own password or number to use at the register to ensure you know who is responsible for every system action.

7

Employ technology effectively - Security cameras, both hidden and visible, are a valuable deterrent to theft. Review your security camera footage each night to monitor suspicious behavior associated with theft or shoplifting.

 
6

Fight back against shrink this holiday season with these recommended surveillance solutions for retailers.

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