Talking Retail Grocery and product news for independent retailers
Despite many retailers implementing additional security measures such as extra guards, security barriers, and employee body cams, the issue of stolen goods continues to plague the industry with beers and wine, health and beauty products, and baby formula being the most common stolen goods.
To overcome this issue, retailers must adopt point of sale (POS) and display solutions to help combat loss.
The issue of retail theft has been intensified by the impact of the cost of living crisis, with the Office for National Statistics releasing new data late in 2023 stating that theft had increased by 25% since 2022.
While the issue of theft remains complex, stats like this underscore the importance for retailers to take proactive measures to protect their assets. By investing in innovative shrinkage-reduction, businesses can mitigate the impact of theft while maintaining a secure and welcoming shopping environment.
Theft in retail is a persistent issue that is costing the retail industry billions each year. Despite retailers’ best efforts to enhance security, determined thieves find innovative ways to exploit vulnerabilities. Retailers must find more efficient and effective solutions to protect their inventory and bottom line.
Retail suppliers have a role to play here, and one way that suppliers can help retailers protect themselves against theft is by developing cutting-edge point-of-sale and product display solutions.
Items such as retractable lanyards, which allow consumers to hold a product with limited distance, as well as anti-sweep hooks are designed to limit product accessibility, making theft attempts more difficult and reducing stock shrinkage.
It’s important to note that every retail shop is different, therefore each has their own stock loss prevention plans due to the type of products being sold as well as the branding and imaging of each retailer differing.
This means it is just as important to find the right designer and producers of displays who can take a tailored approach to theft prevention solutions.”
POS and display solutions are just one of many ways retailers can help prevent theft. It is necessary to have a combined approach that makes it a lot more difficult for shoplifters to steal.
Introducing intelligent analytics is one way as it can detect unusual behaviour, prompting real-time alerts. Other ways include extra security guards, facial recognition systems, and signage displaying the consequences of theft.
There’s no silver bullet when dealing with theft. The right strategy includes a range of ideas that plug the vulnerability of different aspects of a shop. By combining them all, retailers are able to develop a system that makes it harder for shoplifters to steal.
What is even more imperative is making sure that retailers choose the right suppliers. While in theory a solution might work, it needs the right team behind it to innovate, develop it and ensure it works correctly.
Given the surge in theft, there is now a dramatic increase in requests for anti-theft and loss prevention solutions from retailers. It is clear that the industry is facing a real challenge and suppliers and retailers should now prioritise research and development to react to this problem effectively and efficiently.
Daryl Bedford is sales director at Harrison
